Sometimes you need a personal loan or car loan fast. You might have found the perfect car but the owner wants the money straight away or they’ll sell it to someone else.
You might need to urgently get some dental work or a medical procedure. Or maybe your roof needs some urgent repairs.
Whatever the reason, before you accept the first loan you find, here are 6 tips that will help make finding a loan fast, easy and, most importantly, affordable.
Tip 1: Avoid hurting your credit score
In the search for a quick loan many people start applying for a loan directly with lots of different lenders hoping to get a loan from the first lender that responds positively.
This can cause a big problem because applying for too many personal loans can impact your credit rating as lenders do what’s called a hard credit check.
Hard credit checks are a formal credit inquiry and therefore hurt your credit score.
If you apply for a loan with lots of lenders, you run the risk of seriously hurting your credit rating.
To avoid all these issues use an online loan service like nmoni. We don’t do upfront credit checks so we protect your credit score while we check with up to 35 lenders for a loan that suits you. This is really important as your credit score can have a big impact on the interest rate you get.
Tip 2: Shop around fast
This is important. Just because you need a quick personal loan doesn’t mean you have to accept a high interest rate or expensive fees.
But I hear you say “shopping around takes time and I need some money fast.”
Instead of contacting many lenders yourself, use an online loan service like nmoni. In minutes we can check your loan requirements with up to 35 of the best and most competitive Australian lenders to find you a loan that can save you serious money.
Importantly, we also clearly layout any lender fees and charges so you won’t get any nasty surprises.
Tip 3: Find an easy and fast online process
It’s going to be hard to get a quick personal loan if you are struggling to complete someone’s long form! Select an online loan service that has a super fast and easy to use online application process. At nmoni, most people can complete our application process in under 10 minutes. Because our process is fast we can quickly start shopping around to find you the best loan from our panel of lenders in minutes.
Tip 4: Transfer funds within 24 hours
Make sure the loan service you use can find a lender that can get you the money within 24 hours of you submitting all the details. We have many lenders on our panel that can do just that.
Tip 5: Good Reviews
If you are going to move fast you need to find an online loan service that has good reviews. Finding someone that is customer focussed will help make the whole process fast and easy. At nmoni we have a Google rating of 4.9 from over 500 reviews. You can read them here.
Tip 6: Don’t get a payday or Short term loan.
Sometimes we see clients who needed cash quickly so they applied for a payday loan, small amount loan or short term loan.
While these loans feel like a quick fix there are many problems.
For example, they often have very high fees. Some charge 20% of the amount borrowed and a monthly fee of 4% per month. They also have high default fees. These types of loans can also affect your credit score. Finally, some lenders won’t lend you money if you have too many of these types of loans.
Overall, these types of loans can be a really bad idea. Make sure you know what you are getting into and all the fees associated so you don’t end up with some nasty surprises.
Follow these 6 tips and you’ll be well on the way to finding a quick, fast and easy personal loan in Australia.
If you’d like us to help find you a personal or car loan from our large panel of lenders fill in our application form now. It takes less than 10 minutes!