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You call the bank, wait on hold, get transferred one or two times, schedule a meeting for your lunch hour at the end of next week, and then you mark the appointment on your already full calendar. You’ve been meaning to speak with the bank about a personal loan for quite a while now, but like many people, you have been putting it off. It’s not exactly an enjoyable way to spend an afternoon. Now, you have no choice but to sit in front of a stranger, financial history in hand, and explain why you need a loan.
After all of this, you may not be approved, or you might find the loan options unappealing. What to do now? You need to shop around, but you may not have the time for more appointments with other banking institutions. This conundrum is all too common, and it is why Canadians are slowly warming up to alternative lending options.
Online Lenders: Pros and Cons
When looking for the right loan source, many Canadians now consider an online lender as a legitimate choice in lieu of a conventional financial establishment.
Seeking out the right loan option can be very stressful, and anything that can reduce the headache is appealing. Curling up on the couch, laptop and latte in hand, and applying for an online loan is becoming increasingly commonplace for many Canadians. Clicking a few buttons from the comfort of your own home and reviewing numerous choices in one sitting is persuading some people to make the switch to online lenders.
The online loan industry in Canada has attracted a lot more consumers over the past couple of years. However, as this avenue continues to become more and more popular, there are still some issues that need to be considered.
- Lack of information about the terms and criteria of the loans
- Lack of customer-service features and tools
- Not enough focus on income, and too much emphasis on credit scores
- Not enough flexibility when it comes to types of income
- Difficulty getting approved for bad credit loans
As you can see, despite significant growth in the online loans sector, many Canadians are still hesitant to use this channel to find the ideal personal loan for their situation. Despite many people having a positive experience with an online lender, not everyone’s convinced that they have found an alternative good enough to steer away from conventional financial institutions.
Online Personal Loans in Canada: Age and Location
When it comes to online loans in Canada, the information that exists can be broken down into different age brackets.
The vast majority of Canadians that were most skeptical about applying for an online personal loan fell into the youngest and oldest age brackets. Additionally, those older than 65 were considered the demographic most likely to opt for a bank loan over an online one. Interestingly, the oldest and youngest age brackets were also the most likely to try a number of different lending options before settling on the one they felt the most comfortable with.
The youngest demographic did the most research, while the middle-age demographic spent the shortest amount of time finding the right online loan. The youngest demographic was the most likely to get approved for a personal loan, while the middle-age bracket was the least.
Manitobans are most likely to go the traditional banking route for their loans, while the rest of the country prefers finding their lender online. The most popular loan type was a personal loan, and the second most popular loan type was a short-term loan. Business loans and mortgages came in last.
Naturally, customers considered a variety of factors when choosing the right loan option. Those that were applying for a home equity loan, for example, focused more on terms and interest rates than those who were applying for other types of loans. For those that were pursuing a business loan, support and customer service were what they wanted from their lender.
Making Online Lending a Streamlined Process
LendingArch is your go-to online toolkit for everything loan related. They are the hub for online loans in Canada. This well-established company wants to make your experience with online lenders as positive as possible. LendingArch can help you find and compare loan rates for all your financing needs.
From personal loans, home insurance, and credit card interest rates, LendingArch gives you the tools to find the best resources online. They also have expert advice on hand so that you can make sure all your financial decisions are carefully considered and well executed.
LendingArch searches the online market for the best deals and offers. With their user-friendly website and straightforward search engine, LendingArch helps you to comparison shop so you can make an informed decision.
All you need to do to use LendingArch is to fill out one simple application. Within seconds, LendingArch can provide you with all your potential offers in one place. Then all you have to do is make your choice!
While Canadians are still warming up to the idea of online lending, there are ways to make sure the process is done safely and securely. LendingArch ensures that you put your best foot forward from the very beginning so that you don’t end up going with the wrong lender and wasting your time.
The online loan industry is getting bigger every year, and more and more Canadians are considering it as a viable option. Give online loans a chance—with LendingArch, you can safely find and apply for the best personal loan available.
At LendingArch, we believe that every person should have access to easy-to-apply-for loans with a high approval rating. Work with us and discover the perfect loan for your needs!