Find credit comparisons on the Internet without end. The market share of online loans is growing steadily. The reasons are obvious. On the one hand, borrowers will find the cheapest providers nationwide within a few seconds. The Internet has broken the “secrecy” regarding the conditions at the banks and made the market transparent. As a result of this transparency, consumers have become significantly more price-sensitive, a circumstance not only evident in money transactions. In addition, there is the temporal independence. No one is dependent on keeping to the opening hours of the branches. So it is not surprising that the number of online loans is steadily rising and in 2015, the proud market share of 25 percent ready. These include not only loans taken out at banks or via portals for personal loans, but also the loans that run through the online retailers of various industries.
Online loans are also impressive because of the speed of making offers. As a rule, the customer already receives the offer by e-mail within a few minutes of receiving his request. When an urgent loan becomes necessary, the Internet offers a faster solution than the conversation at the bank branch. However, the borrower must also be aware that the speed of settlement also depends somewhat on his involvement. As before, the original loan application must be submitted to the bank. The application will be sent along with the necessary documents, such as salary statements and account statements, as part of the PostIdent procedure. As part of this process, an employee of Swiss Post checks the identity of the applicant. A valid identity card or passport with residence confirmation is mandatory. The driver’s license is not valid as a legitimation paper. After the documents have been sent to the bank, the payment is usually made within 48 hours.
Under the big headline online loans, there are a variety of financing options. Loans from private to private have always existed. However, through specialized online platforms, this market segment has been able to establish itself broadly very quickly. In 2015, around € 2.1 billion of these loans, also known as peer-to-peer loans, were granted in Europe. The traditional branch banks not only lose business to the online providers, but also to these platforms. Too many consumers are looking for alternatives in banking. More and more frequently, so-called online credit offers of branch banks are found on the Internet. The conditions are more favorable than for the loans that are offered in the branches, but can rarely compete with the conditions of pure online banks.