Have you found that you’re short on cash and need a loan? Fast cash loans are a great solution – as long as you understand what you’re getting into.
For most people, getting personal loans online is a simple process. However, concerns about identity theft and predatory lending practices have made applying for a loan online a scary prospect.
Don’t worry! We’re here with some expert tips to help you feel comfortable getting the cash you need — when you need it.
1. Only Borrow from Legit Lenders
One of the most important pieces of advice you’ll see here is to do your research before you start entering your personal information on an online loan application. Just because a company has a website that advertises instant cash loans doesn’t mean that it’s legit. The last thing you want to do is give your social insurance number and banking information to a scammer!
When researching a company, you’ll want to read through their website, check their FAQ page, and look for information about how they protect their clients’ information. However, you don’t want to stop there! Protect yourself by doing a Google search for the company and reading some reviews.
Don’t start the application process unless you’re sure the lender is both real and known for having fair lending practices. If you’re still not completely comfortable entering your information online, don’t! Most legit lenders will also have a toll-free number that you can call to process your application over the phone.
2. Understand Your Interest Rate and Fees
It’s also extremely important that you understand the interest rate you’re going to pay on your loan and any fees that are involved. With some lenders, you might have to read through the “fine print” to ensure that you’re clear on all the costs involved. It’s often a good idea to give the lender a call, so you can speak to a real person and confirm you’ve understood everything before you commit.
Remember that your interest rate and fees will have a major impact on the amount you’ll have to pay back. Instead of just focusing on your payments each period, make sure you also consider the total amount you’ll have to pay back.
For example, you may be able to borrow $500 and only pay back $63 a week. However, after you pay interest and fees, it could cost you about $750 when all is said and done.
3. Create a Realistic Repayment Plan
While creating a budget is probably the last thing you probably want to think about when you’re strapped for cash, it’s one of the most important things to do before taking out a loan. You want to make sure that you’re going to be able to afford to make your payments, or you’ll end up in even worse trouble.
Look for a lender (like Captain Cash) that offers flexible repayment terms. Determine whether you’ll pay weekly, every two weeks, twice a month, or monthly and how much your required payment amount will be.
If you’re not sure you’re going to be able to swing it, then consider borrowing less or looking for a loan with a longer repayment period. While you’ll pay more in interest when you hold a loan for a longer time, at least you won’t have to worry about defaulting on your payments.
4. Don’t Get in Over Your Head
If something comes up and you find that you’re not going to have the money to make your loan payment, don’t bury your head in the sand and expect the problem to go away! The more proactive you are, the better off you’ll be.
The first thing you’ll want to do is take a look at your budget and see if there’s anything you can cut out so you’ll have enough to make the payment. If this isn’t going to work and you can’t sell something or pick up some extra work, then you’ll need to contact your lender as soon as possible.
Many lenders have programs that allow you to defer your payments. This may help you avoid ending up in debt collection and damaging your credit.
5. Watch Out for Penalties and Fees
If you do have to ask for a deferment or you make a payment late, there’s a good chance you’ll get hit with some pretty stiff penalties and/or fees. This is one reason why these actions should be an absolute last resort.
Some companies will also charge you a fee for paying your loan off early and others won’t allow you to make early payments at all. If possible, you’ll want to avoid these lenders. If you find that your financial situation improves, having the ability to pay off your loan early will save you money in interest payments and is a smart financial move.
Captain Cash: Your Choice for Safe Personal Loans Online
There’s no need to worry about finding the right lender for safe personal loans online. You’re already in the right place! Captain cash takes your security seriously and uses encryption and other technologies to keep your information safe.
We’re also always 100% transparent about the information you need to know – including your interest rate, repayment terms, and the fees involved. It’s easy to apply online and takes about five minutes. Take a look at our simple online application or give us a call at 888-226-1026 to get started!