The massive growth of the internet has meant a win-win situation for both loan companies and the public. Loan companies get access to a huge nationwide market of millions and millions of potential customers; while consumers have a lot more choices. Those choices also mean a lot more competition among the online loans companies, which means the average person may well be able to get a loan at lower interest rates then if they just had local options.
The proliferation of online direct loans companies also means that people with less than stellar credit ratings (or even bad credit ratings) have a much greater chance of getting a loan. In fact since many loans for people with perfect credit are handled by their local banks, the internet has attracted many firms who specialize in offering loans to those with less than perfect credit.
Debt consolidation loans are a common type of loan offered by online loan companies. They will pay off your existing loan or credit card debts and then you pay them back – but at a lower interest rate than your old debt. It’s especially beneficial for people with credit card debt, since those interest rates are so ridiculously...
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