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The history of loans goes away back when the barter trade was the norm of the day. But it was more of borrowing without interest since there was no clear numeric value of a commodity. Loans became quite popular after the invention of the coin. After the coin was invented, it was now easier to determine the interest to charge depending on the amount of loan given. Even in current times loans are very popular since most individuals and businesses depend on them for their day to day running.

 

The high demand for loans herehas also led to the overwhelming growth of money lending institutions. However, there are certain guidelines used for one to actually get a loan, whether for individual or business purposes. Some terms and conditions must be met first before any loan is disbursed. There must also be collateral for the loan being given. As the rest of the world embraces the vast growth in technology, the banks have also modernized to internet banking. This internet banking or commonly known as online banking has allowed customers to do their financial transactions via the bank's website in any part of the world.

 

In some cases, financial institutions whether banks or non-banks, have also adapted to the use of mobile applications. This allows the customers to borrow and access loans online by using their smart phones or their personal computers at the comfort of their homes. Online wirelendloans are becoming trendy as the internet continues to grow. The same guidelines used in the applying and processing of loans manually are also applied to virtual or online loans.

 

 Some companies like wire lend have taken the online loans to a whole new level. Although Wire lend does not actually lend out any money directly, its main purpose is to partner one to different financial institutions in different states to get loans. They give you a form which you fill online, and then it is sent to different financial institutions. The institutions will then contact you since they have  your details as received from wire lend. There are different types of loans, short term or long term loans and there is also the bad credit installment loan.  To read more about the benefits of loans, go to http://en.wikipedia.org/wiki/Secured_loan.

 

 

The bad credit installment loan is preferably given to people who have money needs for only a short term. They do not require any collateral and are usually deposited directly into your bank account. In case one is unable to repay the loan, money may be taken directly from your bank account. Mostly you do not need to scan and send your documents to the bank to get a loan. It only requires an e-signature and the bank wires the money directly to your account.