Financial services have always been under the brick and mortar criteria. If you need loans, you need to go to the bank. If you need to store money, you need to go to the bank or a financial institution.
Lots of financial institutions have now started using the online platform to make their services more affordable, easy and reachable. There are also some services that are exclusively online and are taking the financial services market by storm
Online financial services
Online financial services are services based on the web that help you to get financial assistance at times of need. They offer you with various types of loans at reasonable rates.
These websites, like YOLoan.co.uk, provide you with various services such as short term loans, payday loans, and personal loans. All you have to do is specify the amount you want and they display a list of places you can take loans from at good APR rates and interest rates.
There are various perks of using online financial services. Some of them are
1- Quick turn around
Online services are most of the time quick and their process is fast. It takes very little time to work on the internet so the process is usually dealt with quickly.
The key to running a successful online financial service is transparency. If the website is not transparent, you can not trust it and the system will not work. Financial services websites provide you with clear details on how much money you can borrow, the rates and the fees if any.
3- Short-term loans
Short term loans or payday loans are more common services on these websites since they allow you the flexibility of taking small amounts of money for only the period you need. This is not possible with bigger loans.
How to apply for loans
Usually, the following information is needed to secure loans over online financial services-Name, Address, Date of Birth, Employment History, Monthly Salary. Some financial services also run background checks before providing loans along with fees. At Yoloans though, this is not the case and it is free of charge.