What are the common benefits of an online personal loan?

Personal Finance · 29 Jan 2020

The internet has changed the way we live our lives. Things have become quicker, more convenient and we have more choice than ever before.

The internet has changed the way we live our lives. Things have become quicker, more convenient and we have more choice than ever before.

The personal loans sector is no different. Nowadays, a few providers, such as Harmoney, offer the whole loan process – from quote to repayment – online, with many benefits over traditional loan applications through a bank.


It's no secret that the internet moves more quickly than the offline world. This speed extends to the financial world too.

According to Finder, getting a loan from a bank or credit union can take several weeks. This often includes 'a few days to a few weeks' for approval of the loan and then 'up to three weeks' to receive your money.

Online, the process is much quicker. You can get a quote in just minutes, get a yes or no within 24 hours, and you're likely to see money in your account a lot sooner. On Harmoney, almost all loans are fully funded within 24 hours. Once your loan is funded, it takes just 1 - 3 business days for you to receive your money.

If you're getting a quote for a personal loan and you need the cash in a hurry, this can be a huge advantage.


Getting a quote for a loan online is easy. While you still need to have the correct documents to hand, you can get a quote at any time of day (even while wearing your PJs).

There's no need to work to someone else's schedule, to make your way into town or search for a parking spot. Best of all, you won't have wasted a trip if you find you don't have all the documents to hand.

With an online loan through Harmoney, all most applicants will need to do is verify your ID and verify your finances.

When your loan is approved and financed with an internet lender, there's no paperwork to lose. Everything is online – simply log into your account to keep track of your payments and your loan terms.

Less awkward

Talking about your financial circumstances can be awkward at the best of times, and not everyone likes to ask for money.

When you're applying for a loan in person, this conversation is standard procedure. You'll have to explain why you want or need the money, and you may feel you're being judged on the spot.

When you apply online for a loan, this awkwardness is avoided. You still have to explain what you want the money for, but by typing rather than talking, you won't have to worry about getting tongue-tied and won't have to watch as someone reads your reasoning.

Easy to check a website's credibility

When you're applying for a loan, it's important that you trust the company you're applying through. There are several ways to do this:

  • First, check on ASIC Connect to make sure the company is registered in Australia.

  • Also on ASIC, check that the company has a current Australian Financial Services Licence Number.

  • In your browser, look for the padlock icon to make sure your connection is secure and that any information you send is safe. In Chrome, this is in the top left-hand corner next to the website address.

  • Read online reviews. Some companies have reviews on Facebook while others have them on Google. Just search for the company's name and in the information box on the right you can see how many reviews they have and their average star rating.

Lower rates

Because online lenders have lower overheads than companies with brick and mortar locations, they can afford to give better rates on their loans.

Through Harmoney, you can get a low interest rate, depending on your financial status and credit rating. Use our online loan calculator to get a rough estimate of what your repayments could be.

Easy to compare

If you want to shop around for a loan in person, it can take a while to visit all the different locations and speak to different advisors to get an idea of what you can borrow and at what rate.

Online, you can get an answer much quicker. Once you've started a quote with Harmoney, so long as you've given all the correct information, you'll get a no-obligation quote within 24 hours. This quote will give you details of how much you can borrow and at what rate.

Your quote is valid for 60 days, so there's no rush to accept. If you want to compare with other lenders or have a think about your finances, you can. But if you're ready to go, you can add your loan to our marketplace and start planning how you're going to spend your money.

Other articles you might like:

What are common reasons for personal loans?

Can a personal loan be used for paying credit cards?

Moving forward in life

We write these articles for you, our Harmoney borrowers, to be, what we hope, are helpful tools. The information, including rates, is correct at the time of posting and is designed to be a general guide only. As you read, you should consider how - or if - the information might apply to your circumstances, and consider if your needs mean you should seek further advice from an expert in that particular field.

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