Need to borrow money fast? Check out your options
It can happen to anyone; the boiler breaks down and you do not have enough money to fix it; you need to borrow some cash quickly. There are ways you can borrow money fast, but you need to choose carefully, or it could end up being a very expensive mistake. You could ask your bank for a temporary overdraft, but banks are being mega careful at the moment and may be reluctant to grant you one.
Besides, you may need more than they are prepared to allow in an overdraft. You can borrow money online from different types of loan providers. As you will have to give them a lot of personal details, you need to be sure that their site is secure. There are some loan specialists whose product is immediate cash, on the day, against your salary; these are called Payday Loan providers. Other companies will do a short-term loan, say two months, and will provide you with a quick online application, approved within a day. It depends on how fast you need the money as to which provider you select.
How to borrow money on the Internet
Before you fill out any forms, make sure you are absolutely clear as to how much money you are borrowing. Some unscrupulous Internet loan providers are banking on you not knowing how to borrow money in this way, and will try and tie you into a bigger loan, for longer and charge an extortionate interest rate which could be unaffordable.
Only borrow what you need and compare interest rates very carefully. You will be shocked at how high these rates are, 2500% is not unheard of, but these are for very short term loans, paid back within a couple of months. Be realistic about how much you can pay each month, and, therefore, the ideal length of the loan.
If it is going to be over six months, then go back to your bank and ask for a 12 month personal loan; their interest rate will be high, but lower than if you borrow money online using a payday specialist. Many reputable banks will offer you a loan if the term is long enough, so do a comparison of their deals. You need to check how long they say it will take, because if you do need to borrow money fast, some banks approval process may take too long. Remember, a credit check will be run when you borrow money online, and this will show up on your credit report.
How to borrow money online safely while avoiding the scammers
To check whether it is safe to borrow money online from a particular loan provider, look at the Web of Trust (WOT) or a similar online programme which gives many sites a rating. This will tell you whether they are secure, have a load of pop ups or malicious software embedded. Set your privacy and security controls to high, and any insecure site should produce a warning.
Does the site promising that you can borrow money fast have SSL encryption and proper site certificates? If you are not sure what all these badges look like, check out any high street bank’s home page, and you will see them. Verisign indicates that your transactions should be secure. If you need to borrow money fast, you can borrow money online, just make sure you are sensible, and choose wisely.
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