Whether you’re new to the market or a seasoned digital marketer, you cannot avoid the need for funds to scale up your business. Although you can bootstrap your digital marketing company, there could be times when your personal capital might not suffice.
With the current economic crisis due to the pandemic, digital marketing companies are struggling with their finances, globally. Though the impact on the industry is not direct, still it can not be ignored.
This, eventually, is dragging marketers to seek financial help. Many already mention exploring personal loans at Match Financial to cover up their business costs. And they have benefitted from it as well.
So, what is it about online personal loans that digital marketers are so attracted to? Or a better question would be to ask- how these loans are benefitting digital marketers in the long run?
Keep reading to find out more on this subject.
Accessing a conventional business loan would mean face to face meetings. And the current pandemic if has taught anything- is avoiding public places and grouping around.
With the help of interactive web applications and digitization of the lending platforms, the process is now better streamlined. So much so, that with just a click of a button, digital marketers can complete the formalities.
Whether the funds are needed to buy new equipment or invest in SEO projects, taking out a personal loan can easily solve a myriad of problems. And the best part is, there are no shady hidden costs to these online loans.
The lenders usually mention all the expenses, including fees and interest, before they lend out a loan. And to add to this, the borrowers are prompted to go through the terms and conditions before applying for a loan.
In short, the complete process from loan origination to application takes no more than a few minutes. And that too with a reduced cost for both lenders and borrowers, alike. In fact, the borrowers can visit multiple lender sites and compare their plans in one go, without having to jog between store to store to secure a personal loan.
No Paper Trails
Another downside of the conventional loaning system is that there is a lot of paperwork involved. Not only the formalities but the physical filing of documents and bookkeeping. And this could be pretty expensive, turning up the costs to be borne by the applicants.
Besides, using paper for storing all the critical information could have several disadvantages in the long run. Papers are prone to degrade over time. For example, mice can damage paper records, or they can burn to ashes in a fire, and many more.
On the other hand, using online services for applying to a private lender could mean there’s no paper involved. The complete process from search to application and approval is manageable digitally.
Moreover, using a paperless application is also environmentally friendly. Digital marketers, for whom the majority of the world around is a virtual space, making conscious decisions means a lot.
In short, a paperless application process speeds up the complete process while also improving the chances for borrowers to repeat.
Reduced Turnaround Time
Since we’re discussing the processing time for personal loans, it is important to know that digitization has reduced it significantly. Not only because there are no physical paper files to maintain but for a myriad of other reasons.
For example, measuring the credibility of a loan application can be automated with the help of a computer program. In fact, in present times several online money lenders make use of such programs.
As soon as the application is received, a computer program assesses the risks involved and accordingly decides whether to offer a loan or not. Moreover, these programs can even help figure out the amount of loan that can be offered.
To your surprise, this complete process is followed up in minutes.
Digital marketers quote the reduced turnaround time to be one of the most influential factors when getting an online personal loan. Particularly, as it helps with emergency funding needs, business owners tend to take out a loan online.
In recent years, machine learning and artificial intelligence are gaining a lot of attention. Their applications in marketing and data analytics are pretty well known to all who concern.
It is quite remarkable that these technologies have also made their way into the personal finances industry. Experts quote that with the help of artificial intelligence it is now possible to cater to the users’ personal needs.
To put this into perspective, a computer algorithm learns user behavior and their search query. Following up with it, the servers suggest any online loan applicant only the most suitable lending plans.
As a result, the users can find exactly what they are looking for, without wasting time looking around for better opportunities. And for any business owner, time is of the essence.
No Credit Score Needed
The most remarkable of all the reasons to look for an online personal loan is that there are no credit score requirements. Though it would be foolhardy to think that there are no credit checks at all, it won’t be to mention that they are of little importance.
Online money lenders usually only need to look into an applicant’s credibility. In other words, they only need to know if the applicant can repay the loan.
With the ongoing pandemic and global economic crisis, maintaining a good credit score is very difficult. Nonetheless, personal loans for bad credit are also an option for digital marketers.
That being said, it is noteworthy that the interest rate for bad credit loans is usually higher as compared to conventional personal loans. But still, it can be a great relief for struggling marketers and agency owners.
The effect on several industries has scarred the financials of digital marketing agencies as well. It needs no mention that online personal loans are a great financial solution for any business owner in times of need. Notably, with attentive planning and some cost cuttings, managing through difficult times is possible. And that’s what digital marketing professionals need at the moment.