6 Questions To Ask Before Choosing a Lender for Your $1500 Loan
1. Is a short-term payday loan the right choice right now?
Look at what your cash needs are – is this an extended need like a car or a home, or do you just need some extra cash to get by until your next payday? Different types of loan products from different sources are more suited to specific needs.
2. How’s my credit? Do I have collateral if the lender requires it?
If you’re one of the millions of Americans dealing with damaged credit, or rebuilding their financial lives and don’t have a paid-off car, home equity or sufficient savings to secure a $1500 loan, short-term consumer loans might be the perfect solution for you. They were created with your situation in mind, specifically to provide credit to individuals who might have difficulty being approved for traditional bank loans.
3. How comfortable am I with uncertainty? Do I want to know exactly how much interest I’ll be paying on a $1500 loan, or am I ok with “winging it”?
Credit cards are a tool that many people use to make it through tight financial times or pay for emergencies. They’re very convenient, but the cost isn’t clear upfront, which isn’t everyone’s ideal situation. The amount of interest and fees that you’ll pay depend on how quickly the funds are repaid and what changes are seen in the interest rate during that time.
4. How quickly do I need the cash?
One downside to more traditional loan sources is that they take more time to apply for, more paperwork, and more time to make their decision. If you’re in the middle of a personal emergency and need a $1500 loan very quickly, a payday-style loan can get you that money as quickly as the next business day!
5. Would I rather go to the bank and meet with a person, or use my computer or phone to apply online?
For many of us this is an easy one, but some people may be willing to wait longer to get their loan, and take time off of work to get to the bank, because they’d prefer to talk with a person in person about their finances. For those of us comfortable with computer technology, being able to apply for a $1500 loan using just our smartphone is a big advantage.
6. What’s my paperwork tolerance?
It’s possible to get a lower interest rate from a bank – but how much time will you spend digging through boxes looking for financial statements and old tax returns, and scanning them or faxing them over to the loan officer? A short term payday $1500 loan requires no paperwork – nothing but a simple three-step online application form! What could be easier??