Are Online Loans Safe? 

Many people wonder if online loans are safe or not and whether they should provide their personal information on the web page. Anytime you are applying for a loan or providing information online there are several ways to verify that the lender is indeed a real lender and that the online loan is in fact safe.

This applicant is applying for a mortgage, has a good credit rating and also has a large down payment. They have several options for financing including using their own bank to obtain a mortgage. They do want to obtain the best mortgage interest rate and terms and they also want to know if applying for loans online is actually safe or not.

Many online loans are associated with payday loans and cash advance loans. They have high APR’s and the cost of borrowing the money can be quite expensive for these loans. Consumers sometimes need these loans even with the high cost, but if they can avoid borrowing money at this high cost, consumers are better off in the long run. Always check the URL to confirm that it is related to the company that is providing the loan. If there is any doubt, call the phone number to speak to someone live.

For mortgages, many of the banks have their own online sites that applicants can fill in and apply for mortgages. Always confirm that the URL you are on or the page you are viewing is actually from the bank that is advertising the mortgage products that you are interested in. Again if there is any doubt, call to confirm or even go into a local branch to make sure that what you are looking at is a valid site.

Mortgage brokers are another great way to obtain the best mortgage rates. They are in touch with many lenders and can find the best rates and terms that are available. Consumers can then compare these rates and terms with those offered by their own banks and select the best deal that makes the most sense for them.

Home/Mortgage Loan Amount :: $250,000

Home Loan Application and Processing Speed (when do you need the funds):: We have an offer on a home, conditional on obtaining mortgage approval. Is this something you can help us with? We need approval within seven days.

Do you currently have a mortgage? ::yes, but it is being discharged. We will have a down payment of $175,000

Bank Name and Branch :: Bank of America, Trabuco Rd

What City/Town, State and County do you live in? :: Mission Viejo, California

Zip :: 92691

What is your employment field? ::  Art Dealer

Employment Position :: Own my own art gallery in Laguna Hills

When are you paid? (monthly/weekly/biweekly):: biweekly

Your credit rating to be – excellent, fair, or bad? :: excellent

How did you find us? :: looking for information online about whether online loans are safe or not

How are you paid? (direct deposit/paper check):: Direct deposit

Gross Amount Per Paycheck :: $4000

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure, you can even mention our gallery, it will be good advertising for us as well.

Extra information here please (some detail):: I have a question about whether online loans are safe or not. I have filled out your application for a mortgage application and really do need the mortgage, however we are thinking that it would be a lot safer to just go with our local bank to find a mortgage. We need a mortgage amount of $250,000 and have $175,000 to put down as a down payment for a home we would like to purchase.

We have seen so many online loan advertisements and are wondering if these are safe companies to deal with and if they offer mortgages. Most seem to offer cash loans and small payday loans. This is definitely not what we are looking for.

We have sold our home and will receive a large cash payment out of it enabling us to place a large down payment on a new home. We need a mortgage and not a pay day cash loan. We have seen some companies offering mortgages, however these seem to be the larger banks and financial institutions that are offering mortgages.

Note to Lender :: We both work and have no major debts. We have several credit cards, which are fully paid up with no ongoing balance that carries forward. We do not want to pay the usual high interest rates that credit cards charge on unpaid balances.

Our car is paid for and we have no plans to buy another car for at least five years. This is a really nice situation for us to be in and not owe any money. We would like to know if someone will appraise the house before giving us a mortgage and what will the cost be for the appraisal?  Do you have mortgage brokers that will look for the best mortgage rate for us from many banks and financial institutions that you deal with or do you just deal with one bank?

We are looking for a very competitive deal for our mortgage and with our credit rating being what it is, expect a really competitive interest rate as well as terms or fees. We will be comparing whatever you provide to us with what our own local bank can offer us before we make a decision on which mortgage company to place our mortgage with.

So in addition to wondering if online loans are safe or not, we are also looking for a really competitive deal?