'I need money Now' how to make it happen

Our needs do not follow our payment schedules; cars break down, we get sick, need to purchase something. Such situations leave you in urgent need of some cash. You are in the 'I need money now' mode. In such a case, you might be tempted to take a soft loan from the first creditor you find, but wait! You need to consider several factors.

There are several requirements that you must satisfy which might slightly vary among creditors and states.

  • You must be over 18yrs- meaning an adult and therefore can make your own decisions and can be held responsible and prosecuted in a court of law should you go against the agreement.
  • You must have a full time job. Many creditors will not accept to grant you a quick loan unless you are on a permanent job.
  • Some will require you to provide a monthly bank statement to verify your income or provide a pay stub. Some have set minimum salary below which they cannot offer you a loan.
  • Have an active checking account without returned checks and minimum overdrafts.

After meeting the requirements, you can then approach a potential creditor to apply for a loan. You must carefully study various creditors, their payment terms and their reputation. Approach a trusted creditor to avoid ugly surprises in form of hidden charges. Here are a few guidelines.

Protect yourself: Many banks are likely to be trustworthy but you are not likely to take an urgent loan from a bank. Avoid giving your details over the internet or on phone. Avoid those that require you to pay an application fee through money transfer systems such as the Western Union. Ask your lender what they are going to do with your personal information once you have fully settled your loan. This will protect you from risks such as identity theft. A good way to dispose of this information is by shredding scanned documents to ensure they never get into the wrong hands.

Always be honest: Many creditors will ask you why you are applying for a loan. Avoid answers like 'I need money just like that' you are not likely to obtain the cash. Avoid answers that will portray you as arrogant and at the same time do not sound desperate. Be honest in your answer and you will be surprised that you creditor has a short-term loan suited for you.

Ask for discounts: This might be in form of exemptions if you repay your loan before the due date. Going for a lender that you have previously done business with may attract benefits such lower interest rates or waiver of some charges.

Many dealers have online platforms from where prospective customers apply for payday loan. When choosing a dealer, use a site with reviews or one that has ratings. This will enable you have a feel of the customer satisfaction and the professionalism of the lender. I believe that is a solution to your worry; 'I need money '

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