Online micro credits are a financial product that can help you pay an unexpected bill, a car repair or some other minor expense. But what type of loan should you request if you need more money? Your situation may be different and you need a sum of money greater than that offered by microloans: a reform of your house, financing a new car, paying for a trip to China, paying for a higher Master's degree, your wedding or whatever another situation that cannot be solved with small amounts of money.
You have tried to apply for a personal loan at your bank, but they cause you many inconveniences and the conditions are not so good. You have also considered covering this cost with credit cards , but you know that the interests are higher than those of an online loan. At this point you have doubts and financial institutions give you a little mistrust… So what should I do? What are my options?
We will try to help you in your loan selection process and clear up all the doubts that may arise in this regard. Let's see the benefits of Oakparkfinancial loans and learn more about their conditions, interests and requirements when requesting money with them.
What is Oakparkfinancial
If you are looking for a bank endorsed lending entity, you have come to the right place. Oakparkfinancial acts as financial intermediary for the German bank BIW Bank AG. Its business model is based on putting people who want to invest money to obtain benefits in contact with people who need to have a personal loan but with better interests than those offered by traditional banks. Thus, Oakparkfinancial is the peer-to-peer lending platform that serves as a nexus between investors and borrowers.
Its purpose since its inception has been to facilitate cross-border lending. Investors who can access money with low interests invest to facilitate credit to borrowers who, due to circumstances, can only access money with very high interests. It is the way to offset supply with demand. His business idea was revolutionary and supported by BIW Bank, which became part of the company.
It is important that you know what their history is, as this translates into very competitive personal loan offers. They do not give money away, but through their online management system, the procedures between individuals and their business base, they can offer fast online loans with very competitive costs. You can request up to 30,000 us dollars and repay the loan in up to 60 installments (five years).
What do I need to request my credit at Oakparkfinancial
You do not need to meet specific conditions, since they will study your credit request at the moment and evaluate your profile with your personal data. Each request is evaluated in a totally personalized way. Of course, you will have to have a bank account in your name and show that you have a regular monthly income.
How to apply for my loan online
The request for your personal credit is made through the Oakparkfinancial website and you can access it now by clicking here , in a very simple and intuitive way. You do not need great knowledge of the Internet, since you only have to follow the steps that are marking you.
Online money request form
- You have to indicate the money you need (up to € 30,000), the fees you want to repay the loan (maximum 60 monthly installments) and, finally, the reason why you request your loan with them (for example, medical expenses, a wedding, make a master, make a reform, etc ..)
Answer to your credit request
- Immediately after sending the questionnaire you will receive a response in your email. Both loan approval and denial.
Proof of monthly income
- One of the requirements is to have a recurring monthly income, therefore you will have to send them via email a receipt that proves this income or simply a proof of your bank account.
Documentation and verification
- The last steps consist of verifying your data through a call via Skype or video conference and the electronic signature of the loan documentation.
These steps are very quick and will not take you long. From there, Oakparkfinancial carries out internal procedures to present your loan to investors who, once they collect the money, will send it to your bank account quickly.
What are the interest on the loan
The interests associated with Oakparkfinancial loans and credits vary depending on:
- The level of risk of the applicant: When you fill in your form, they evaluate your financial situation and depending on the risk, some interests or others are applied. The higher the risk, the higher the associated interests.
- The requested amount of money and the repayment period: These two variables also come into play when calculating the interest to be paid.
What we can give you are the percentages of fees to pay and the percentage of opening commissions. The APR fluctuates between 5% and 35% and the interest rate between 4 and 32%. Similarly, the loan opening commission can vary between 0.5% and 5%. We know that these indices may be unclear to you, but to make an approximation it is necessary to know your profile and the particular conditions of your credit. However, do not worry, since when you send all the information you will receive the exact rates associated with your personal loan. You will know from the beginning what interest is going to apply to you and any other associated expenses.
What are the differences between Oakparkfinancial loans and banks
The differences that you will be able to appreciate are quite a few. The traditional model of banking products has nothing to do with those of this credit institution between individuals. Here are those divergences:
- Online model versus offline model: Working online means a substantial cost saving, since you don't need as many staff and the procedures and procedures are much faster. The Oakparkfinancial model works via the internet, thereby saving you visits to the bank and, most importantly, saving time.
- Immediate response to your loan request: In conventional banks the approval or denial of credit does not depend on the branch where you request it, they have to pass your request to the central office and that is where they decide. These procedures are not immediate and the response usually takes days or even weeks. In this credit institution, the request goes directly to the indicated department and you get a response in a few minutes. You request your loan and you get an answer at the moment. Much simpler right?
- Electronic document signature: You will receive all the documents associated with your loan via email and you can sign them electronically. This is another of the differences that we can find compared to bank loans.
Still don't know whether to apply for your loan with Oakparkfinancial? Don't worry, it is an important decision and it is normal that you want to take a look at what other personal loan companies offer. To make your work easier, we recommend that you check the conditions of other companies. Here are the links where you will find more information and customer opinions:
- Cofidis customer reviews and information
- Negotiation agency , debt reunification
- Use your car as collateral and get up to 15,000 us dollars in Instacredit : The interest on the loan is 10% APR. Being able to make an early amortization without cost.
- Online credits up to 900 us dollars with Québueno : A request for € 100 to be paid in a month, has associated € 29.7 of interest.
- Bigbank, grants up to € 10,000 in personal loans
- Ingdirect , grants online loans without interest