Some people may urgently be in need of a loan to cover emergency expenses. But when they apply for a loan, how long will they wait to have the loan approved and the money sent?
A loan is sought by people for various needs. Sometimes, a loan is needed to send a person to college. And sometimes, a loan is utilized to cover the expenses of a vacation. In both cases, the need for the loan is planned for a long time. However, there are cases when applying for a loan was not part of the plan. This is because sometimes, a loan is sought by people not for the regular daily expenses but for an unexpected and emergency need for extra funds.
In such cases, time is also important. That is, the loan applicant needs to know if applying for a loan from a certain lending company will make the money arrive at the time when it was needed most. Thus, the question that needs to be answered is "how long will a borrower wait for the loan amount to arrive?"
The borrower need not wait too long
When a person decides to apply for a loan online, they will spend only a few minutes filling out the application form. This online application form is usually user friendly. A person who is already familiar with Internet may take only a mere five minutes. While a person who is relatively new to the Internet may take a little longer.
Once the online application form is submitted, the loan applicant must wait for a few days before receiving a response from the lending company. Whilst waiting, the borrower is advised not to apply for more loans. The loan applicant is restricted to waiting for an email notification of the lending company's decision.
The Written Confirmation
The email notification may arrive the day after the application has been submitted. But the email notification is just a conditional decision of the lending company. This is because a lending company in the UK must still send a written confirmation of its decision of granting the loan. Such a written confirmation usually arrives in less than a week. With the confirmation letter, other forms are also sent by the lending company. These forms must be signed and returned. After this has been done the loan amount will be paid out.
Other services that add convenience
To make the process faster, some lending companies offer several services. One service is the courier service. The courier service is supposed to safely deliver the cheque. Another service is the direct transfer of the money from the lending company to the borrower's bank account. This certainly reduces the hassle of cashing the cheque. All services are meant to make the process more convenient for the borrower. But the borrower is usually charged an amount for these services
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About The Author
John Mussi is the founder of UK Personal Secured Loans who help homeowners find the best available loans via the http://www.uk-personal-secured-loans.com website.
[tags]loan application, loan, loan online[/tags]
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