Borrowing money online is one of the easiest ways to get a few extra hundred pounds in a short amount of time. The application and verification process is already considerably faster than that of most banks, mostly due to the fact that online money-lending platforms do not require you to go to meetings or submit physical documents.
This having been said, getting an online loan can still take a bit of time if you have never used one of these services before, or if you are in a hurry. Here is what you can do in order to streamline the entire process and ensure that you can get up to 5000 pounds in as little as 24 hours:
Get your personal and financial documents in order
You may not be required to physically submit any documents in order to get an online loan, however, you will still have to fill in forms or upload photos of various bills and statements. In most cases, people who do not regularly use these services are not aware of what information they must have at hand in order to create a client profile. Going through all the documents that you have at home can take up to a day, especially if they are not in order, and delay the whole process.
This makes it essential to have at least a few things either ordered and stored somewhere accessible or written down. Now, different companies may require different details, but there are some documents that you will always need:
- Proof of identity – These include your driver’s license, passports (may only be used along with documents that specify for how long you will be in the country), and biometric residence permits;
- Proof of address – Any official document that associates your name with your current address will be accepted, from your driver’s license to a tenancy agreement or a recent utility bill;
- Proof of income – Documents that show the fact that you have a stable source of income. This can be a work contract, past payslips, or an accountant’s reference (that is signed off to confirm your income);
Some of these documents are not required on a daily basis, but they are always useful to have nearby if you ever need to use the services of an online service in order to get a few extra hundred pounds.
Keep electronic backups on your phone or computer
If you do not want to have to worry about finding all of these documents every time you need to borrow money, scan them or take photos of them and keep them safe. If you use a smartphone app in order to borrow money online, you should make a habit out of photographing your recent bank statements and payslips, and also keep a photo of your ID or driver’s license on your phone.
This having been said, make sure that you keep all of these photos and scans as safe as possible. As useful as it may be to have them on your phone or computer, they could also be used against you if they fall in the wrong hands. Store them on your phone and make sure that you have a strong encryption placed on the device, for security purposes, or upload them to a secure cloud service such as Google Drive.
Look for the fastest service around
Don’t jump at the first money-lending service that you find online. Do a bit of research beforehand and look for the services that process loans the fastest. The best way to gather this information is to go to the service’s website and read their terms and conditions, and also read reviews and testimonials. If the platform also offers a mobile app, you may that the reviews on the app store are equally useful.
Once you find a service that you like, go to a website such as www.trustpilot.com and analyze the experiences of former users. This way you can make sure that all the personal information that you provide will be kept safe and that you will get the money as fast as the company claims.
Keep more than one app installed on your phone
Once you use an online money-lending service, keep the app on your smartphone. Chances are that if you will ever need to borrow money in the future, you will not be required to submit any more personal information.
If you want to keep your options open at all times, consider downloading several apps and creating user accounts. Once you fill in all the forms and send in photos of your personal identification documents, you shouldn’t be asked to do it again when you need to borrow money. The same goes for web-based applications. Create an account and the information will remain associated with your email address.
Follow these tips and you should be able to quickly apply for online loans without having to go through stacks of personal documents in order to find everything you need in order to submit your request.