Admittedly, the holidays and everything they entail can be overwhelming for most. Between your regular responsibilities and all of the add-ons the season brings, you can find yourself at a loss for spare time. This can be a recipe for disaster if you also find yourself at a loss for cash because of the added financial pressure of the holidays. The stress of a small cash shortage and the ticking of the clock can cause you to make financially irresponsible decisions, like looking to a predatory lender for help. Let cooler heads prevail. You can find a practical source for your small dollar loan without investing hours of your free time. Keep reading to learn what to look for in your lender, so you can narrow down your search faster.
Licensed Lenders Only
When it comes to your checklist of must-haves, a state license to issue loans should be at the very top. Without this official accreditation, a lender is more likely to provide loans with rates,terms, and conditions that have been deemed predatory by your local government. Your state will only award licenses to those lenders, such as MoneyKey, that meet their high standards, so this certification is a great way to ensure their rates, terms, and conditions are a manageable addition to your finances. Their license should be displayed on their homepage, as it is on MoneyKey.com, but you can always double check with your state’s website, too.
Read Plain English Only
Though a license is an important feature of your soon-to-be lender, this certification doesn’t replace the need to read the details of their financial products for yourself. When time is tight, you may be tempted to gloss over the particulars. Some lenders make it easier to fall into this trap by writing the rates, terms, and conditions in complex legal language that deters the average American from understanding their contracts. If you, after you’ve checked their license, notice their website is full of unclear or vague language, eliminate this lender from your search. The information regarding their small dollar loans should be easy to follow. It should also be complemented with access to a loan specialist who can answer any of your questions regarding their products.
Part of the reason conventional lenders are ignored by Americans is the fact they require in-person meetings to review your financial history and application. Stick with direct lenders that use a convenient online platform for all of their products. This means you can apply for your loan directly from their website, without having to arrange a meeting at their offices. A lender like MoneyKey uses the Internet so they can streamline their lending process, giving notice of your qualification and approval faster. They should also have means to provide their loan and its repayment through e-payments, so you’re not wasting any time going to the bank in order to deposit or withdraw money.
Under the pressure of the season, your desperation for a cash flow solution can override your need for a responsible loan. As a result, you can sign up for more than you can chew. But finding a practical solution to your financial hardships doesn’t have to take time. By keeping in mind the above features, you can narrow down your options quickly and get your hands some much needed cash.