Quick loans? They’re a definite win if you want to skip the process of having your credit history scrutinized before you even apply for this category of financial assistance. But how exactly can you apply for it? What are the steps to take in order for you to get from square one, having your application submitted, to waiting for your lender’s response?
We’ve asked lending professionals to help collate an easy, step-by-step guide you can follow in finally inching yourself closer towards a My Quick Loan approval.
How To Apply For A Quick Loan?
Step 1: Go Online
The first thing to do is to visit your lender’s website. It’s the medium for your loan application and its proceedings. To add to this, their website is where you can learn more about what loan types they offer, how they pre-qualify borrowers, and which loan may be the best fit for your current financial state.
This way, you’ll be able to better manage your budgeting plan regarding present expenditures in parallel to an estimated repayment plan and amount. And yes, these two factors can be calculated online as well.
Loan calculators are a helpful approach towards getting approximations of what weekly, bi-weekly, or monthly repayment may be required of you in accordance with the loan type and amount you decide to take out.
Step 2: Check The Application Requirements
Although quick loan lenders generally observe a standard when it comes to pre-approving borrowers (proof of income is frequently the sole qualifier), you’ll still have to do your due diligence in researching this further.
There may be one or several other requirements you should have handy with you, from personal identification to employment-related pieces of information (signed by your employer’s representative, to verify the authenticity of the same).
Again, nothing to worry about here. These are simply documents you can quickly avail of which aren’t linked to anything about your credit score. It’s just better to have them ready beforehand for a faster application process on your end.
Step 3: Chat With A Representative
The procedure behind applying for quick loans is convenient, to say the least. Yet it will be advantageous to first chat with your lender’s specialists to ensure that you’ve every detail down to a T. A safeguard to avoid delaying the approval of your loan (i.e. missing documents).
Doing so will also give you a chance to have your questions answered before hitting the submit button. You can ask for clarifications on the subject of repayment options, loan amount variations, etc. They can give you a bit of insight into what you can expect during and after the loan pre-approval and approval operation.
Step 4: Fill Up The Borrower Form
This, along with the submission of required documentation (copies of them via scanning), is the last step of your application for a quick loan. Once you’ve filled up the form and double-checked the information therein, hit submit. Then, wait for notifications with regards to the status of your application.
It will take less than a day to about 24-48 hours before you’ll receive a notice stating that your loan is approved and will be on the road to your checking account by N date.