The internet’s changed the way the world works on every imaginable level and the availability of easy online personal loans, have likewise, changed the way we seek and attain personal loans for whatever purpose, especially when looking at how to manage debt to best suit our individual needs.
As a kid I vaguely remember the banker in the re-runs of the Beverly Hillbillies, Mr. Drysdale, seeking out wealthy millionaires whose money he hoped to manage. Back then everything was a brick and mortar operation with a lot of personal networking in the money business. Today, at least for people of ordinary means, it’s impersonal and more bottom line. If you have the best terms, you have a client.
And so it goes as we seek out personal loans, which has changed much for the better… minus the in person chit chat and catch up. Online banking and lending, with easy loan approval mechanisms, have helped consumers by giving us greater power through choices, and more importantly, an easy loan application and approval process
So while I don’t have a private banker knocking down my door to give me money, like the Clampetts from Beverly Hillbillies, I have been through the traditional personal loan process. On more than one occasion I have walked into banks for refinancing assistance and have both, been approved and not approved for personal loans. I was turned down by one bank and drove to a 2nd bank… and then a 3rd bank… where I walked in with my tail between my legs and was ultimately approved after they decided to take my application under consideration.
This not only took time but I was really limited in my choices. The entire market wasn’t getting a bite at my personal loan apple and I really wasn’t seeing the rates available to me on a fair and open playing field. And that’s what online lending has done for consumers today. It’s given us more power. As much as we feel like we are faceless drones with varying financials to lenders, we’ve been able to turn that back as well… within reason.
Here at Loan Camel, we have the ability to input some details and check rates and terms easily online for multiple lenders in a near instant. As lenders are now forced to sharpen their hypothetical pencils a tad bit more in order to be, essentially, the low bidder, competition to fund personal loans has grown stiff, particularly in the good to excellent credit score segment. On the fair credit spectrum, it’s still possible to get a more competitive rate as well. Bad credit personal loans are still a challenge, when it comes to rates, but in certain circumstances they have a place as well.
Regardless, we now have choices, options and the ability to look at multiple offers and make better-informed, more financially palatable decisions concerning personal loan funding than ever before. That said, I need to reiterate this point as I do in most of my posts as you cannot effectively change your financial life simply through debt consolidation loans alone.
Consolidation loans simply help you move debt into a place that is more manageable so that you can pay it off at a date certain but YOU MUST CHANGE THE BEHAVIOR THAT GOT YOU WHERE YOU ARE, where possible. For a great free budgeting tool created by noted expert, Dave Ramsey, check out the EveryDollar – Dave Ramsey Budget Tool.
The last time I applied for and took a personal loan online I was tentatively approved immediately, pending submission of my previous year’s W2 tax form and my previous 2 pay stubs. I did that the next day and literally a day later the money was in my bank account and my monthly debt payments dropped nearly $400.00.
So in less than a week I went from sweating my never ending payments and a more rigid budget to breathing room with an end in sight – when my payoff would take my balance to zero. And it took little time to make it happen as well. The ability to start moving forward quicker with my life planning and goals is comforting.
Did I mention that I did this at home after a hard day at work – working for the man on the corporate treadmill? Yup… It was mere minutes of my time. This is a far cry from the time that I drove from bank to bank, taking a full day off from work, to get my first ever personal loan – in person.
Not only that but there was no discussion necessary just an easy form to fill out with basic questions. And I was even able to check my rates, like you can do here at Loan Camel, without impacting my credit, before I formally applied. And, that reminds me about ‘no discussion” – I don’t miss that interview at all. I like anonymity. If I didn’t then Daddy Poorbucks probably wouldn’t have been spun off an Orphan Annie character to post “real talk” through a literal Loan Camel about my own experiences and how you can get over the hump without making some of the mistakes I made.
So, yeah… about the Clampett’s banker, Mr. Drysdale, and anonymity. Do you really want to tell your problems to someone sitting in a bank office with other people waiting, whether you know the banker or not? I didn’t, I don’t but I did do it when I went from bank to bank to bank looking for a loan. For real, I’d rather talk to one in my army of shrinks about relationship issues than talk about money problems with a banking drone.
I dreaded each time I awkwardly sat in those chairs across from Ms., Mr. or Mrs. Lender explaining why I need money help to consolidate my divorce debts and basically throwing myself at their respective mercies for a decent lock of Repunzel’s hair to ascend the tower above all the defunct matrimonial debt which had now consumed me. And then when you leave without anything, the feeling of having spilled personal facts and emotions to walk away with nada – well, that was highly unfulfilling for me on a personal level… and I left multiple banks in one day like that. Ouch baby… very ouch, Austin Powers.
But I have never had to do that since and neither do you.
The online personal loan process is far better, for me, than the traditional way we needed to apply for and obtain loans, as follows:
Loan Camel helps people get over the hump painlessly while providing a world of personal loan options to choose from. To see your options and even check rates and terms without impacting your credit, you can start the process of moving forward with a competitive personal loan.