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Get A Fast Quote – The Process – More Choices
The Loan Quote Process
Getting a loan quote online could not be any easier. Here is a breakdown of the process.
First, you will enter your information in the quote form. It just asks for the basics like your name, contact information, id and information about your income. If approved for a loan and you accept it, your lender will deposit the money right into your account, so you are also asked for your banking information. Don’t worry, everything is kept as secure as possible. Look at the little lock in the address bar, it means that this website is secure.
Once you are done completing your form, you will need to accept the terms and conditions. Give it a read and then submit your information to the loan network. It will then go from lender to lender until one is found that wants to make you an offer. If a lender is found, they will send you an offer or you will be directed to their website to review it.
Now is the time to be thorough. A loan is not the right choice for everyone and terms and conditions can vary dramatically. Depending on your qualifications and the amount requested, you might be offered a payday loan or a longer installment loan. There is a huge difference between the two types of loans.
With a payday loan, the entire loan is due to be repaid on your next payday. So, if you borrow $450, you would have to pay back the entire amount on payday, plus fees. Fees will be charged per $100 that you borrow. Keep in mind that because of the short loan term, fees can be 400% or higher on one of these loans.
With an installment loan, you will have longer to pay back the money. It could go several months or several years. It depends on your qualifications and the amount that you borrow. Interest rates will generally be lower with an installment loan but you will be paying the interest for a longer time period, so it can add up.
Whatever loan you are offered, be sure that you understand an agree to all of the terms before you accept it. Once you sign the contract, it is too late.
If you are unsure about any of the details, contact your lender before accepting your loan.
Are You Sure You Want A $450 Loan?
Now that you have your loan offer, or maybe before you apply, you need to determine if a loan is the right thing for you. For many situations it may be the best way to get 450 dollars, but it is not the best solution for all. Let’s look at some alternatives to taking out a payday or installment loan.
Doing Without
The first thing that you should think about is weather you really need the money or not. If you are taking out a loan to pay the rent, that is one thing. If you are taking out a loan to pay for concert tickets, that is an entirely different situation. Loans should really only be used to handle emergency situations, especially if you have bad credit. If you have bad credit, you still may be able to take out a loan but the fees and interest will generally be higher than they would for someone with fair credit.
So, if you can do without the money and be just fine, you should probably do so. Being disciplined is key to maintaining financial health.
Borrowing From Somewhere Else
You might have a loan out there with much better terms than what a lender can provide. Consider borrowing from friends, family or even your own work. The first two are probably familiar to you but you might not be aware that borrowing from work is a possibility.
Many lenders will let you take an advance on money that you have already earned. It is no risk to them because you have already earned the money. They give you the cash you need and they simply deduct it from your next check. This is typically a free service although not every employer will do this for you.
Decluttering
Got a bunch of junk laying around? Maybe it is actually worth some money. Take a clothes basket and take a walk around your home. Put in things that you do not need but may be worth money. Look up what these things are going for on eBay and you might decide that they are worth selling.
If you decide to sell, you have two choices on an auction site like eBay. You can do an auction style listing and get the most money, but this might take 7 to 10 days. Or you can do a “buy now” listing and take a little less but get your money faster. The choice depends on your particular situation.
Wrapping It All Up
Taking out a loan is never something that you should take lightly. As always, you should also consider that short term loans are not meant to be long term solutions. If you find yourself in need of these loans often, you should seek consumer credit counseling. These services can usually be found for free or at least very cheap.
