I need a car to be able to get the kids to school and get a new job. I've just divorced my husband, and while I get some money each week, it's hard to save enough for a car out of that. I need to get a used car and a car loan to get us on our feet and start our new life. I don't really mind what a car looks like as long as it runs well. This blog is about getting loans for getting on with the rest of your life after a divorce and has tips for newly single mums.
At times, you might lack the funds to settle small but immediate bills. Traditionally, people have always turned to friends and family for quick cash, which is repayable over time. What if you have exhausted all the options and have nowhere to turn? The only other common alternative is to apply for a loan from a financial institution. Unfortunately, the bureaucracy involved in financial institutions is often frustrating and discouraging. Fortunately, you no longer have to rely on your bank for a quick loan, thanks to online lenders. They operate differently from traditional financial institutions by making access to quick loans a breeze. Here are quick tips to help you choose an online fast cash loan lender.
1. Licensing
There is no doubt that online fast cash loans are easy to access whenever and wherever you are. However, you must be very careful with the online lender you are dealing with to avoid dealing with unlicensed service providers. Typically, any service provider offering financial services in Australia must meet specific requirements to receive a license. For example, online fast cash lenders must have an Australian Credit Licence, and the number must be included on their website for easy verification by clients. Therefore, before applying for a fast cash loan, ensure that a service provider has the license to operate as a lending company. It is an indication that they always follow industry standards and requirements.
2. Fast Process
An online lender who offers quick cash loans should be capable of processing your application as fast as possible. Therefore, you should avoid a lender who takes more than a day to process loan applications at all costs because it often proves expensive. For example, if you apply for a loan and a lender drags the application, you will be tempted to seek another provider with a faster processing time. However, when the first lender finally approves your loan application and releases the funds to your account, you might have two loans to pay back. Therefore, make sure that you only deal with a lender who processes loan applications in under a day.
3. Credit Score Search
Lenders often rely on your credit score to determine the amount of loan you qualify for. Although most online fast cash loan providers are flexible with their credit score requirements, it is still essential to be in good standing. The reason is that online lenders who do not consider an applicant's credit score will most likely charge a higher interest rate on their loans. Since you do not want your credit score to worsen, you will be obliged to pay back. Conversely, an online lender who uses a flexible credit score system will charge a lower interest rate.
Share17 February 2021
