That’s right! Meaning, there are literally over 10,000 potential sources of a reliable loan!
Unfortunately, these financial institutions don’t make loans that easy to access though. For starters, they have high credit score requirements. Furthermore, many of them take days, even weeks, to approve applications.
The good news is, you don’t have to rely on banks and credit unions if you need to find a loan today. This post will show you how to discover lenders who may qualify you within the same day, so be sure to keep reading!
Search for Online Lenders
If you need funds as soon as the next day, start your search for the best personal loans via the online marketplace. Most reliable personal loan companies have same-day loan application processing. Best of all, these private personal loan lenders have 100% online application procedures.
The first step is usually completing an online application form. In most cases, you also have to supply proof of employment and payslips. You can either email this to them or upload them to the lender’s website.
After receiving your application, the lenders will immediately look into your eligibility. Keep in mind that legit lenders run a “soft” credit check on you before pre-approving you for a loan offer. Don’t worry, as these soft inquiries don’t knock points off of your credit scores.
If you qualify, the lender will offer a loan program which you can then review to see if it fits your needs. If you accept their loan offer, you may receive the funds as soon as the same day you apply. In case you apply later in the day, you may receive a call from the lender as soon as the next business day.
Use a Reliable Loan Comparison Site to Make Your Search Easier
Online private lenders for personal loan products also have varying interest rates. They have different eligibility factors, approval requirements, and repayment terms.
For example, some lenders have a high approval rate for people with low credit scores. However, they also charge higher interest rates. For the 28.7% of consumers with a less-than-stellar FICO score, these loans may be a viable option.
Whereas other lenders may require better credit scores. In exchange, they may charge lower interest rates and more affordable services fees.
With so many variables to consider, it’s a good idea to use a loan comparison website. Some of these sites act as “brokers”, connecting you to different lenders who may have a loan suitable for you. By using these comparison sites, you’ll have an easier time shopping around for loan offers.
Know the Signs Pointing to A Legit Online Lender
In 2017, banks declined a staggering 76% of personal loan applications. This has led to shady businesses setting up shop to take advantage of unlucky borrowers.
That said, be sure you’re dealing with a legit online lender before you share any personal details. Here are some of the telltale signs of a legit online personal lender.
A Secure Website
If you’re using Google Chrome, it’ll warn you right away if you’re about to visit an unsecured site. Just to be sure though, check the address bar and confirm that it starts with an “https” and not only “http”. The “s” there means that the site is secure.
A secure site also has a padlock symbol on the address bar. This tells you that the site uses security protocols against identity thieves. It’s a crucial cybersecurity measure that helps prevent personal information from getting stolen.
Multiple Ways to Contact the Company
Reliable loan lenders offer multiple contact methods, such as phone, chat, and email. Being on Facebook, LinkedIn, and Twitter may also help you feel more at ease. These social media platforms are a great way to check for customer reviews (or complaints).
Doesn’t Charge an Upfront Payment
No reputable loan lender will ask you to make an upfront payment. Note, however, that legitimate lenders may still charge a small application fee. They will deduct this from your approved loan though, and not ask you to wire or deposit money to them.
Registered in the States They Do Business In
All online lenders still need to register with the state they offer their products in. Meaning, they can only accept applications from borrowers within their state of registration. They can, however, be a registered lender in more than one state.
That said, ring up your state Attorney’s General office first before agreeing to a loan offer. You can also contact your respective state’s Department of Banking or Financial Regulation. This way, you can be certain that it’s legal for the lender to extend you a loan.
Check and Compare Loan Interest Rates
Even if you’ll use an online loan broker, don’t settle for the first loan you’ll be pre-approved for. You may qualify with two or more other lenders, lenders who have lower rates and better terms. This won’t take much time anyway, and you may get a call from them all in the same day.
Once you have at least two or three offers, check each for interest rates and service fees. Even a tiny 1% difference on a $1,000 loan can already save you a few dollars.
Let’s compare a $1,000 loan with a 15% interest rate and a loan with the same principal at 16% interest rate. With the first loan, your interest payments will be $150. With the second loan, it’ll rack up a $160 interest charge.
True, a $10 difference may not seem that much, but that’s more than twice the cost of a home-cooked meal. Also, the higher the loan amount, the bigger the difference you’ll see in interest payments. So, be attentive to interest rates to ensure you choose the lender with the more affordable offer.
Find and Secure That Loan You Need Now from a Reliable Online Lender
There you have it, the easiest, fastest way to find a reliable loan lender online. These private money lenders of personal loans can help you get out of a pinch faster than a bank or a credit union.
Just keep in mind that they often charge higher interest rates though. As such, it’s always best to borrow only what you can afford to pay back.
Ready for more how-to guides that can help make you financially smarter and savvier? Then be sure to bookmark our site so you can check back in for more tips on money matters!