Which Banks Offer Online Loans?

Prepared in partnership with Earlyone. (Google Play, iOs)

More and more people in Armenia are securing loans online without visiting a bank, queuing, or dealing with paperwork. You simply submit an application from your phone or computer, verify your identity, sign the agreement via an app, and the money arrives on your card. It's fast and convenient, especially if you are outside Armenia and have an account with the bank from which you wish to receive an online loan.

However, with all this simplicity, it's easy to overlook important nuances. In some cases, the rate might turn out higher than you calculated, or a bank visit might still be necessary despite promises of an "all-online" process. Let's quickly break down how to truly get a loan remotely, how to avoid overpaying, and how to choose a bank that won't spring unpleasant surprises.

What is an Online Loan and How Does It Differ from a Traditional One?

An online loan is a consumer loan processed without visiting a branch. All actions – application submission, identification, agreement signing – are completed remotely. After approval, the funds are transferred to a card, account, or made available for withdrawal.

What to pay attention to:

1. some banks only issue small online amounts up to AMD 1,000,000, for example, IDBank with Rocket Line, Inecobank with 1 CLICK, Ameriabank with online consumer loan, and Evocabank with Action Loan;
2. with several banks, agreement signing still requires an in-person visit – clarify this in advance;
3. sometimes the application may ask you to state your income, but you won't need to confirm it with a certificate.

If everything is processed online, you save time and eliminate queues and bank visits. But this doesn't mean you should agree to any terms.

Where Can You Get an Online Loan in Armenia in 2025?

In Armenia, you can apply for an online loan from the comfort of your home at IDBank, Inecobank, Evocabank, and Fast Bank. These banks offer convenient conditions for application submission, verification, and fully remote agreement signing, allowing you to get the necessary funds without a bank visit.

To compare conditions and choose the most suitable offer, you can always use the AFM platform.

How to Apply for an Online Loan: Step-by-Step Guide

1. Choose a Bank

Check the bank's website to see if there's an "apply online" button, if a visit is required for signing, and what limits are available.

1. Tip: If you already have a card from that bank, your chances of quick approval increase, and the rate might be lower. In such cases, it's better to use the bank's app – it will most likely have an option to apply and receive money online.

2. Calculate Real Costs

Don't limit yourself to the nominal rate – look at the effective rate, as it includes all fees and hidden payments.

1. Good to know: For a short term (up to 6 months), the rate might appear formally low, but considering a one-time fee or insurance, the overpayment could be higher than for a one-year loan.

3. Submit Your Application Online

Provide your passport details, Taxpayer Identification Number (social card), contact information, and income details. The bank verifies the data against your credit history via ACRA; a request for an income certificate is very rare.

4. Complete Quick Verification

This could be a video call with an operator, a selfie with your passport, or phone number verification. It's best to complete verification during daytime hours when customer support is active. This will speed up the process.

5. Sign the Agreement

After approval, you will receive a link for an electronic signature. In some individual cases, the bank might send a courier with a paper version of the agreement.

Common Mistakes That Lead to Overpayments

1. Applying for a loan at an unfamiliar bank without first checking conditions at "your own" bank – your existing bank might offer a lower pre-approved rate.
2. Ignoring transfer fees – if you don't have a card with the lending bank, the transfer might incur a charge.
3. Failing to read the full contract terms – especially concerning insurance and penalties for early repayment.
4. Confusing a promotional rate with a permanent one – sometimes a low interest rate is only valid for the first 3 months.

Checklist: What to Verify Before Applying for an Online Loan

Before clicking "submit application," go through this list:

1. the effective rate is stated, not just the nominal one,
2. you understand the amount of the monthly payment,
3. the terms are fixed in the agreement,
4. you've checked exactly where the money will be received – on a card or as cash.

Conclusion: Not Just Convenient, But Also Profitable, If Approached Wisely

Online loans in Armenia offer a way to solve financial issues quickly, without a bank visit. However, it's crucial to read the terms carefully, understand how the rate is formed, and not be swayed by outwardly "favorable" offers without calculating the total overpayment.

Compare, choose, and apply for an online loan on AFM – fast, transparent, convenient.

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