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Online bad credit loans according to CitrusNorth are credits directly negotiable on the Internet. Their development is fairly recent. Organizations, most often online banks, provide a paperless service to provide these credits online. Therefore, it is necessary to turn either towards the Internet sites of the usual banks, or to the banks online, or to organizations specialized in the granting of loans.
First of all, you have to know what credit is. A credit is an act of making money available by a natural person (an individual) or a legal entity (banks, loan organizations) to another, in the form of a loan. An online credit corresponds to this same act of making money available, with the difference that it contracts directly online, on the Internet. Therefore, online credit corresponds to the subscription of credit by correspondence.
The most commonly used online credit is consumer credit, which is a credit extended to individuals by banks or financial corporations to finance purchases of goods and services (eg home equipment, or a vehicle). In contrast, there are real estate loans, which can also be made through online credit, in order to acquire real estate.
Whether it’s a home loan or a consumer credit, online credit works the same way as a credit in general. That is, this credit involves a refund from the debtor (the individual who incurs this credit online) to the creditor (the online bank). Consumer loans are loans with an amount between € 200 and € 75,000 and a repayment term of more than 3 months. This repayment is most often spread over several months or years depending on the amount lent by the creditor.
For a legal definition of the terms of credit, praetor, borrower.
How to subscribe to an online credit?
Since the majority of online credit is consumer credit, a quick presentation will be made of the purchase of an online mortgage. To subscribe to a mortgage online, the approach is simple and fast. You must first fill out an online credit application form on the website of the financial institution with which you wish to proceed with this credit (the fees are usually free), then it will be enough for the borrower ( the private individual) to send supporting documents by e-mail (personal situation, income, etc.). Then, following the submission of the loan application, a counselor contacts the individual in question to discuss this file.
When it comes to online consumer credit, you also have to go to the online sites of the banks or financial organizations that interest you in order to compare them. You will be asked for similar supporting documents (your personal situation, your professional situation, and your income). Once the online credit application has been completed, a waiting period of 48h to 1 week will be required to process your file. Then, if the response from the financial institution is positive, you will receive the loan offer by mail that will need to be signed and returned. Some sites may only require an electronic signature, directly on the organization’s website. This approach is also quite fast.
Advantages and disadvantages of online credit
The benefits of taking out online credit are numerous. The main ones are the possibility for individuals to take out these credits from their homes, without having to go to the headquarters of the establishment in question, and in fact, that there is no waiting between the moment the person decides to take the credit and when they can have an appointment with a bank advisor.
In addition, online credit has the advantage that it allows individuals to take the time to learn about several banks or financial organizations and to make a choice after making a comparison (which is obviously essential to find the best credit rate or the best benefits offered). Indeed, when credit is contracted directly in an agency, the individual must first go around all agencies before deciding, while with online credit, it is a faster approach and easier.
In addition, the use of these online sites and forms to fill out are usually free. It is also recommended to pay attention to financial sites that would be paid use. Since online credit subscribes from home via the Internet, project adjustments are usually free of charge.
In addition, the subscription of an online credit entitles you to a right of withdrawal during the 14 days following the provision of funds by the lender.
Online credits, however, also have disadvantages. The first, which is closely related to the terms “online” is that the individual wishing to take credit online is faced with a lack of human contact, that is direct with an advisor as occurs in a financial institution. Thus, when the borrower has questions to ask, he can only do so by mail, or by calling the customer service of the organization he has chosen. But sometimes the customer service of these online organizations is not efficient enough. The problem that might arise from this situation is that the borrower can not ask the questions he wants, and get an adequate answer.
The absence of human contact also generates a service that is not personalized. Indeed, by going to a bank physically, an advisor is there to provide us with answers throughout this credit application, and then until the end of the refund. However, when you take credit online, there is no human contact and when we call the customer service, the person who answers us can change with each call and the file is simply retrieved in their archives.