Who do you turn to when you are short in cash? Most of the time, you’ll borrow money from family or your closest friends. What if they can’t help you during that time? Banks can be another option, but there are tons of requirements you need to submit before they can process your loan application. By the time they release the money, you no longer need it.
Who can you run to? One option would be online cash lenders. It is easy to apply with them and you don’t have to submit tons of documents to process your application. You can even get your loan in as little as 24 hours, which is perfect for emergency cash needs.
Here’s the thing: there are tons of online cash lenders these days. To make sure you end up with the right one, here are tips you need to remember:
- Online cash lender must be legitimate.
Many people will take advantage of this online cash trend. Beware. It is easy to create a website and make it look like they are legitimate.
This is why the first thing you need to look into is the legitimacy of the lender’s website. First, the site must be secure (word must be in green color) and the address must be “https.” Second, the lender must be duly registered and licensed with the SEC.
- Lender must be “reachable.”
Not everyone will have hassle-free loan application. Some will have their names misspelled while there are others who got approved but have no idea how to claim the approved loan value. In case of mishaps, your chosen lender must be reachable. This means you can contact them through any (preferably all) of these mediums:
- By phone
- Email message
- Facebook page
- Contact Us page in the website
This is imperative because as borrower, you need assurance that you can talk to someone to clarify or follow-up matters concerning your loan.
- Look for online calculator.
The issue with lenders is that they don’t often disclose fees and rates to their borrowers. This is why loan calculators can be helpful because it gives you an idea on how much you need to pay with the given amount and loan term. Loan calculator is a basic and imperative feature in the lender’s website. Otherwise, move on to the next.
- Read customer reviews.
One of the beauty of Internet is that it makes businesses more accessible to people. Borrowers like you can easily see whether a particular product or service is worth it based on reviews posted in their Facebook or Instagram page.
Before you apply, take time to read reviews about your chosen lenders to help you evaluate and determine the right partner for your cash needs.