When you find yourself in a tight spot with a surprising cost that’s turned up, a fast online cash loan can be one of the best ways to solve the issue quickly. These loans are often known as “payday” loans or short-term loans. They pay out fast, they’re adaptable to suit the exact amount you need and can be applied for through an app on your phone. This level of convenience makes them perfect for situations where you’re pressed for time.
In this article, we’re going to look at 4 vital facts every potential borrower should be well aware of while they look for one of these fast online loans.
Have a read through this list to make sure you give yourself the best chance of getting a loan that suits your individual needs. Let’s get going:
These loans are designed to be paid back quickly
The idea with fast online cash loans is that you pay them back swiftly. You should only ever be taking the lowest amount that you really need. In most cases, the amount you apply for is paid to your account within hours of approval. One of the the most important things that all borrowers need to understand is that you’ll need to pay back what you owe in a very short time-frame.
Most payday loan terms are arranged to be between 3 – 6 weeks in length. The max term we offer at Quickle is 62 days, with repayments made in a collection of installments. All lenders will have a policy that stipulates when the first repayment must be made, ours is within 20 days of the loan arriving into your account. When applying for a payday loan, consider these term details carefully and make sure you’re in a position to handle repayments in good time.
Your credit score isn’t a huge factor
Lenders may differ in their approach to applications, but at Quickle, we like to be more understanding of those who don’t have a perfect credit history. When you walk into a bank and ask for a personal loan or credit card, they’ll want to check your credit score. If you don’t have an excellent rating, they’ll most likely send you packing.
We like to take a far more realistic look at your ability to repay. The most important thing you’ll need when you apply for a fast online cash loan with us is proof of your current income. This is best shown with recent bank account statements that clearly show the amount of income you receive per month. With this approach, we can offer quick helpful loans to those that really need them. By having a good look at your ingoings and outgoings over recent months, we’ll be able to confirm whether you’re in a strong enough position to make repayments comfortably.
Late repayments are a definite no-no
You should always do all you can to avoid paying any bills late, but as we all know, things do happen. Late repayments are always likely to do real damage to your credit rating. If you had a poor credit rating before getting your short-term loan, making swift payments is a great way to try and raise it! Every lender of fast short-term loans will apply late payment charges should you make a repayment after the deadline without any prior warning, so it’s never a good idea to allow this to happen!
At Quickle, we know that things don’t always go to plan, so we do everything we can to be as helpful as possible. The best thing to do if you think you might need to pay what you owe a little late, is to contact us immediately. If you let us know early enough, we’ll do all we can to reschedule your repayment dates and avoid the unnecessary fees that could be charged to your account if you completely ignore the deadline. Like with most relationships, good communication is vital!
If everything goes well with your first loan, we’ll be happy to welcome any future applications you need to make the next time you’re in a pickle! Taking one of these loans is great opportunity to prove that you can be responsible with credit, which is certainly something every borrower should keep in mind as you search.4 Vital Facts About Fast Online Cash Loans Click To Tweet
Read more about fast online cash loans in our previous blog post: Facts About Fast Loans
We can provide you with the financial help you need through fast cash loans. Quickle always encourages responsible borrowing. Be sure to conduct your own research and learn all the terms and agreements of the loan. Be sure that a fast loan is right for you, and useful in your current situation.
At Quickle, we are here to help you identify the financial solutions you need. Reach out to us today to learn more about the loan types we offer everyone!