5 Widespread Online Loan Myths Busted


There are, probably, just about as many myths regarding shopping for loans online. At Lendgreen you will have a chance to bust all those myths. When Nicolaus Copernicus first presented the idea of the earth orbiting the sun back in the 16th century, the whole world thought he was bonkers. Even the great minds at the time laughed and shrugged off the idea. It’s only right that you know that the many myths that surround online installment loans are sort of like the Nicolaus Copernicus case.

The myths and speculations that surround getting loans online have become a hindrance for many people who need personal loans. It is due to these myths that you may instead look for alternative means to get that loan but not through the web. We, you need not fear. You are about to get some good insight on some of the lies and hidden agendas of these myths and put them to rest.

  1. All online applications are confusing

Take a look at the world we live in today; social media has taken over our daily lives. It is highly likely that you also fall into this category as well, and for you to get the full social media experience and enjoy its feature, you need to sign up. Well, the good news here is that online application forms are very similar when it comes to filling out the online application forms. The only slight difference here is that you cannot and should not fill in false details, you may have to attach your bank statement too and other very personal information like your basic employment forms. Just like when signing up into a new social media account, filling out an online loan application form should take you roughly around seven minutes tops, especially when you are making your application with a reputable online lender.

  1. Lacking or unavailable customer support

Poor customer support has haunted all of us at one time or the other. You may need some urgent assistance with some issue online, and you decide to dial the customer support service. Pretty sure you have had to wait for hours for someone to pick your call. You may dread this issue so much that you opt out of looking to apply for a loan online. There are, however, some reputable online lenders like Lendgreen, who have outstanding customer support. You will love the customer support; they are fast and very efficient. Need more proof? With Lendgreen, you can consider this myth debunked.

  1. You need a high credit score to get approval

You may have heard from somewhere that for you to qualify for an online loan, you need to have a high credit score. You heard wrong! In fact, most online lenders do not even need to check your credit score at all to approve you for a loan. The only requirement they may need if proof of steady income to convince them that you can be able to repay the loan they lend you comfortably. Other online installment loan lenders even go as far as to report your payments to credit bureaus and thus, also help to build up your credit score. You need to debunk this myth as well as it is false and misleading.

  1. Online loans aren’t as fast

With many online installment loan providers, as soon as your application for an online loan gets approval, you can be sure to receive the funds in your account as soon as the next business day. Not how crazy is that? Another myth put to bed.

  1. All online lenders are the same

That is a lie, a big lie. Some lenders are more expensive than others; some lenders even offer online installment loans that your state consider illegal. There are legitimate lenders and predatory lenders as well. This myth may just as well be the false one of them all.


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