5 Ways Low Cost Loans are Consumer-Friendlier Than Traditional Loans
1. FAST!Standard traditional loans are not known for getting you cash in hand in a hurry. First there’s an extensive application process, one or more loan officers who have to review the request, a credit check, and the usual delays involved in working with a large institution that has a lot of other responsibilities other than processing and disbursing loan funds. The application for fast, online low-cost loans take mere minutes, and approval is even faster – just ninety seconds. Funds are deposited to your bank that same day, so they’ll be available to you as quickly as your bank allows.
2. BAD CREDIT? NO PROBLEM
Another consumer-friendly feature of low cost loans is that approval doesn’t depend on your credit score. Keeping one’s credit report strong and healthy didn’t used to be as difficult as it is today – more and more types of businesses are reporting late payments, allowing just that much less leeway. Hospitals and medical providers are among these, which aligns with the fact that more than 60% of bankruptcies are caused in great part by medical bills. The network of lenders working with low cost loans have other types of criteria they use to make their decision, so even consumers with financial difficulties in their past can apply for and receive short-term loans when they need extra cash quickly.
3. NO COLLATERAL, NO PAPERWORK
The low cost loan process is simply simpler than the traditional-style loan. There’s no requirement that items of value be signed over to secure the loan, and absolutely no financial statements or prior year tax returns need to be copied or scanned and included with the application.
What could be easier and more convenient than a low-cost loan you can apply for at any time of the day or night? Since the application is online, it’s available 24 hours a day – and because they want to provide excellent service the lenders are as well! Apply from work, from home, lounging in a chair on your deck or leaning against the fence at the dog park while Fido plays with his buddies. You don’t even need a full size computer or laptop (could you guess that from the dog park suggestion?) because you can actually apply right from your smartphone – the one device that’s with most of us day and night! What could possibly be easier than that?
Short-term low cost loans are scheduled to be repaid from your next paycheck, but what if something changes in the interim? What if your budget falls short or another emergency comes up? Lenders vary but all have some sort of arrangement for extending the term of the loan by paying just the interest or fees. Rather than adding negative marks to your credit, simply request an extension, pay only the minimum required, and keep yourself on a “paid as agreed” schedule which is also reported to the credit bureaus – but as a positive!
There are many great loan sites offering quality loans, perhaps you would prefer an article about Personal Loans.
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