With the acceptance that the internet has had to facilitate processes that were previously carried out in a physical way, totally digital companies have been created. And the promise is always the speed with which they can solve your needs. For companies that offer some online loan, the business opportunity has been growing. But the insecurity of the users is still latent.
The simplest way you can recognize the security of a loan online is through research. Yes, you should take your time and look for as much information as possible so that you can choose the right decision. Especially so that you avoid problems such as fraud or identity theft.
But before you start researching, it’s good that you know how online loans work. Since there are two models of loans, with different modalities:
People who finance other people
This type of financing can be seen more as an investment. They work through a web page created to be an intermediary between the person who grants the loan and the person who needs it. A very important fact is that those who decide to approve the loan or not are the lenders, not the entity. But in some places, the interest rate and the terms are established by the same.
Short and medium term loans
These loans are made by institutions that grant normally larger amounts. All are based on amounts and terms, which are estimated according to certain requirements in order to approve them. Here, interest rates are set according to the institution. And the offers that can give you equally are varied.
What should you investigate?
Institutions that regulate them
So that you can feel that both your information and interests are safe, check that the online loan institution you have approached is regulated by entities such as CONDUSEF and the National Banking Securities Commission. These are responsible for protecting you as a person before financial services. In addition to that you can confirm that there is a record before the law about the company.
Presence and credibility
Since everything is online, look for the presence they have throughout the internet. A sign of confidence can be their social networks and how active they are. In this way you can also know the opinions they have of them and how many people have used their service satisfactorily.
In the same way the contact forms will be through telephone, e-mail or their own social networks. Well, being totally digital you do not need to go to a branch. This could be an advantage of asking for online financing, since you do not need to waste your time or wait.
Offer and conditions
Normally the financiers will make you an offer according to your real payment capacity. If they offer you an excessively attractive amount it is a warning signal. Well, no institution wants you to end up generating debts with them, simply that you acquire the service that can help you.
A company that is safe and reliable shows each process to you with transparency. He also completely doubts if they ask for advances or that you sign a contract before granting the loan.
Remember that the purpose of these services is that you can solve some economic need. Investigate thoroughly all the institutions you know and decide on the one that best suits you.