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.
Loan Away Solution
It is estimated that over 60% of people who borrow from lending stores have several loans outstanding at the same time. So what is the solution? How do you get out of debt and end this never-ending cycle of compounding interest charges? Here at Loan Away we believe in responsible lending. We need to make sure that whenever we give somebody a loan we want to ensure that the person can actually afford it and that the loan will serve the purpose of that person as well. Imagine you have 3 or 4 loans outstanding, totaling $2000. That means that you would somehow need to come up with $2420 in 14 days! How many people can do that?
At Loan Away, we believe in second chances. We look at your situation and approve online loans for many people with bad credit. Our Canadian online loans are up to $5000, usually over 24 or 36 months, and we have affordable rates as well. Which means if you are that person with three or four loans, you can repay as little as $50 every 2 weeks. Now that you can afford.