The terms “eMoney” or “eFinance” are quickly becoming popular. While traditional banking is still the cornerstone of private finance, more and more people are looking for alternative means of finance. This trend has become more pronounced with the credit squeeze. People are finding it difficult and costly to obtain finance from traditional operators. Virtual banks offer more attractive loan terms because their operations are low-cost, automated and rapid.

They save on labor and communication costs and pass this savings to their customers. Moreover, since they are new entrants, most of them want to attract customers. Thus, they tend to be more flexible than their traditional competitors. The advantages of online banking for the customer are as follows:

* Faster approval

* Cheaper rates

* Better loan terms

* Convenient-does not require a visit to the bank. Everything can be done online.

* Safe with advanced encryption technology being used.

Online Instant Credit
Most online companies have credit cards as their main business. Credit card approvals are very rapid, ranging from 30 seconds to about 5 minutes between filling out the form and the confirmation of approval. The form is also very simple and convenient. Some providers also enable you to customize the credit card to your needs. For example, customers can choose from:

(a) Lower interest rates at the beginning which increases later on; or
(b) A single interest rate that remains throughout.

Electronic Mortgages
Mortgages are more complicated. They require more information from the customer and the latter still has to fill out paperwork that arrives by mail.

Peer to Peer Lending
This is one of the newest trends in online finance. It does not involve banks or lending institutions per se. Instead, online companies (e.g. Lending Club and Prosper Marketplace) match individuals who want to borrow money with those who have money to lend. These loans are usually small (less than $10000).

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