Though the majority of Australians have taken out a loan at some point in their lives, there is still a lot of misconception out there when it comes to quick money loans.
Many people wonder if they’ll be approved for a loan because of their current credit scores. They also think that the approval process itself will take too long to make it worthwhile.
Still, others believe that they need to show proof of an emergency situation in order to be approved.
You’ve heard the myths about quick money loans before but now you need the facts. Click here for our informative myth-busting guide to fast cash.
In this post, we’ll be debunking these three major myths. Read on to learn the facts about quick money loans, not the fiction.
1. The Approval Process Will Take A While
When you’re in need of quick money loans, there’s a misconception out there that “quick” isn’t always an accurate way to describe the waiting period.
While in some cases, especially if you have severely damaged credit, you may need to wait a maximum of two weeks in order to be approved, the reality for most is that you can be approved much sooner than that.
In fact, many people are approved for a quick cash loan within hours of applying.
In order to ensure that you’re able to speed through the application process as quickly as possible, however, there are a few things that you’ll need to take into consideration.
One of the most important steps?
Make sure that you have the proper paperwork required to apply for the loan. Having all of this information gathered when you first apply will keep things moving forward quickly.
First of all, you’ll need to be able to prove that you have a checking account. In order to do this, you can scan and upload a bank statement if you’re applying for an online loan, or simply present it to your lender in-person.
You’ll also need to give the lender your social security number, as well as show proof of employment. This is important because you want to prove that you’re capable of paying back the loan.
Usually, you can show proof of employment through a pay stub, or even through a letter from your employer. You may also fill out an employee verification report.
2. Loans Should Only Be Used For An Emergency
Another common misconception about quick money loans?
That, in order to be approved for them, you’ll need to show a lender that you’re in an emergency situation.
While many people do in fact use fast cash loans when they’re hit with an unexpected medical emergency or need to make a sudden repair to their car or their home, this isn’t always the case.
The truth is that there are lots of reasons why people apply for these types of loans. As long as you’re confident in your ability to repay these loans, and are getting a good rate of interest, you choose the reason why you’d like to apply.
For example, you may want to pay for a nice wedding, but can’t currently afford the venue you’d like. You may take out loans in order to pay down your credit card bills more quickly. You may even want to make a larger purchase that you can’t currently afford, but could with a little loan money.
Whatever the reason, as long as you’ve done research into the rates and amounts offered by the lender, it’s valid.
The lender may ask you why you’re interested in applying for the loan, but it’s likely that they won’t turn you down because of the things that you plan to use the money for.
So, when in doubt, apply and go from there.
3. Your Credit Score Should Be High
Last on our list of a few of the most common misconceptions concerning quick money loans?
That your credit score, and your financial situation in general, need to be in close-to-perfect shape if you want to be approved.
Just like you don’t need to justify what you’re going to be using the money for, you also don’t have to be in the best financial shape of your life to get a loan.
Remember, when you apply for a loan, most lenders will not even ask for your credit score. Instead, as we mentioned earlier in this post, all they’ll ask for is proof of employment.
Additionally, if you feel as though you won’t have much trouble paying the loan back on time, taking out a fast cash loan could even be a great way to boost your credit score.
Because when you pay back your lender on time and for the full amount, your proving to creditors that you’re reliable. On-time payments will seriously boost your credit score and make applying for a credit card much easier in the future.
So, what are you waiting for? Start the online loan application process today. Read on to learn more about how to do it.Top 3 Myths About Quick Money Loans Click To Tweet
Ready To Take Out Online Quick Money Loans?
We hope this post has helped to clear up some of the most common myths and misconceptions that we frequently hear regarding quick money loans.
Above all, remember that the approval process isn’t as long as you might think and that you don’t need to have great credit or be in an emergency situation in order to be approved.
Are you interested in learning more about how to apply for a loan online? Would you like additional advice on how to find the loan that’s right for you?
If so, we can help.
Spend some time on our website and blog to learn more about how to get your financial situation back on track.