After some careful thought, you have made the decision to make a quick loan. However, you are new to the entire process and you don’t know what to do or where to start. You also don’t have a clue what these loans are, the different costs that goes along with them, and how you are going to repay them. All you know is that you are in a difficult financial situation and you need a quick loan to address it. If you are in this current predicament, you may find this step by step guide in getting a quick loan online useful.
1.) Do an online search – If you’re looking for a quick loan, there is no need to look further beyond the four walls of your home. The internet offers an abundance of online lenders that would be willing to offer you the money that you need for a certain price. You can avail for short-term online loans that will provide you with instant cash with minimal requirements. Here are 3 important points that you need to consider when availing for the loan.
• Short-term online loans are costly and are expensive ways to obtain credit.
• They implement strict repayment rules and conditions and the penalties for violating them are costly
• Application is quick and easy
2.) Assess the Costs – After you have selected a few potential lenders in your online search, go over each lender’s terms and conditions and conduct a comparison. Find out which lender provides the least charges which includes interest rates, initial fees in transferring money, and other fees that will be shouldered to you once you get the loan. Usually, the average APR for these loans are around 400% but can go as high as 1000% depending on the lender.
3.) Be sure that it’s legit – Make sure that the lender you will be dealing with is legit and not a scam. You can do this by following these steps:
• Try to see if there are hidden charges in the lender’s website. They won’t visibly advertise them but they are written in their terms and polices.
• Examine the interest rates that they offer to their service and ask yourself whether it is practical or not
• Identify the lender’s specific penalties on missed repayments
4.) Check the Company’s background – A good way to check on a company’s background is by looking on costumer’s reviews. Try to search the internet for some feedback so you will know what kind of lender you will be dealing with. If the lender has a lot of dissatisfied clients, you may want to avoid doing business with them. You can also rely on local agencies like state consumer affairs or other government bodies like the BBB or Better Business Bureau that hold important information on related businesses.
5.) Be certain you can repay on time – When you finally find a legit lender who offers fair charges to their services and enjoys a solid review from its customers, don’t immediately proceed to the application process just yet. You need to make a final consideration first and that involves making sure that you are capable of making the repayments attached to the loan that you are planning to avail. Try to look at the specific charges and compare it with your current financial situation. If you are fully convinced that you are financially capable of shouldering the charges then this is the time that you can proceed with the application process.
This is a very important step since penalties for late payments are very high for short-term loans. Payday loans, for example, require weekly or monthly repayments and if you miss making them, the loan rolls over and further charges are incurred.
These are 5 helpful steps that will prove beneficial when you’re considering on availing for a quick loan. You can start by doing an online search on various lenders that offer services that appeal to your financial need, then evaluate the costs in availing for them and after that try to find out if such a lender is legit. You will also need to make a background check so you will know how such a lender treats its customers. Once all these steps are accomplished, you can then ponder on whether or not can effectively make the repayments without sacrificing your financial health.
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Loanora is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances