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Today more than ever before, financial opportunities have become a matter of circumstance. This holds true for both low and high levels of the economic sector and has a direct impact on the way online loan companies attract their customers. Their policies, along with their lists of eye-catching offers have been designed to give the borrower as much flexibility as possible in the process of finding the adequate (and financially effective) solution to his or her needs. In the light of all this, it can be stated that personal loans are the effect of a few realities:

• Satisfied customers are always the main objective of online lenders, given the fact that they can potentially return for future contracts or even recommend a lender to other customers (which is the best advertisement any lender can possibly get).

• Optimized services and personalized solutions are at the very core of this business niche, following the principle stating that a well-balanced product should be beneficial to both the lender and the borrower.

• Specific criteria by which customers are preselected, pre-approved, and approved are at the very basis of effective online lending: the more adequate the criteria, the more easily accessible the loan. The most important criteria are: job history, credit history, and ability to pay back the loan as scheduled in the loan contract.

• Not differentiating one client from another helps online loan companies have a bird’s eye view on the market and general market opportunities. As a result, clients enjoy equal treatment for personal loans, irrespective of their past financial behavior, social status, gender, or nationality.

• Respecting the laws under which they operate and providing customers with up-to-date information on their financial products is the best way to earn a good reputation in the industry. From the perspective of the borrower, this is synonymous to a very large set of well- adapted offers available online anytime.

Types of online loan companies

There are four distinct types of such companies which can be divided based on the niche they specialize in, their legal status, and their financial flexibility:

1. Banks and international financial institutions – they provide all customers with a wide array of loan products, from long-term secured loans, short-term loans, unsecured loans, to cash advances, etc.

2. Online lenders – they grant access to only a few types of loans (most frequently personal loans and small loans).

3. Online payday lenders – they are only specialized in providing payday loans.

4. Peer-to-peer lenders – they focus on small loans and increased financial versatility.

All these types of companies have brought improvements to the financial sector in the past five to ten years. Most of these improvements result in the opportunity of borrowing money using the online environment, thus reducing additional costs. At the same time, they’ve opened the path to bilingual communication, with more and more bilingual financial representatives being available to assist you when you’re looking for a new loan. Finally, they have been the first to adapt to the mobile world and to optimize their platforms in such a way as to grant access to personal loans directly from mobile devices with an Internet connection.