Some Important FAQs You Should Know When Applying for a Short-Term Loan

1. 7 Frequently Asked Questions You Should Know When Applying for a Short-Term Loan An emergency for money can come any time. In such critical situations, it’s not always a good idea and convenient to knock your relatives’ doors. It is obvious that everyone’s situation is unique so the best way to deal with this condition is to look for a suitable loan that is appropriate for you. Sometimes a traditional loan may not be what you are looking for depending on your limited financial assistance requirements for a limited time period. For such, a short-term loan is the ideal solution to meet your needs. But, acquiring short loans can be a troublesome task if you are not careful. When you are in dire need of money, it’s easy to overlook essential factors about repayment and requirements. But doing so could cost you a fortune. Here’s is the collection of some important FAQs (Frequently Asked Questions) about short- term loans that you must be aware of to take informed choice and decision:

2. 1. Can I and my spouse get approval for separate loans? Yes, each short-term loan is analysed separately. Lenders take a look at your income, and some may ask you to render details on your personal take-home income rather than the income of you both when considering your application. You and your spouse can take out separate loans, but do not forget: A probability of falling into more profound debt increases when handling multiple loans. 2. How can I payback my loan? The options you have to repay your short term loan vary from lender to lender. Common ways to repay your loan include: • Direct debit: If you opt for this method while applying, you’ll need to provide your checking account information to the lender. A lender will transfer funds electronically into your account to fund your loan and out of your account when repayment is due. • Check: The process is not at all complicated. All you have to do is complete your check for the date your loan is due, and the lender cashes it on the due date. Dodge exorbitant fees by reading your loan contract thoroughly and having the money available on your due date. 3. When will I receive my funds? Comparative to offline procedure, acquiring your loan through online process is more comfortable. All you have to do is fill the application form. After conducting the background check, and examining your documents, the lender will revert with approval status quickly. Post electronically signed agreement process afterwards, you can receive the loan amount transferred into your account within 24 hours.

3. 4. Why is lender asking about the bank account details? Lenders will request your bank account number and other related financial and income details. They do this for various reasons which include verifying that you have an operating bank account and ensuring that they can deposit your sanctioned funds and withdraw payments, and also that you have substantial income to qualify. 5. What will happen if I can’t pay back my loan on time? Due to any reason, if you cannot make a payment on time, contact your creditor immediately and thoroughly explain your situation. Lenders tend to understand the whole situation that people can fall into financial crisis due to any unforeseen reason, and yours might work with you to create a convenient plan that helps you to pay back what you owe easily. 6. What costs are included? The standard fees involved for loans are: • A monthly fee • An establishment fee • If you are unable to make the repayments of your loan, other fees may apply.

4. 7. What additional fees may be charged? If you do not make the repayments mentioned in your contract on time the chances are high that other fees will also be charged. You may be charged a default fee for every repayment that you could not make as per your repayment schedule. If you are planning to contact a lender for acquiring short term loans, then do not forget to go through the above questions and ask your lender every other specific query you have. A proper and knowledge-full approach can save you from falling into trouble. During an emergency personal cash loans are not very hard to obtain. But when it comes to acquiring personal loans, you need to keep a tab on every element and discuss with the lender about all the associated factors. Contributed by www.goodtogoloans.com.au