Put simply, getting a loan online has never been easier. The Internet has made the process so quick and easy that an individual can apply for a loan in 20minutes and be approved within 24 hours. But with such speed, comes great responsibility; not all lending companies take this responsibility seriously. Never settle for speed over quality.
Lending companies that take their responsibilities seriously have implemented a number of important policies to help protect themselves and the consumer. First and foremost, they all do an affordability assessment: this checks whether a borrower can actually afford to pay back loan. They also check credit scores and inform borrowers of all the policies related to the loan, such as interest rates and late penalties. While it is important to know what constitutes responsible lending, it is even more important to know what types of loans there are out there, and which one is best for your financial situation.