Why would you need funds from a personal loan quickly? Sometimes you have problems such as a car engine suddenly breaking down, or an unexpected legal fee you have to pay. For these situations, you should always plan an emergency savings fund in advance, which is actually much easier to do than you might think. But still, it’s possible for circumstances to change and eat into your savings quickly. For times like those, you’ll want a plan for getting a fast loan if nobody else can help you by lending money.
Know How Much You Can Afford To Borrow
Sometimes how fast you can get an online loan depends on how much you want to borrow. Smaller loans might get you approved quicker than larger loans since lenders are taking on more risk when they loan more. The larger your loan is, you may need to have collateral ready to secure it with as well.
Have A Bank Account That Processes Transactions Quickly
How quickly you can get funds may also depend on how quickly your bank processes transactions. Some banks are known to be faster about recording funds getting deposited than others. So if you aren’t completely satisfied with how quickly you receive direct deposit or electronic funds transfers, you may want to switch banks.
Have Your Employment Documents Handy
With just about every loan, you’ll have to verify how much income you make each month. You should have payslips or bank statements handy so you can fax or scan it in to the lender to verify. If you’re self-employed, you may want to have BAS statements ready to submit.
Know How Your FICO Score Could Impact Your Approval
Many loans rely on the borrower having good credit, and most require a credit check. If you know what your FICO score is, you’ll usually have a good idea already of what you can borrow. However, be aware that less than good FICO scores may not mean you’ll be rejected. Plus in some cases, online lenders will do alternative credit checks outside the normal credit bureaus.
Make Sure You Know About Regulations
It’s worth knowing a little bit about loan regulations to make sure the lender you choose is trustworthy. Loans in Australia are regulated by ASIC, and lenders should have an Australian Credit License Number displayed on their website or in the branch.
Make Sure You Respond Quickly To Any Additional Document Requests
Sometimes you’ll complete a loan application online but get contacted by the lender to submit some additional documents for additional proof or verification. You’ll want to make sure you’re constantly checking your email or your phone so you know what your application status is, and so you can respond promptly if necessary.
Make Sure You Are Borrowing From A Reputable Lender
Some lenders are not as good about completing loan application reviews in a timely manner as others. So make sure you’ve done your research on who you’re borrowing from and see what other customers have said about their service.
Read Every Small Print Item
In your hurry to apply for an online loan, you may be tempted to skim over the small print terms or items at the end of any agreement forms you sign. You shouldn’t do this because you could miss something very important in your loan application that could be related to how quickly it’s approved. But you also need to make sure you know exactly what the small print says about your repayment terms.
Don’t Wait Until The Exact Eleventh Hour To Apply
While many quick personal loans online can be approved in a relatively short amount of time, including sometimes the same day, you shouldn’t assume that that will always happen. Try to make sure if you do need it soon that you aren’t waiting until the exact last minute. Give yourself a little time to receive it so you won’t miss any deadline for using your funds.