As of January 2022, online loans had reached a speed where more than 50% of applicants received their loans the same day as they applied.
Banks have been providing loans for a long time, and online loans are a much newer concept. Despite that, they have become incredibly popular in recent years due to the advantages they bring. Tekaloan provides such loans, so if you need some quick cash, we could be your best bet.
For some of the main benefits of online loans, keep reading.
Perhaps the biggest advantage of online loans is their convenience. All you need is an internet connection and some personal details, and you could have the money in your account the very next day. Traditional loans can involve paperwork, security checks, and other tedious barriers that you need to get through, but you don’t have to worry about any of that with an online loan.
At tekaloan.com, all you need to do is fill out a short application, and let us know how much you need. You don’t even have to leave your house. You can get an immediate Teka loan all from the comfort of your sofa.
This is considered another major advantage when compared to loans from traditional financial institutions. Normally a loan could take weeks or even months, but online loans are almost instant.
For our fast loans, our team will just need to take a look at your application to make sure there are no issues. If everything is in order, your loan will be approved and the cash will be deposited into your account immediately.
No Credit Checks Needed
If a bank is considering giving you a loan, they’ll first want to do a credit check. For anyone with a good credit score, this might not be a major issue. There are many, however, who have a poor credit score, or none at all.
For these people, getting a traditional loan is often impossible. When it comes to online loans, no credit check is needed. This means anyone can get one, regardless of their credit score—as long as they meet any other requirements.
It’s also worth bearing in mind that any time a bank does a credit check, it can lower your credit score. If you’re trying to build yours up, you might benefit from getting an online loan over a standard one, as it won’t hurt your credit at all.
You Can Borrow for Any Reason
Traditional banks won’t give you a loan unless you have a reason that they consider adequate. They may also require evidence to support your reason. This gets in the way of loans for a lot of people.
At Tekaloan, you can get a loan for whatever reason you want. Whether you need some work done on your car, you want to buy a new phone, or you need a bit of extra cash for a holiday, we won’t tell you what to spend your money on.
No Prepayment Penalties
No one likes a loan hanging over them, so in many cases, people would actually prefer to pay them off early. Some loans have prepayment penalties, which means you would be penalized for paying off your debt earlier than agreed.
This isn’t the case with online loans. If you’re able to pay your loan off early and feel like doing so, you’re free to do just that. Online loans also often have lower interest rates than credit card loans, meaning they may well save you some money in the long run.
It’s Safe and Secure
When it comes to money, security is always a concern. Fortunately, online loans are completely safe. They’re regulated by the government, so you’ll be getting exactly what you expect, without any tricks or traps.
You can do the entire process through the Tekalon website, without any third-party involvement. As such, you don’t need to worry about any untrustworthy companies getting their hands on your personal details.
You Can Borrow at Any Time
Banks have set operating hours. These are generally the same as typical working hours for any company. This means that you’ll only be able to apply for a loan during these hours, and if you need to provide any paperwork or go through any checks, it will need to be during this time too.
With Tekaloan you can apply at any time, and our office is open 24 hours a day Monday to Friday, and 5 am-5 pm (ET) on weekends. This makes it much easier to apply at a time that’s convenient for you, and get assistance when you need it. This is especially ideal for anyone that works during the same hours that their bank is open.
With Tekalon, we allow our previous clients to renew their loans after they’ve paid them back in full. This means that once you’ve taken a loan and had enough time to pay it back, you’re free to take out the same loan again.
We offer loans at $500, $750, and $1,000, depending on how much you need. The repayment period can be anywhere from 3 to 5 months, and you can choose how often you’ll make repayments (weekly, every two weeks, twice a month, or monthly).
You can decide on these when applying, and we’ll give you an estimate of how much you’ll pay for each installment. Note that you can make changes to your repayment plan as you’re paying it back if it’s not quite working for you.
Getting an Online Loan From Tekaloan
Online loans are one of the best ways to get a loan quickly. It’s easy, convenient, and often takes less than a day. At Tekaloan, we offer loans to anyone in Canada, even if they’ve been rejected by a bank. To find out more about how we can help you, click here to contact us today.