When you are looking for a new car or a house, the easiest and most enjoyable part is searching and picking. Applying for your first mortgage or loan is the time when people start stressing out.
Many lenders need piles of information from you in order to approve your application and get the process started. Sometimes, it can take up to three weeks to get the desired pre-approval letter. And then another 1 or 2 weeks to submit all the documents.
This article is here to help you learn and utilize methods to speed up the lending process.
One of the easiest and most common ways to get a loan quickly is to open a credit card. Many credit card companies will extend your line of credit with little concern, allowing you to make purchases from the first day. Typically, the approval process is fast and you can get your card quickly. However, one of the drawbacks is that credit cards come with an introductory rate that does not last long. Moreover, many people forget to pay their balances on time and end up with high penalty fees.
Get Your Loan Fast Guide
We get it, life can be unpredictable, and no one can really budget for all possible emergencies. Your car breaks down, your house is in need of urgent repairs, or maybe you just need a new suit because you got invited to that dream job interview. In Ontario, the lender marketplace is a crowded one. There are banners and stores everywhere, promising you cash within minutes, and $300 will only cost you $21! Sounds like a good deal, right? Not really. Paying $63 for a $300 loan for a privilege to use the money for 14 days equals a whopping 548% on an annual basis. But wait, there is more.
Unpredictable expenses are unpredictable. Many people who take out small fast loans have trouble coming up with a full amount plus interest. So what does this person do? Well, he/she wants to preserve his credit, so he goes to another similar lender, takes out another loan, incurs another interest charge and a vicious cycle begins. Two weeks pass, and now he has to come up with even more money.