A report released last year revealed that more than half (58 percent) of Americans didn’t have enough money saved to cover a $1,000 unexpected emergency. Now, in the wake of COVID-19, even more people are struggling to make ends meet and deal with surprise expenses.
Are you in this situation right now or need to access funds quickly?
Below are tips that will help you select the right fast loan lender.
Types of Fast Loan Lenders
One of the first things to think about, before you start looking for a lender, is the type of loan for which you want to apply. There are lots of different fast loans that might be a good fit for you, including the following:
- Personal loans: Depending on your credit score, you might be able to get a personal loan from your bank or credit union
- Bad credit personal loans: Some lenders offer personal loans with higher interest rates specifically for people with low credit scores
- Title loans: This is a loan secured against the title of your car
- Home equity loans: This is a loan secured against the equity you’ve accrued in your home
- Cash advances: Some credit card companies will give you a cash advance, which is essentially a loan based on the balance of your credit card
- Lines of credit: A line of credit gives you access to a certain amount of money that you can borrow against; it remains accessible after you’ve repaid what you borrowed and can act as a sort of emergency fund
- Payday loans: Payday loans are very short-term loans (usually a few weeks) that typically require you to pay them off in full on your next payday, but they can still be a good option if you need to access money as soon as possible. Keep in mind that most payday lenders offer same-day funding
What to Look for in a Fast Loan Lender
Once you’ve decided on the type of fast loan you want to use, start looking for a lender that offers that option. Most lenders will list the specific services they offer on their website. Start there to see what they can do for you and what qualifications you need to meet in order to apply (and have your application accepted).
There are other factors to remember when looking for a lender, too. They include:
1. Reputation
First, find out what kind of reputation the lender has. Look online at reviews from past customers and see what they have to say.
Are they generally happy with their experience? Would they recommend working with that lender again in the future?
2. Interest Rates
Pay close attention to the interest rates associated with the type of loan for which you’re applying. Knowing how much interest you have to pay will save you from running into surprises later. It’ll help you to make a repayment plan that works for you and your budget, too.
3. Loan Terms
Consider the other terms that come with accepting the loan as well. Take note of how long you have to repay it, for example, as well as what the penalties are if you miss a payment or are late on one.
4. Fees
Think about the fees that come with the loan, too. This helps you budget appropriately and ensures you know what to expect if and when you accept the loan.
5. Application Requirements
Finally, don’t forget to look into the application requirements. What kind of information do you need to provide when filling out your application? Will you need to upload any specific documents?
Consider the application process. Can you fill out an application online? How long does it take for someone to review your application and either approve or deny it?
Be sure to get all these questions answered before you apply. If you take the time to do some research upfront, it can save you a lot of time in the long run.
What to Expect When You Apply
Every lender has a slightly different process when it comes to applying for a fast loan. That’s why it’s important to consider the application requirements and process before choosing to work with a particular lender.
Always check the lender’s “How it Works” page on their website for a detailed breakdown of what to expect. In general, though, you can anticipate going through the following steps:
- Fill out an application and provide essential documents (check stubs, ID, employment history, etc.)
- Find out how much money you can borrow
- Get your funds (often, you can get money the same day that you apply, especially if you choose to have the loan deposited into your bank account)
- Pay the loan back according to the terms laid out by the lender
There may be extra steps involved when applying for and accepting a loan. You can expect the ones above with most lenders before you can get the money.
Need to Find a Fast Loan Lender?
There are lots of options out there for you if you need money right away. At the same time though, it’s easy to feel overwhelmed and unsure of which fast loan lender you should work with. If you’ve been unsure of how to choose the right lender, keep the tips above in mind.
If you’re looking for a fast online lender, Jora Credit is here for you. We simplify the loan application process and allow you to apply online through your phone, tablet, or computer. We work quickly, and in many cases can get you your funds on the same day you apply. Get started today to see what we’re about.
Featured Photo by Harley-Davidson on Unsplash.