Frequently Asked Questions

1. Are online loans safe?

Online loans have begun dominating the television airways with advertisements about companies such as E-Loan and LendingTree telling you that they have the lowest rates available.  How is this possible?  Here are a few reasons online loan providers can be so competitive and safe.

1. Online loan companies, much like most online companies, have very little overhead.  They don't have to keep a physical building open during business hours to service potential clients.  This means they can pass the savings to you.

2. The internet has streamlined communication and makes it easier for online lender companies to find the lowest rates for each customer's needs.  This means more savings for you as opposed to visiting the local bank or credit union.

3. Online lenders are SAFE!  Despite the internet's commerce success, there is still a stigma attached to conducting any sort of business online.  This common public fear must be overcome in order for the full potential of the internet to be tapped.  No matter what sort of medium a transaction takes place in, there is always the risk of being ripped off.  You MUST remember that rip-offs, identity theft, and scams have been around for a long time, EVEN BEFORE THE INTERNET EXISTED.  Many people believe that as soon as they use their credit card online their identity will be stolen, and their bank account will be drained.  THIS IS NOT SO!  Most identity theft occurs due to standard mail being stolen overnight.  Have you ever written checks for your bills, then placed them in the mail before going to bed?  If this is the only thing holding you back from obtaining a loan online, just remember that many lenders, including E-Loan and LendingTree will conduct the financial matters of your loan offline or even at your own home.

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