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As opposed to walk-in establishments of financial companies, in the online environment things are much more flexible, especially thanks to plenty of new rules and regulations which help them speed up the process in a convenient and fast manner.

Four aspects define the nature of communication between online loan lenders and borrowers:

1. Borrowers are able to contact the lender anytime, with very few limitations (if any): this principle is universal as most financial companies doing business on the Internet abide to it.
2. Consumers are getting up-to-date active offers, as financial markets move forward. No outdated information should ever be given to a customer.
3. Apart from regular email, communication can be conducted by chat, video conferencing or  fax depending on means of communication available from personal loans lender of your choice.
4. Consumers always have the alternative to opt-out from receiving messages about new offers from their lenders anytime they wish, without having to inform the lender in advance. Each piece of communication you receive should include an “opt out” link you should follow if you don't want to receive email communications any longer. Please note that it can take a few days (usually 7 working days) for this change to be effective.

Aspects regarding online lenders sharing information with third parties

Any exchange or sharing of information should not to be carried out without prior consent of the client. Because companies are always trying to enhance their offers, they may sometimes need to send non-personal data to third party companies. However, in most cases such data is only demographic (including age, gender, location and other types of information) which means you cannot be identified based on these pieces of information. In most situations, such data exchanges are intended to increase efficiency by statistical analysis of the market.

Advertizing companies do their best to gather as much information as they can about potential borrowers. For them, online loan lenders for both personal loans are obviously the best possible resource. You can avoid getting your personal information sent to anyone this right from the beginning by informing your financial company of your unwillingness to be a part of such a project, should it ever occur. All rules and regulations regarding the use of your personal and non-personal information should be listed in the Privacy Policy of a lender of your choice.

Governmental agencies may have the right to request sensitive data if there suspect breaking the law or fraud. In this case, you have neither the authority, nor the power to stop them from receiving your personal information.

Notifications of Privacy Policy changes

Every single online lender should have their Privacy Policy specifying how personal information is gathered and stored. These policies can be updated and it is the borrower's duty to read the policy when taking any loan from a given lender. Most policies have an effective date displayed at the very beginning – this way, you can stay up-to-date on the latest changes and modifications within a policy.

All these details are what makes a difference between online loan lenders and traditional lenders and are valid for both business and personal loans.