The answer is yes it is, as long as you do it safely. I know that this is an extremely convoluted answer, and through this post I hope to make it all clear for you. Borrowing money online can be done in a few different ways, and each type of loan has its own special circumstances and things you can do to help you stay safe.
To borrow money online from your bank is one of the safest ways to go about this. However, it’s also the slowest. Applying is as simple as logging into your online banking and finding the section for loans. If your online banking is anything like Wells Fargo you will see dozens of links on each page for you to apply! They may call you up to verify that you were the one that applied, or you may even have to come down to your local branch to sign off the paperwork, but it’s all very safe.
Payday loans, on the other hand, carry a huge number of problems. The single most important thing that you can do here is to borrow from a lender that is licensed in your state. The easiest way to figure this out is that if they have a physical store anywhere in your state they are licensed to lend there. Following this simple step will go a long way to making sure that you don’t get screwed over! Trying to borrow from any other lender can lead to you getting approved through a company that isn’t based in the US, which means they don’t have to follow the regulations that are put in place to keep you safe.
Whether you need fast cash, or can wait for a bank loan, borrowing money online is safe as long as you take the proper precautions. No matter what you do, don’t try to get a payday loan from a company that you can’t verify is licensed. The problems that come with that are just way too much to risk.