Robert asked us the following question:
“I’ve read much about using personal loans for emergencies only. I agree, though what if the emergency falls on a weekend or holiday? I’d never know when I need a personal loan immediately, would I? Are there lenders who release approved same-day loans during non-working days?”
– Robert, 43, Idaho
Yes, that’s the outright answer. Many lenders offer 24/7 regardless of holidays and weekends.
But let me expand on the answer and share some tips that make the whole loan experience more pleasant for me when I need a personal loan immediately.
While we can’t predict when emergencies may happen, we can prepare for it. The best thing is to have a fat piggy bank to dip your hand into. If you don’t have enough savings, the next best thing is to heed these five tips that I always keep in mind when I need personal loan immediately.
And what I mean do this even before you need a loan. It’s easier to do the researching when I’m relaxed without the sword of Damocles hanging over my head as it happens during emergencies. With an array of online loan portals today, including in countries like the UK and Canada, browsing for better lenders is fast and convenient. I just enter my personal information and these sites give me results that best match my profile.
What I do is save or bookmark these lenders even before I need personal loan immediately. This saves me from wrongly applying for a loan simply because I lack the time to scrutinize the details during emergencies. Remember, for every fair lender out there, ten loan sharks are swimming around. AARP shares these loan shark terms to watch out for.
Read the terms and offers. My criteria is not about the lender that gives the biggest cash advance; rather, I check the payment terms, interest rates and hidden fees like a service charge upon application and in every payment (other lenders may hide this fact in tons of text; be careful). Likewise, when I need personal loan immediately I factor in my exit strategy, how I can pay back the loan. So I also look into the fine print on penalties in case I may default once. Here’s a sample list of UK-based fair lenders with their terms spelled out.
Understand how personal loans work so you know what to expect from them and where to use them properly. These loans are often short-term with high interest rates. They are easily accessible, even for someone with bad credit. Most of these lenders offer loans based on your pay check, so unless you’re earning six figures, the cash advance is just enough to cover moderate expenses.
Likewise, the penalties are stiffer. Technically, personal loans are a loss; you’re paying around 150% or more in many cases. And when you default the costs skyrocket. So use these loans for what they are: emergency cash.
It may sound trivial, but I always proofread my personal information down to the details when I need personal loan immediately. Even with one letter or numeral wrong, the whole processing can be delayed, which defeats the purpose of getting same-day loans. These lenders only depend on the information that you submit; they don’t have the means to do a background check. If your application is incomplete or it has a small inconsistency, it will raise a red flag. Write your full name as it appears on a legal document. Don’t miss out your other name, say, Jean Marie Carrie, not just Jean Carrie. Write your complete address, etc. And before clicking on submit, proofread your data thrice and you’re likely to receive the cash on the same day.
If you pay your loan back on time not only will you protect your credit score, but it will be easier to borrow again in case another emergency comes along. When I find a fair lender, I treat it as a rare find that must be taken care of. I make sure to keep a healthy relationship with him so I can count on my lender at other times when I need a personal loan immediately. From the lender’s perspective, a borrower that pays on time is the ideal customer. I won’t be surprised that when I need a personal loan immediately again, my lender may throw in some perks or more leeway in my terms. It’s a mutual relationship.
If you’re in a debt trap, you can still plan your exit strategy one step at a time. FinancesOnline.com offers these tips on how to make a debt-free game plan.
When I need personal loan immediately I know what to do. Keep in mind the tips above and applying for personal loans can be a more pleasant and smoother experience.
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