Cars break down. Illness knocks you out of work. The kids get sick at the same time.The plumbing leaks. Bad things happen. And, they often cost money.
It may not always be “big” money, but it is always inconvenient, especially when you don’t have a lot of savings or an emergency backup. You can’t keep tapping the same relatives, and banks don’t have time for you.
When the worst happens, know where to go for help is important!
The Australian Securities & Investment Commission (ASIC) warns, “Do not accept unsolicited offers of credit from unfamiliar lenders and only deal with reputable online institutions, after you have checked they are the real company by calling their public phone number.”
These are checks you can easily do from home or on your smartphone. So, what should you know about online lendering agents?
- Focus: Lender provides quick and easy service to access a short term solution for a short term financial problem.
- Fair: Every applicant should have a fair go at solving their problems with a non invasive online or on phone application process.
- Fast: If all financial account information is correct, you can receive the funds in your bank account on the same day. (If you submit the data late in the day, it appears on the next business day.
- Secure: You should expect encrypted credentials that are deleted once your transaction is completed.
- Qualification: When the worst happens, you want an online loan application that requires minimal personal contact info and a bank statement proving your ability to pay. In some case, you may be asked to provide a Birth Certificate, Driver’s License, Passport Number, Proof of Age card, or some other identifier.
- Collateral: You can secure your emergency funds without collateral.
- Bad Credit: If the worst happens too often, you may have a poor credit history. However, online lenders work at understanding your needs and circumstances. They are, after all, your agent committed to finding your solution.
- Disclosure: If you research an online lending service, you must have easy access to review its legal disclosures on fees, payments, and interest charges.
- Loan Term: A short-term lender pays quick and expects a short term payback. Even when the worst happens, you only need as much as it takes to solve your problem. So, you can expect to pay off loan within 62 days.
- Non-payment: When the worst happens, even more can go bad. So, you need a lender who will not charge a default interest rate. Adjustments can be made if you contact the loan service. For fees, you might, for example, lower the payment size.
- Accessible: You need freedom to reach your lending service easily by phone or internet at reasonable business hours.
When the worst happens, you should know where to go for help!
Business Wire reports that, when you use an online broker, the details may be sent to a database of lenders. Then, “According to payday-loans-australia.org, this gives the applicant the freedom of choice which can be made based on the conditions of the offers.”
These online loan providers help countless clients rescue themselves from the unexpected financial crisis. They pay for car repairs, overdue rent, school expenses, grocery bills, and more. They do it knowing they must repay the loan for its convenience and speed. For people without the collateral or credit record for bigger bank loans, such outlets rescue consumers everyday!