How safe are online personal loan applications?
When consumers apply for an online loan, they are still protected with ‘traditional’ benefits. For example, a ‘cooling off’ period is in effect for all online credit agreements for 14 days. This means that the consumer has 14 days to change their mind and not use the loan without incurring any sort of penalty. Lenders are continuously working to make online banking safer. Accounts, personal information and passwords are always encrypted to ensure that their consumers are not victims of identity theft and/or fraud. How do online loans compare to those obtained from physical branches and offices? The main difference, when dealing with traditional lenders, between applying online and applying in person is the method; the loans are the same. However, it is very common for banks to offer special loan rates that are restricted to online customers. This is great news for the consumer. Not only are banks going to use these motivations to promote online banking, but also, acknowledging the conv
