If you are having sudden financial issues that cannot wait and you are afraid you may not be able to make ends meet this month taking an instant personal loan online may be the best idea. Unlike with other types of loans personal loan lenders usually do not ask what the purpose of it may be. Consequently, whether you just need to pay a few overdue bills, repair a car, or invest in a business opportunity personal loans are the best choice. As with any other sphere of life taking an instant personal loan has advantages and disadvantages, therefore it is a good idea to get to know what you are getting into before it is too late.
The cost of personal loans or payday loans
Because of complex regulations some personal loans lenders do not add an interest to what the customers are to repay. Instead, they add a fixed fee. Although, it might seem that paying a fixed fee of let’s say $150 for a $1000 personal loan is not that much – in the end it is ‚just’ 15% – usually the cost of taking any type of loan is calculated as APR which stands for Annual Percentage Rate. Many banks tend to lend money for more or less 20-25% (yet it depends on many factors and may vary) annually. However, many people taking personal loans online want to repay them much faster than in a year. If, for instance, you take a $1000 loan and agree to pay $150 for it, but you repay it in three months you overpay. Fifteen percent for three months equals to 60% APR, therefore, you pay for the personal loan four times as much as you would pay to a bank, or a reliable online lending institution. This is why it is vitally important to read the agreement carefully, without haste and paying particular attention to the fine print.
How to approach online loan lender
Clearly, all of us experience difficult situations when it is hard to make ends meet. If in such difficult time an emergency should pop up taking an instant personal loan online may save the day. Before taking an online loan you should take into consideration a few things. First and foremost, the price (if it is a fixed fee) of taking a loan and the APR. Secondly, make sure you take your loan from a well established institution with good history and unblemished opinion. The last thing you ought to do is to confirm that the lender does not charge for applying for a loan which will enable you to apply and if approved carefully read the agreement. If you follow those steps you are on the right track to get a cheap instant loan.
Instant approval application process
If you decide to apply for a personal loan with us you can rest assured that we do our best to keep the loan as cheap as possible. As our company is a member of one of the largest networks of lenders in the country we managed to work out what we like to think is a perfect solution to your problems. Our loan application process does not require faxing any documents, or sending us anything apart from the online form. The form is really straightforward and secure. Therefore, filling it should take only a few minutes, although you should not make any mistakes in it as it may prevent us from granting you the loan. Once your application is submitted it is then made available (without personal information) to the lenders from out network. They all state if they are willing to lend you money and at what cost. Subsequently we choose the cheapest offer and send it to you. Thanks to that you do not have to drive from lender to lender to get to know the best offer. All you need to do is to make a free application for our personal loans online.