Where to Borrow? 5 Major Factors to Consider When Choosing Loan Products
Where should you borrow? The best way is choosing the institution which suits you most. There...
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Need to pay the credit card bill or debt balance by its due date, but you are short of cash? Procedure of a typical personal loan application is complicated, and it may not be considered as a contingency plan when you are hit by any unforeseen events or in an emergency need of cash. Some banks and financial institutions offer loan products with instant approval, claiming that application can be done online and money is transferred once approved. You can get your loan online any time via your mobile or computer, including Sundays and public holidays. But what makes an instant personal loan different from a typical loan? Why can they be applied online, instantly approved and transferred straight away? This article will help recognizing the differences between instant personal loan and other personal loan.
Generally, people are required to complete the loan application and sign the contract in person at the branch. But most financial institutions are closed on Sundays and after working hours, making loan applications impossible. It is even more inconvenient if you are far away from any of their branches. To make applications and approval more convenient and fast, financial institutions have been promoting the use of online platforms as a one-stop-shop for loans. This speeds up the process of approval and the transfer of funds.
Comparing to general loan, Promise's personal loan with convenient online applications on 24 hours basis offers speedy loan application. Apply online via your mobile phone whenever and wherever you are.
Some people think loan applications must be followed up and approved by a specialist. How can the online loan application being approved instantly? Indeed, personal loan applications in typical financial institutions are processed manually. They may take up to 3 to 10 working days from the application to approval and are often not transferred in non-business hours. The delay is even longer if there is any intervening Sundays or holidays. The long wait can be frustrating if you have urgent financial needs. On the contrary, if you apply for loan via online platform, financial institutions can make automatic approval with credit limit at the earliest and enable 24 hours online loan service. It speeds up the whole approval and money transfer process if you apply online.
Comparing to general loan, Promise's instant personal loans offer an instant preliminary approval with an online transfer via the 'Faster Payment System'^. Procedures, from application, approval, and fund transfer can all be done online*.
Many documents are required for applying for a loan, such as income proof or employment proof. It is frustrating when the entrepreneurs, the self-employed people or freelancers in need of cash want to borrow money. To speed up and simplify the approval process in order to achieve instant approval, some financial institutions do not require income proof or residential address proof from applicants. They even accept copies of documents submitted via their online platform to shorten the approval time. Borrowing loans is easier and faster!
Comparing to general loan, Promise's instant personal loan does not require supporting documents. Your financial needs can be instantly met online with just your ID card and mobile phone number#.
Need cash urgently? You can apply Promise instant personal loan through Promise website anytime anywhere with just your HKID card and mobile phone number#. The process is simple and you can get preliminary approval results instantly. Funds will be transferred instantly via FPS^ once your personal loan is approved. Repayment period is up to 84 months, with no handling fee and interest penalty for early repayment. Please click here to learn more details on Promise latest loan offers!
