Wednesday, January 11, 2017

Need a Loan? Here's a Guide to Speeding Up the Process

time is money
People who need loans often need them pretty darn quickly. Whether you’re in need of one now or even have a feeling that you may want to look for one in the future, it’s worth making sure that the process goes as smoothly as possible. And that means taking steps to remove any potential roadblocks that could slow down the process of you getting your hands on a much-needed loan.

Whatever you need the loan for, you need to do these things in order to ensure you get it quickly. Some of these tips will seem quite obvious. Others are things you may never have thought of. Let’s start with one of the latter!

Behave on social media

Wait, what? What does taking out a loan have to do with your social media activity? Well, lenders are pretty darn cautious when it comes to who they lend money to. And, let’s be honest, they have every right to be. If they didn’t, the economy would be in even worse dire straits. (Unvigilant lending was a primary cause of the 2008 crash, after all.) Though some may think this is too cautious, many lenders will actually check the social media profiles of their loan candidates. Social media accounts can often give people a fairly good glimpse into the type of person you are. That’s kind of the point of websites like Twitter and Facebook! You should take the time to review what lenders might make of your social media presence.

Be careful who you borrow from

Sometimes, the process of getting a loan isn’t really slowed down by any past behaviour or financial faux pas of yours. Sometimes it’s simply that the lender you’ve chosen aren’t very good at what they do! Before working with any service when it comes to taking out a personal loan, you should check their reputation online. Check out reviews from independent sources, check out their credentials, and - yes - check out their social media profiles. Sounds a little Spy Vs Spy so far, right?

Have some money available

This seems a bit unfair, right? If you’re in need of a loan, then you’re hardly in a position to present someone with a bunch of cash. Well, again, this is something that makes sense. Lenders need to be careful, and they need to know that you have some form of collateral - as well as the means to actually pay the fees that are going to come with taking out a loan! So if you think you’re going to need a loan in the near future, that doesn’t mean you shouldn’t save up on the basis that you’re going to get a lump sum anyway. You should have something to show the lenders when it’s time to talk to them.

Skip the credit checks

It’s actually possible to find lenders who won’t even bother with credit checks. And maybe if you’re in desperate need for a relatively small amount of money, this could work very well for you. But because of the increased risk on their part, you’re going to find very high rates of interest. Though this makes the loan process quicker for some people, you may be better off leaving this as a last resort. Like, a very last resort.

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