Top 3 Advantages of Applying for a Loan Online

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The age of internet banking in Australia is fast becoming commonplace. From checking the balance of your savings account, paying bills to applying for a loan, even the most fundamental of tasks can be undertaken online.

Applying for a loan has been made more simple, streamlined and approachable by the internet. With this in mind, here are the top three advantages of applying for your loan online.

1. Convenience

One of the biggest advantages to submitting your loan application online is the convenience factor. From the comfort of your living room, you can fill in a form, enquire and even calculate the amount you will be able to afford. Without the need to take time from your schedule to go into a branch, you can have the flexibility to choose when you submit your application, particularly if it’s outside of opening hours for traditional institutions.

2. Saves time

Applying for a loan online can shave time from the approval process. Also, by gaining a pre-approval you can get an indication of how much you can afford to pay on your loan upfront. If you find that the loan is beyond your reach or is not what you expected, you can reassess without needing to begin the application from scratch – this avoids the disappointment of waiting for approval, only to be told that you don’t satisfy the criteria.

With regards home loans, you can obtain online a good idea of what properties are within your price range. There are also a great array of resources available to help you make an informed decision. For example, our free Property Insights app can give you an accurate and up-to-date understanding of the property market, which can prepare you for the selection of homes available in your price bracket.

3. Do your research

One of the most important parts of applying for a loan is understanding the terms and conditions attached to each product, as well as the amount of interest you’ll need to pay over the life of the loan. By applying for your loan online, you have the ability to gather all this information from one place, as well as compare our different loans which also assists in estimating your loan affordability.

Police Bank has made it easy to apply online and has some great tools available such as our loan calculator. Applying for a loan is as easy as filling in our easy-to-follow form. As always our team of lending professionals are available to assist with any of your loan requirements.