What is the loan service?

Even if you come from generational wealth or run your own multi-million rupee business, getting a loan is something you would eventually face at some point in your life. Financing a large purchase with a loan service makes fiscal sense when you weigh losing a large chunk of your capital against paying interest to the lender. On a lesser scale, even those who live off monthly salaries would need to get a loan when it comes to larger purchases.

However, there is a growing demand globally for a loan service that can help finance smaller expenses, such as an overdue utility bill, an unexpected medical emergency or even simply for daily living expenses. In these situations, online loan services (like OnCredit) have quickly risen to the occasion and have proudly built a loyal customer base for online loans.

What is an online loan service?

Online loan services are simply that: a service provided by financial institutions for customers to obtain an online loan through a website or a mobile app. Previously unheard-of, the concept of online loan service has become very popular globally especially in developing markets. By condensing the entire loan service process into a few easy steps, services like OnCredit have made it possible to obtain quick loans and short-term loans through online loan services.

How does an online loan service work?

Whereas in the past, loan applicants had to visit a bank branch, painstakingly fill out numerous forms and submit many documents, online loan services simplified the entire process. Online loan services work by shifting the entire loan application process to a virtual platform, like a website or a mobile app. Online loan applicants simply have to visit the website or mobile app, and follow the step-by-step process including uploading the necessary photographs (no need for any professional pictures - just mobile phone photos would do). This entire process takes less than 5 minutes after which you will receive a verification phone call. If you are found to be eligible, you can receive the cash immediately or at least within a few days.

What are the benefits of online loans for customers?

  • You don’t need to fill out countless forms when you apply for an online loan. We require just a few details to be submitted on the website itself and you’re good to go.
  • You don’t need to provide hard copies of any documents! We only require a photograph of yourself (a selfie) and one of your National Identity Card (NIC)
  • There is no need to visit physical branches unlike when you apply for traditional loans. This is especially beneficial for loan applicants who live away from city centres, and especially so in the middle of a pandemic.
  • The entire process is very quick (application only takes a few minutes) so if you are looking for quick loans, online loan services are the way to go.
  • There is minimum need for any human interaction. If you are extremely introverted or are simply uncomfortable talking to strangers, online loans can be a godsend.

If you are looking to get a loan, online loan services like OnCredit are definitely an ideal way to gain access to quick loans and short term loans. Get a loan today with OnCredit.