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Get A Fast Quote – Your Loan Decision – Paying Your Loan
Making A Decision
If you need 4500 dollars now, you need to take a moment to think. Deciding whether or not to borrow is an important decision and one that should not be rushed. I am sure you need your cash loan ASAP but let’s make sure it is a good thing for you. There are many things to consider.
Total Cost Of Credit
First, you need to decide if the cost of the credit is worth it. By cost, I mean the total price that you would pay if you carry the loan to it’s full term. Your lender will give you this information after you receive your quote, so the first step is to get your quote. Here is how you will do that.
- Fill out your quote form.
It will only take a few minutes to complete the form because it only asks for basic information. No long, mortgage style forms to complete. You will need to input your contact information, your income information and your banking information. Should you decide to accept a loan offer, your lender will use your bank info to send you the money electronically. - Get Your Offer
Once you complete the form and submit it, your quote will go off to the loan network. If a lender decides to approve you, you will be given the details of your loan offer. Take time to read every detail so that you understand all of the terms. You can always contact your lender directly if you need to clear up any of the details. - Accept Your Offer
If you like everything, including the total cost of credit, you simply accept the 4500 dollar loan offer. Your lender will then deposit the money into your account as soon as possible. If you do not like the loan, you can just walk away because you are under no obligation whatsoever.
Other Loan Choices
If you have other sources of loans, you might want to pursue them or at least see what those options are. Here are some possibilities.
- 401K Loans
If you have an employer retirement fund, you may be able to borrow against it. The interest will be low and you will be paying it back to yourself. In addition, payments are usually very low and will automatically come out of your paycheck. You’d probably never miss them.
The only downsides are that you might pay a penalty and it might take a bit of time to get your money. If you are in a rush to get your $4500, this could be a problem. - Family & Friend Loans
Borrowing from those you know can be tricky but if you have a good relationship, it could be a good source of a free loan. Just be courteous, respectful and document everything. This means no payments in cash. You need to be able to prove that you paid the money back in case memories get fuzzy. - Title Loans
Not a loan that is highly regarded but it is still an option. Title loans can be risky because they are secured loans. In other words, if you don’t pay, they will take your vehicle. Still, it is an option to get 4500 dollars if you are very desperate. Just be careful.
Is The Loan Important
This is the last thing that you should consider. Ask yourself, is the $4500 loan really important.
If you can do without the money, it might be worth not getting it, especially if the cost of credit is too high. Ask yourself if you would truly be better off with the loan.
For example, if you can secure a loan for an interest rate that is lower than you are paying on your credit cards, it might be worth it. You could use the money to consolidate that debt and cut your interest paid and possibly your total monthly payment.
On the other hand, if you can only get a high interest loan and you want to buy a four wheeler, the loan might not be such a good idea. A high interest loan on a non necessity could be a bad idea and you would probably be better off jus saving the money to pay cash for your purchase.
Paying Back The Money
In any financial transaction like this, you need to make sure that you will actually have the ability to pay back the loan if you decide to say yes.
Of course, your lender will try to pre-qualify you and will generally only offer you a loan that they think you can pay back. The problem is that they only have a small view of your financial picture. They do not know every detail of your finances,
Only you can make an accurate decision as to whether the loan is truly affordable.
Get your budget in front of you and insert the loan payment. After paying all of your bills and the payment on the loan, is their money left over. If not, you need to do one of three things.
First, you could choose to cut expenses. This can be accomplished by limiting dining out, entertainment and perhaps completely getting rid of expenses like satellite and cable. You can also audit other bills like car insurance to see if it is available cheaper elsewhere.
Second, you could increase your income. This is easily accomplished by taking on a part time job from Uber, Lyft or perhaps your local Walmart. There are a lot of part time income opportunities that could allow you to earn an easy $500 or more which could use to easily pay back your $4500 loan.
Third, you could simply not take the loan. If you do not have the means to pay it back, your best bet is to do without.
