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How Loan Monkey Helps
If you need 50000 dollars now, we make it easy for you to get a fast loan quote when you need money. We are not a direct lender but instead get you access to one of the largest networks of lenders on the internet. Dealing with a loan network has a lot of advantages over dealing with a single direct lender.
Take a minute and read about all of the advantages that access to a large loan network offer.
The Loan Network
When dealing with a single lender, you have to fit into their box. If you do not meet their qualifications, you simply get denied. Once you get denied, it is all over. If you still need a loan, you would then need to start from scratch somewhere else. Very frustrating and time consuming.
Networks are different. When you get a loan quote from a network, your information goes from lender to lender until one is found that wants to make you an offer. This all happens very quickly and of course securely. If you have bad credit, this increases your chances of getting an approval.
The Quote Process
The first step, is of course, to fill in your information. This will not take more than a few minutes because only basic information is needed. Enter your contact information, your income and your banking numbers so that a lender an send you money, if you accept an offer.
Next, you will just hit the submit button and send the form off to the loan network. If a lender is found that wants to make you a $50000 loan offer, you will be forwarded to their website or sent the information so that you can review your offer.
Be sure to take the time to carefully review your offer before accepting it. Not all loans are a good deal. Determine what the cost of credit is so that you can decide if the cost is worth what you are gaining.
If you decide that you want the loan, accept it and complete the loan process. Once your lender has all of their information, they will process the loan as soon as possible. In many cases, you could have your money as soon as the very next business day.
Once you have your loan, you can do with it as you please. Be sure to note the payment dates so that you can make your payment or be ready for the automatic withdrawals if that is how your loan is set up.
Your Loan Payment
Before you agree to your loan, you should give thought to whether or not you can pay it back. Just because you were approved for a 50000 dollar loan does not mean that you can afford it. Your lender will usually try to determine if you can pay it back but they do not know about all of your expenses.
Lenders are limited by what you tell them and what is on your credit. That does not always tell the whole picture.
Adjust Your Budget
This is the first thing that you should do, adjust your budget to include your loan payment. If you do not have a budget, this is the time to make one. Just list all of your expenses including allotments for things like fuel, groceries and entertainment. Then also include the payment that you will need to make to pay back your 50000 dollars.
Next, take a look at the total amount of your budget and compare it to your net income. Do you have enough money to pay all of your bills and expenses? If not, you will need to make some cuts. Luckily, there are a lot of ways to do that.
Cutting Your Budget
The easiest change to make is to the amount that you pay for things like entertainment and even food. If, for example, you dine out often, you can scale that back until you have your loan paid off.
Your regular grocery bill can also be cut if you learn how to save money on groceries. If you pay 500 dollars now, you can easily cut that to 400 dollars, for example. You can do that by buying in bulk, shopping specials and concentrating on inexpensive staples.
Other expenses may be able to be eliminated completely or at least reduced. Cable and satellite can be replaced by a streaming service, cell phone plans can be scaled back and you can shop for lower prices on other bills. Car insurance, for example may be available elsewhere for cheaper.
Hopefully, simply adjusting your budget has given you enough money to pay back your $50,000 loan. If not, you will need to look into supplementing your income.
If you can not make cuts, you need to make more money. Here are some easy side gigs that anyone can fit into their schedule.
- Life Saving Donations
Donate plasma and earn 300 dollars a month. You can do this every month and the plasma that you donate will go towards saving lives.
- Earth Saving Recycling
Metal recycling is big business because it is cheaper to recycle metal than it is to produce new metal. Save scrap metal from the landfill and cash in. Recyclers take all kinds of metal like aluminum, copper, stainless steel and more.
- Carpet Saving Pet Walker
Be a hero and start saving carpet from pet pee pee. Dog walkers are in high demand and you can score a lot of jobs with the help of websites like Rover.
- Shoe Saving Driver
Got a nice 4 door car? You can use it to save people from the need to walk. Save the shoes and make extra money driving for Uber. Earn an easy 25 dollars an hour and work any time you like.