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Your Loan Quote – About Loan Monkey – Making A Decision
How Loan Monkey Can Help
At Loan Monkey, we are not direct lenders and this is a great thing for you and your chances of getting an offer. We instead give you access to a loan network which has a number of advantages over a single direct lender, especially if you have bad credit.
With a direct lender, you have one shot at getting an approval. If you do not meet all of their requirements, you get turned down and the game is over. It can be very frustrating and time consuming.
We give you access to an entire network of lenders. More lenders equals more chances of getting mattress financing, bad credit will not be as hard of an obstacle to get past. Here is how it will all work.
- Fill out your quote form.
The quote form at the top of the page is short and sweet. You will just need to enter some simple information like contact information, income details and banking account numbers. The bank info will be used to send you your money should you receive an offer and decide to accept it. - Submit your form to the network.
Once you have completed your form, give it a once over and agree to the terms of service. You can then send your quote to the network and wait for an offer. - Receive your offer.
After hitting submit, your quote form will go to the network where it will go from lender to lender until one is found that wants to make you an offer on money that you can use for a mattress. If a lender is found, you will be sent the details or directed to their website. - Review the details.
Now, you will have the chance to review all of the offer details. Be sure that you understand just how much the credit will cost you and that you can live with the terms. Any questions should be directed to your lender and you should get everything clarified before moving on. - Accept your loan offer.
If you agree with all of the terms and conditions in the offer, you can accept it. Your lender will then go about completing the loan so that you can get your money as soon as possible. - Make your mattress purchase.
Your lender will deposit your money directly into your checking account. You can then use this money to buy your mattress wherever you like. Shop the best deals without being locked into one store or mattress type.
That’s it. Just a few simple steps and you can have your loan offer in a matter of minutes. Loans can be funded as soon as the next business day so act now and you could be sleeping comfortably very soon.
Before You Accept Your Offer
Before accepting a loan offer, you need to figure out a few things.
Is It A Good Offer?
First, you need to make sure that the cost of the credit is worth it. If you are looking at a mattress worth $1000 or less and it will cost you $3000 in interest and fees, it is probably not worth it.
Make sure that you look at the total cost of the loan to see what the loan will cost after all payments are made. Then, you can decide if it is worth it to you.
Do You Have A Better Option?
A loan may not be your only option, you might have other choices that could be better for you financially. Here are some other options to consider.
- Borrow from friends or family.
If you can choose an interest free loan like one from a family member, that is always the best option. Don’t pay interest and fees unless you have to. - Do without the mattress.
If you can do without the mattress, at least for a time, you may be able to save the money that you need instead of financing it. If you are looking at a king mattress for a mid level price of 1200 dollars, you would only have to save $100 a month for a year. - Get a part time job to pay for it.
There are a lot of easy ways to make extra money. If you have a four door car, for example, you can drive for Uber and make $25 an hour. In just 4 hours, that is an easy $100 earned. You can have that mattress in no time. Not bg on driving? There are a lot of other options like working retail, food service or even working online with Fiverr, surveys, etc.
Can You Afford It?
Even if a loan is a good deal and even if it is worth it to you, you must turn your loan down if you can not afford to make the payments. Take the potential loan payment and plug it into your budget. Can you make the loans monthly payments and still afford to pay for your other bills? If not, you should turn it down.
