Considering a Fast Cash Loan? Here are 4 Steps to Get it Right!

fast-cash-loans-4-steps

If there’s one thing that defines modern life, it’s speed. We get our entertainment, news, and products delivered (thanks, drones!) faster than ever before. And when you’ve had an unforeseen accident or doctor’s bill, the speed at which expenses come at you can seem flat out dizzying. In situations like this, you’re probably looking for a fast cash loan—the one that will get you your funds as speedily as possible.

But just because you need a fast cash loan, don’t rush into a bad financial decision. Take our advice and follow these four simple steps to guarantee a safe, smart, and fast solution for your financial situation.

Compare Rates

You wouldn’t shop for a big-ticket item like a TV or a home appliance without comparing prices. The same should hold true for personal loans.

The best way to compare the cost of a fast cash loan is to learn the annual percentage rates, or APRs, a lender offers. APR describes the cost of a loan over the course of a full year, taking into account the simple interest rate plus any additional fees or charges. With short-term loans like payday and title loans, you should be especially aware of the APR. To see exactly how much you will owe at the end of the year – and whether you can afford it – use an APR calculator and punch in your numbers.

So take your time and compare the rates from lots of different loans. You don’t want to take out a loan that you can’t afford. You can learn more in our article What You Should Know About Interest Rates.

Compare Reviews

If you had a choice between two restaurants, would you pick the one with glowing Yelp reviews or the one that just showed up on the health department’s website for all the wrong reasons?

Reputations matter with lenders too. So check out what other people are saying on Facebook, LendingTree and Google+. If borrowers are complaining about poor service, misleading terms and aggressive collections, then that lender is one to avoid. On the other hand, if people are rating a lender very highly, then maybe that’s one you should check out. (Oh, and in case you were wondering, OppLoans was rated as LendingTree’s #1 Customer-Rated Personal Lender for Q2 2016.)

Read Your Loan Agreement

Don’t skim that loan agreement! Your agreement is a legal document that will detail all the “must-knows” (like interest rate, APR, term, repayment structure, terms and conditions) of the financial arrangement you might be about to enter into. Still, a recent survey found that just 7 percent of people read the small print when purchasing products and services. One fifth of people say they have experienced adverse consequences for not doing so.[1]

So once you’ve decided on a loan, you shouldn’t just sign the agreement and wait for your funds. You should read your loan agreement from front to back to make sure there aren’t any surprises in store. If you’re getting a loan in person, it might be a good idea to take the loan agreement home with you so that you can take the time to fully absorb it. If you’re taking out a loan online, it’s a little easier, since you’re already at your computer. And if you don’t understand something in your loan agreement, you can always Google it, or you can …

Ask Questions

Ask a lot of them. Ask about how the loan’s payments are structured. Ask if the loan is amortizing. Ask about whether there are prepayment penalties and grace periods for late payments and about the lender’s status with the Better Business Bureau (BBB). Penn State offers this handy list of questions to ask your lender when taking out a loan.

Here’s a pro tip: Ask questions to which you already have the answers. If you see one thing in the loan agreement, but get told something else by your loan officer—especially if what the loan officer tells you makes the loan seems better than it actually is—then maybe that’s a lender you shouldn’t be working with. Because remember: You’re not just choosing a loan, you’re also choosing a lender. If you can’t trust them, then their loan is definitely not worth it.

At OppLoans, we believe that you deserve better than a payday loan. That’s why we offer personal installment loans with longer terms (6-36 months) and lower rates (up to 125 percent less) that your typical payday or title loan. Plus, our customers rate us an average of 4.9 out of 5 stars on LendingTree and Google +. We’re a socially responsible lender, which is why we offer safer, more affordable loans that our customer can actually afford to repay.

You can apply for a personal installment loan today. Just fill out our easy, online application and get a decision within minutes. If you’re approved, we can deposit the funds in your bank account as early as the next business day. To learn more, or to apply for a loan today, just check out our homepage: www.OppLoans.com.

References:

  1. Smithers, Rebecca. “Terms and conditions: not reading the small print can mean big problems.” TheGuardian.com. Accessed September 29, 2016 from https://www.theguardian.com/money/2011/may/11/terms-conditions-small-print-big-problems

The information contained herein is provided for free and is to be used for educational and informational purposes only. We are not a credit repair organization as defined under federal or state law and we do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit. Articles provided in connection with this blog are general in nature, provided for informational purposes only and are not a substitute for individualized professional advice. We make no representation that we will improve or attempt to improve your credit record, history, or rating through the use of the resources provided through the OppLoans blog.