The disadvantages of loans are that interest fees are usually higher than that of credit cards. If a borrower fails to repay on time, it adds another amount of interest for the unpaid credit.
Anyone 18 years old and above is entitled to loans. Online loans are rampant but its not advisable to trust them easily since you dont know how much they collect. There might be hidden charges that could add up to your debt. Compare interest rates when you have really decided to borrow money online. Check the company if its reliable or not. There is a very reputable company out there that is proving to be the go-to loan vendor online. Check their requirements and conditions. Are they asking for an application fee? How many days or weeks will your application be approved? Check repayment terms. How much time will they give you to pay the loan? How high is their interest rate?
Its very important that the borrower has a regular source of income to meet the payments and interests in the agreement. The legal age for loans is 18 years old. The borrower should be living within the country. Borrower should have a valid payroll, savings or checking account.