One of the hottest new buzzwords in online lending is Inbox Loans. It sounds fresh, like a modern version of something very traditional.
The name is catchy – so catchy, in fact, that other companies are changing their names to cash in on the trend. But what are inbox loans really, and what makes them different?
What are Inbox Loans?
At their core, these kind of loans are just an old and widely disliked product being presented under a new name.
They are payday loans from a tribal lender, that come with exorbitant interest rates.
The term started as the name of a company, but proved so successful that other lending websites began to copy the name. Inbox loan, loansz, loanz, and so forth. So while you might be dealing with a legit company, you might also end up on the website of a less legit website trying to poach your information.
As when borrowing from anyone, online or in person, do your research first!
Alternatives for Loans with Poor Credit
Many people are drawn to inbox loans because they have some very attractive features.
If you don’t have good credit, and need money quickly, you may think you have no alternatives, but that isn’t true.
There are literally hundreds of lending companies online right now, most of whom don’t look at your credit score. You need to choose carefully, and we advise that you follow these security tips for selecting the right lender.
Borrowing Online vs. Borrowing Offline
The internet has changed the way we use, spend, and acquire money. It is no wonder that lending has evolved along with the technology.
With online businesses, people can apply for loans at any time, no matter where they are. In some ways, this makes it a lot easier to find funding.
You no longer have to collect paperwork, drive to bank, wait in line, and plead your case – you can do it all right in your inbox.