Tips for Getting your Online Loan Approved | 1099 - Mom
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Tips for Getting your Online Loan Approved


I don't often talk about loan products here, but I know that starting a small business (and keeping it running) can be a challenge.  One site that really caught my eye recently was Weemba; I have done a large majority of my consumer credit activities online, so I always like to stay current on this trend.  I also know what I look for when I am ready to work with a lender, and this inspired me to share what I think are the best tips for getting  the loan you need:


1. Don't fudge the numbers.  Be honest in your loan application.  While many online loans don't require some of the additional paperwork that a traditional brick and mortar bank loan will, they can check up on you.  Many require credit scores, and since you will want to include extra documentation to back up your worthiness, it pays to be upfront on all counts.

2. Get detailed.  On the flip side, it is also nice to show a little skill with your loan request.  For example, dozens of people may be asking for money for a car.  If you can show backup documentation or photos of how you will be responsible for the car (the garage you will keep it in or your ability to get car insurance), it can help create credibility for your case.  It may be the only thing that separates you from others in your situation.

3.  Take your time.  There is no need to rush into a shoddy loan request that doesn't truly explain your situation or needs.  Gather the info you will need ahead of time, and prepare a well-thought out plan for how you will use the funds and pay them back.  Pay attention to detail in filling out your request.
Weemba allows borrowers to follow all three of these tips with the greatest of ease and get the best loan terms possible.  Perhaps the feature of the site I like most is that you can go through the process of drafting your loan case before you are even fully registered on the site.  This lets you get a feel for how the process will be, as well as see what info you might need to pull together before official "submitting" your loan request.  I love any site that gives you a chance to test drive before you commit (and lenders don't see your application until you are ready to go.)

Have you ever borrowed money online?  What was your experience?

*This is a compensated post and should not be considered professional financial advice. Opinions are 100% my own.  

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Linsey Knerl (the "1099 Mom") is a professional blogger, public speaker, consultant, and mom of 6!
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2 comments:

  1. I did through Prosper a long time ago. It was when they were first getting started, so the application process was a pain, but the money was funded very quickly.

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  2. I appreciate your feedback, Nell! I actually loaned through Prosper once upon a time (Nebraska is no longer eligible to participate, however.) It is nice to see who has been helped by these loans!

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