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The Fashionable Housewife

The Fashionable Housewife

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Online Loan Lenders Are Beating Big Banks! Find Out Why:

Modified on August 24, 2022 at 11:37 PM

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With online loan options increasingly expanding, the borrowing medium is evolving dramatically. In the aftermath of the financial crisis in 2008, a considerable volume of traditional banks shied away from consumer lending (that’s an understatement!). 

Currently, more of these institutions are beginning to loosen their restrictions due to a health crisis affecting the country’s economy. Yet, they are still reluctant to provide unsecured loans.

In their place, online lenders are coming in to offer loans much more conveniently than a traditional bank. Where you would need to wait a few days or more for approval with the conventional method, online options offer approval the next day if you qualify. These are ideal for people who find themselves in emergencies. There’s no waiting and worrying, being held captive by the bank while enduring dire circumstances (and tapping your fingers waiting for the phone to ring).

Loans Move into the Modern Age

From personal loans to title loans, financial service companies are beginning to give traditional banking institutions a run for their money in the lending industry (pun intended!). People prefer the online medium, where an unsecured personal loan is assured with ease compared to the traditional lender—no complex forms or lengthy approval timeframes! The platform has been in existence for several years but it has been gradually gaining popularity.

Now with reputable choices being prevalent such as Prosper, OnDeck, and Titlelo, the market is taking off. The process is comparable to obtaining a loan in any type of scenario, but with minimal time or hassle. Lenders of today’s generation want to focus on a straightforward, user-friendly process with an answer provided almost instantly.

Typically, with a ‘brick and mortar’ bank, there is a delay even for those who do the application process online. There is someone who needs to take time to review the paperwork. The chances for approval decrease with a conventional lender due to the reluctance to loan to consumers with a lower credit score.

Online lenders are much more lenient with bad credit (cha-ching). These loan services employ alternate methods to determine the worthiness regarding credit, like debt-to-income ratio, utility bill installments, or even using data collected from social sites.

Remarkably for an unsecured loan, online lenders can provide their clients with better interest rates than the traditional institutions and smaller service fees if there are any at all. It’s possible because they have little overhead in comparison. 

There is also no need for you to place collateral on an unsecured loan to be approved, deeming it much safer than other options. Defaulting on this loan won’t result in repossession or foreclosure.

Benefits of Online Loan Options

In using online loan lenders, there are benefits above and beyond the convenience than the traditional bank setting. Some people still prefer to do business person-to-person with the added benefit of privacy and a sense of security that you may not have over the web (no judgement if that’s you!). 

But some people choose the online option based mostly on sheer up-to-date logistics compared to the antiquated practices still employed in the traditional platform, for example:

• Shopping Around: You have an opportunity to pick and choose among a variety of lenders comparing rates and terms before accepting the loan for you. It’s merely a matter of locating a service that offers you the best option.

• Prequalify with No Harm: Some lenders allow pre-qualification with no harm to your credit score by making only a soft credit inquiry (make sure you ask about this!). Once you’re ready to apply, you’ll need to have a hard inquiry. These do affect your score, but the impact is only slight.

• Timely and Efficient: It’s not as frustrating to do paperwork when you can do it at your leisure—in your home instead of racing through it in a financial establishment. Once everything is submitted, the review process is fast and funds can be deposited as soon as the same day or no later than the following business day.

Some lenders are more than willing to work with people who have less than desirable credit, so there is a possibility for approval if your credit score is not great. Some lenders specialize in this type of service, with even the potential for decent rates despite the rating. 

But it’s important to note some lenders do target people with bad credit because they will hit the borrower with considerably higher interest rates and fees, making it challenging for them to return the money (run the other way!). These instances lead to debt traps that borrowers are unable to get out of, with often bankruptcies as the end result.

Final Thoughts

It’s always a good idea to do research when you’re shopping for a loan. It doesn’t mean you have to follow through with an online lender. In fact, some traditional banks are working hard to resemble online lenders!

Either way, shopping around will allow you to compare the different lenders for which you should consider the interest rates, fees, terms and monthly payments. Narrow the list down as much as possible and then prequalify with those lenders on your list if possible. 

The digital age has simplified banking, where it was once a complicated, stressful ordeal with which to contend when taking loans. The modern online lending process creates no tension, bears no judgment and almost always allows approval. It’s completely changed the way people do their finances.

Related posts:

Payday Loans: A Lifebuoy Amidst These Economic UncertaintiesPayday Loans: A Lifebuoy Amidst These Economic Uncertainties 5 Student Loan Payback Strategies5 Student Loan Payback Strategies

Posted By The Fashionable Housewife
on May 21, 2021 at 12:21 PM
Filed Under: Finances
Tagged With: business finances, business loans, consolidation loan, family finances, finances, financial, financial advisor, financial planning, financial trends, financial troubles, home loan, loan, loan agencies, loans, online loan, online loan agencies, personal finances, student loan

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

Disclaimer

The Fashionable Housewife is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for blogs and websites to earn advertising fees by advertising and linking to Amazon.com. We also participate in various other affiliate programs, and we sometimes get a commission on purchases made through our links. There is no extra cost to you! For more info, please see our Disclosure & Privacy Policy.

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Sarah-Jean Ballard

Hi! I’m Sarah-Jean. I’m a Christian, the wife of a handsome Molecular Biologist, and the homeschooling mother of 5 beautiful kids!

I enjoy homesteading, reading, writing, cooking, baking, crafting, home decorating, Xtend Barre, and of course, fashion!

This blog is a place for me to share how we live and what I love most. I’m on a mission to help busy moms like you, be fashionable too! Read More…

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𝕊𝕒𝕣𝕒𝕙 | Fashionable Homemaker & Large Family Life
You do not find a happy life. You make it. 

That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
Kids love helping if you just let them!💁🏼‍ Kids love helping if you just let them!💁🏼‍♀️

This little guy always asks to help when he sees me cleaning the house, washing the floors, doing laundry, or emptying the dishwasher. That’s what I love about Montessori parenting - it allows kids to do  big jobs and in turn makes them eager to help! 

He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
Stop trying to fit your square self in a round hol Stop trying to fit your square self in a round hole. 

Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

#raisingsaints #momlife #motherhoodunplugged #selflovejourney #growingpains #selfcaresunday
When your toaster breaks from a power surge you ta When your toaster breaks from a power surge you take that as a sign that it’s time to upgrade! 🤪

It wasn’t hard to pick a new 4 slice toaster. As soon as I saw this one from @haden_usa I added it to my cart. I bought it from @lordandtaylor because it had the fastest shipping and I didn’t want to wait! 

No fancy electronics, screens, or extra features we don’t need. Just simple, straight forward functions and perfect results everytime. Plus it matches all my @cafeappliances too! 😂👍🏻

What do you think of this 4 slice toaster?! 

#toasters #kitchenappliances #kitchendesign #kitchendecor #whitekitchen #farmhousekitchen #farmhousestyle #whiteappliances
I’m obsessed with these leather booties from @en I’m obsessed with these leather booties from @enjoiya! 💃🏼 

The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

Use my coupon code BALLARD20 to get 20% off your order! Find them on www.enjoiya.com

#leatherbooties #enjoiya #italianshoes #realmomstyle #momstyle #momstyletips
All the poop shoveling doesn’t seem so bad with All the poop shoveling doesn’t seem so bad with the prices of eggs right now! 🤪 🐔 🥚 

Guess it’s ok to be a crazy chicken lady and have a homestead now! 🤣

#momlife #crazychickenlady #homesteadlife
I’m addicted and I just can’t get enough 😂🫣

I’m loving my no -toxic, non-stick cookware from @caraway_home  It’s as beautiful as it is easy to cook with. And it makes my kitchen look prettier too! 💁🏼‍♀️

Want to learn more about why I’m obsessed with these pots and pans? Visit my blog and search CARAWAY! Or scroll through my feed! 🥳

#homemaker #housewifelife #homestyler #momlife
Today was my due date for Dylan. Considering he w Today was my due date for Dylan.

Considering he was my 6th child, it's possible he would have been here by now. It’s been extra hard for me this week. 

Despite my best efforts to be strong and stay positive, I am completely brokenhearted. I’m just being honest. I could pretend I’m fine, but that doesn't do me or anyone else any good to be dishonest about the pain of miscarriage or the grief that comes with losing a child. 

My heart is completely shattered from having an empty womb and an empty nursery. An empty bassinet in the corner and unused tiny newborn outfits, all washed, folded, and ready… for nothing. 

It makes me physically sick to my stomach when I think about it all and I can't even fathom how I got here. How did I get here? 

This isn't how it's supposed to be! I should be holding a newborn right now! It’s so unfair. 

In an instant, my baby was gone and there was nothing I could do to change that. 

It doesn't matter how much time passes or what else happens in life, I will always miss him. My heart with always long for my baby. 

Those who haven't experienced loss tell you that "Don’t worry! Things will get better, just focus on the positive!" but people who actually know this grief and what it actually feels like to lose a baby, won’t tell you that. They know this hard road. They understand that unfortunately you don't just “get over it.” 

The grief doesn't just go away, even if you try to ignore it, it's still there. Like the sun. You don’t have to look at it to know it’s there. You can turn your back on it but it will still warm your skin. 

The grief from losing a child is unbearable. 
It is unpredictable.
It is unforgiving.
It is relentless.
It is all-consuming.
And it completely shatters you when you don’t expect it. 

You don’t get over it. You don’t forget. You simply learn to live with it. And I’m learning to live with it every day. 

It’s been 137 days I’ve had to live without my baby. 

Lord Jesus, please… hold me extra tight tonight. 

#babyloss #babylossawareness #babylosssupport #babylosscommunity #babylosssurvivor #stillbornstillloved #stillbornawareness #stillbirth #miscarriagesupport #miscarriageawareness

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You do not find a happy life. You make it. 

That’s the biggest lesson that grief has taught me. If I just wait around to be happy again, I’ll die sad. 

You don’t get through grief and come out the other side. That’s not how it works. You learn how to grow around it like a tree grows around a rock that’s in the way. You don’t wait for the rock to move. Cause it’s not gonna. 

Choose happy. And then make it happen. 

#choosehappy #joyinthejourney #griefjourney #healingfromtrauma
8 billion smiles in the world, but his is my favor 8 billion smiles in the world, but his is my favorite. 

Happy Valentine’s Day, @daeinexplains 🥰

The last 20 years with you have been my favorite years on this earth. ❤️ 

If I did anything right in my life, it was when I decided to give my heart to you.  You are my best friend, my soul mate, my better half, my rock, my everything. 

I love you.

#couplegoals #marriedlife #motherhoodthroughinstagram #weddingday #marriagegoals #yourestilltheone
Kids love helping if you just let them!💁🏼‍ Kids love helping if you just let them!💁🏼‍♀️

This little guy always asks to help when he sees me cleaning the house, washing the floors, doing laundry, or emptying the dishwasher. That’s what I love about Montessori parenting - it allows kids to do  big jobs and in turn makes them eager to help! 

He was over the moon when we gave him the @lovevery floor mop that actually works! He uses it daily now. The mopping pad is machine washable and you can refill the fluid container on it. I usually just do water and a drop of essential oils because he loves it when everything smells clean! 😜 

Definitely recommend! If you want to grab this mop for your little helper, it’s in the Storyteller Play Kit from Lovevery for 3 year olds. 

LlNK is in my bio to get FREE shipping! 💃🏼

#lovevery #loveverytoddler #loveverypartner #montessoriathome #montessoriplayroom #montessoritoddler
Stop trying to fit your square self in a round hol Stop trying to fit your square self in a round hole. 

Sometimes we outgrown relationships. Sometimes we realize someone else isn’t a good influence on our lives. Sometimes we realize we aren’t a good influence for someone else. Sometimes we need to let things go that aren’t good for us in order to grow. And that’s ok. 

Stop trying to sit at a table you are no longer welcome at. Just be yourself, focus on God, love your family and friends, and the right people will gravitate to you. ✌🏻 

#raisingsaints #momlife #motherhoodunplugged #selflovejourney #growingpains #selfcaresunday
When your toaster breaks from a power surge you ta When your toaster breaks from a power surge you take that as a sign that it’s time to upgrade! 🤪

It wasn’t hard to pick a new 4 slice toaster. As soon as I saw this one from @haden_usa I added it to my cart. I bought it from @lordandtaylor because it had the fastest shipping and I didn’t want to wait! 

No fancy electronics, screens, or extra features we don’t need. Just simple, straight forward functions and perfect results everytime. Plus it matches all my @cafeappliances too! 😂👍🏻

What do you think of this 4 slice toaster?! 

#toasters #kitchenappliances #kitchendesign #kitchendecor #whitekitchen #farmhousekitchen #farmhousestyle #whiteappliances
I’m obsessed with these leather booties from @en I’m obsessed with these leather booties from @enjoiya! 💃🏼 

The “Steffi” in green are the perfect boots for ushering in spring weather with their delicious vintage leather and worn-in look right out of the box. I love the chunky lug soles and inside zippers to get them on and off easily. 

These are the boots you’ll want to wear again and again. And again. 

Use my coupon code BALLARD20 to get 20% off your order! Find them on www.enjoiya.com

#leatherbooties #enjoiya #italianshoes #realmomstyle #momstyle #momstyletips
All the poop shoveling doesn’t seem so bad with All the poop shoveling doesn’t seem so bad with the prices of eggs right now! 🤪 🐔 🥚 

Guess it’s ok to be a crazy chicken lady and have a homestead now! 🤣

#momlife #crazychickenlady #homesteadlife
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