Whether it is online or not, there are lending institutions that are not ethical in their dealings with their customers. For one, some lenders are just fishing for information and are not legitimate businesses at all. There are even those that require their customers to pay a certain amount as a membership fee before they can apply for a loan.
If you are looking for a quick cash loan lending agency, make sure that the agency is genuine and has a proven track record. And how do you get to confirm these? By staying vigilant and doing your research.
Here are the tips on how to find the perfect loan company for you.
Strong online presence
When you apply for a loan, you entrust sensitive information to the company. To make sure that your data is protected and only used for their intended purpose, check the legitimacy of the company. You can check their website, read customer feedback, understand their requirements and processes, and gather feedback from the online community.
Companies that often change business names and website domains appear to be sketchy. Stay away from these companies as you might be a victim of data and identify theft.
Easy to comply loan requirements
Once you have established the legitimacy of an online lending company, the next thing you should check is how easy you can comply with their requirements. The main reason you are applying for a quick cash loan is that you urgently need the money.
The purpose of applying will easily be defeated if your chosen loan provider requires you to submit a truckload of financial documents. The great news is there are a lot of online loan lenders that only need three things from their borrowers – a government-issued ID, a bank account under the borrower’s name, and the borrower’s proof of income or employment. These requirements are easy to provide. Hence they will also help you get approved fast.
Humane interest rates and no hidden fees
Though more than half of the United States have usury laws in place, the same provision of law does not apply in credit cards and high-risk loans. As such, most lending institutions impose unconscionable interest rates.
However, there are still money lenders who are considerate enough only to limit the APR rates to a minimum level. Go for these lenders.
Aside from the interest rates, you also have to check whether or not there are other applicable fees beyond what the lender initially declared.
For example, the agreed loan is $700, and they initially declared a $50 processing fee, but when you received the loan agreement, you read that you need to pay an extra $10 as a convenience fee every time you repay in installment. This is an example of a hidden charge. As much as possible, work only with lenders who are direct and transparent when declaring their fees.
Lastly, work with a loan company that offers flexible installment terms. And when you choose your loan repayment frequency and schedule, consider your salary dates to avoid penalties and late charges due to delayed loan repayments.
These may be simple tips, but these are enough to help you remain vigilant in your quest for the perfect loan company.