We all experienced emergencies that require us to get money as soon as we can. Such emergencies can be frequent if own a business and do not have a proper emergency funding plan for your business.
Well, If you are in a pinch, you don’t want to be hassled with tons of requirements and documentation when applying for a loan, then, it might be good news for you to find out that there is a quick and easy way to apply for a loan without the hassle from complying for requirements.
Not to mention, you can do this without leaving the comfort of your house. But you must also know the pros and cons of online loans in order to avoid surprises.
When you know the advantages and disadvantages well and you are ready to take one, by following a few steps, you can borrow money for as fast as two days.
What to Do When Applying for a Loan Online
For starters, you can research online lenders that are suitable for your cash needs. Some lenders approve a loan within a day and will let you get the money for 24 to 48 hours, while some lenders will take you several weeks just to get approved.
Lenders such as Credit Ninja loans offer quick cash loans that don’t require too much time and hassle on your part.
If you have researched online lenders and a few of them took your interest, now it is time to compare them and see which will be the most beneficial for you. Some online lenders may offer quick cash loans, but those might come with higher than standard interest rates, so watch out for them. Check this article to know how to avoid a loan scam.
As mentioned earlier, online lenders don’t need too much documentation before approving a loan, but that doesn’t mean that you don’t have to prepare any documents. Prepare key documents like pay stubs, a recent bank statement, and tax returns.
Before you get the money on hand, you will need to sign some documents to receive them, and they are usually done online. If you have signed these documents, then the lender is okay with sending you the money that you will borrow. Often, they can send the money through a check, but if you have sent them your bank account details beforehand, it will be easier for you as they can send the payment online.
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
Most online lenders nowadays have already streamlined quick application processes to allow you to finish the transaction online. There are several more requirements for you to complete the transaction smoothly. It will involve giving out your bank statements, contact details, social security numbers, and additional information about your income.
Take note that depending on the amount you want to borrow and your credit score, these requirements might not be sufficient.
If you have prepared all these requirements beforehand, you will have little to no delay in getting your loan approved. You can download your most recent bank statement from an online account if you don’t have one on hand, and you can get your latest tax return copies a tax filing software. If you submitted early in the day, there is a strong possibility of having your loan approved later in the day and get the money two to three days later.
Check the Lenders
It isn’t uncommon that there are lenders who will offer quick and easy loans in exchange for unreasonable interest rates and other fees. Some lenders do this as they think that people who are desperate enough will take the bait.
Take note that not all online lenders do this. By checking the website of the lender, you will see all their offers, including promotions, and the terms and conditions when applying for a loan. Paying for a slightly higher interest for immediate cash funding is quite common, actually, but if you have a good credit score, you don’t need to pay an interest rate above 20%.
Benefits of a Loan
An online lender can review your application instantly and will give you a response within the day of filing. On the other hand, if you go to your bank and apply for a loan, you might wait for several weeks before getting a response, which will be quite a hassle if you need the money directly.
Also, online lenders have better rates, not to mention the additional perks and other promotions that they advertise. Online lenders don’t have to pay for regulatory costs that banks or other lenders who have a physical location do. Because of this, they can give their clients a much cheaper interest rate and overall a good deal.
To secure the right loan, you need to take your time before settling in for a lender. But, it is still better if the lender you choose has a good reputation overall. Some lenders might be scams for all you know, and you will be cheated out of your money. As such, be sure to stick to reputable online lenders like credit ninja. There are many lenders throughout the internet, so be sure to stick with those who you trust the most.