The question why you should choose online loans over any other loan type gets asked a lot these days because in Georgia there has been an influx of new private loan companies that allow their customers to quickly borrow money. Because Banks have failed to create loans that are smaller and that you can get in a manner of minutes not days these private companies have stepped in and despite the odds have succeeded and are giving large finance corporations a run for their money. Because these companies don’t have large capitals and many decades of steady growth they had to be innovative and do things differently comparing to the way loans were given before. And that is why nowadays you can get up to 1500 Lari without the need to supply any employment papers or other such documents. These online loans have become a big part of Georgian finance sector as people keep coming back for more and more!

But what is so appealing about these online loans that customers keep coming back for more and more loans?

I think that those short terms (less than 15 minutes) might be the main reason why people choose these loans in emergency situations over any other debt. If you have gotten into a financial mess and don’t have the funds to pay your rent or other expenses that can’t wait for your next paycheck then it is more convenient to borrow money from these online loan companies than to ask for help to your family or friends. And it is also a lot faster! For example if you are stranded on a road but the evacuator will not toe your car before he sees that you will be able to pay him then an SMS loan could be the only option you could use. Or if something happens to your health and you need to visit the emergency room but after that you get a bill that you just can’t pay, then borrowing money once again could be your only option.


Another thing that might be appealing to people is that you can get these loan even if you have a bad credit history and you don’t need to supply any collateral or get a guarantor! These online loan companies know that there is a big risk that you will default on your loans but they are willing to take that risk because the rewards are also quite big. Comparing to the regular consumer credit or credit cards these fast loans have much bigger interest payments but if you pay in time then that additional interest does not feel that big knowing that the creditors themselves are taking on massive risks on the fact that you will pay them back.

If we think back a couple of years the thought of getting money anywhere in the world trough internet with no collateral or guarantor would be ridiculous because then we had to wait in line at the bank to get any kind of loans. But now you just have to choose one of the dozens of lenders and borrow money in a couple of minutes to get that money in your bank account and do anything you want with it.

But you still have to be responsible and you should not borrow more than you can pay back even if it is very easy to borrow. That just means that you have to exert more self control over yourself just like with any other subject starting from food to gambling.