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Shopping for a Lender

Desperate times call for desperate measures, so when you are hard-pressed for money, the tendency is to settle with whoever who might be willing to give you that loan right then and there.

However, even of your situation does call for emergency cash, you still need to be discriminating whom you get it from, especially if you intend to borrow from private lenders.

Cash loans from private lenders now abound the offline and online market. These loans can give you temporary relief as you get through the situation. But remember, this is just temporary, because you’re still bound to pay the lender in due time.

But just because you need a cash loan you would settle with just any lender. Lenders vary, and so are their rates. Even if you’re in dire need to get some cash, take some time to review the lender based on the following criteria.

What to Look for in a Lender

He is legitimately operating a lending business. Sad to say, there are a couple of fly-by-night lenders who charge exorbitant fees and harass borrowers into repayment. Check with your local securities and exchange office and countercheck the lender’s reputation through your business bureau.

He offers the best rate. Even if cash loans do tend to get costly, always settle for the best possible rate. This means looking at the interest and the payment terms. If you think the terms are reasonable and within your means, then you’ve found yourself a good lender.

He offers you a detailed explanation if you ask. If you’re a first time borrower, it is natural to have apprehensions about the loan. Ask the lender about anything concerning it and determine if he can provide a detailed answer. If the lender seems vague or unable to explain things to you clearly, that could be a red sign of hidden charges later on.

It is recommended to ask some friends about lenders that they can recommend and had great borrowing experiences with. Also keep a list of real, legitimate lenders offering the best rates so you know where to go when an emergency strikes.

But in general, it is recommended to work on your finances more responsibly. It is more preferable to have some amount stashed for emergency. But if worse came to worst, get yourself a good and trusted lender, apply for a cash loan and address the emergency right away.