Online
personal loans are a relatively new banking scheme where you will apply for a bank
loan on the internet and you will get approval for it in as little time as 10
seconds. As you can expect, there have been a lot of fears about whether this
will be safe or not. Generally, it is, however, there are a few risks involved
with 10 second bank loan. They include the following:
- Higher interest rates
This
is a major problem with 10-second bank loans. They tend to have an APR of about
30% to 1500% which means that you are paying about a rupee equivalent to $2 or
$50 for a $100 loan which you have to pay back in 14 days. If you find higher
interest rates on loans on the online site, it is probably better to just go to
the bank as they will give you a better and more importantly safer deal.
- Identity theft
There
are various security features which sites give to prevent identity theft from
happening. However, many people are still worried that they there are people
who will be able to get through those security barriers. Therefore, it is
crucial that you be as careful as possible if you are using these ten-second
bank loans and if you are too worried, it will be wise to not use it.
- Hidden risks and terms
These
are something which you have to be extremely wary of. There are many terms in
every bank loan you take. However, they tend to be harder to hide on paper as
compared to the internet due to the various web designs. Therefore, it is
crucial that you do notice as much as you can and then triple check to make
sure that there is not anything you are not aware of.
- Scams
Scams
are very common on the internet. It is absolutely crucial that you are as
careful as possible when you browse those sites. A useful tip is that sites
have to be https to be secure as https stands for hypertext transfer protocol
secured.
These
are just some things you should know about bank loans, especially found online.
There are many more problems with this service at the moment and as of today,
it will be safer and perhaps even cheaper to just go to the bank to get loans
