Selecting the Best Lender for a Guaranteed Cash Advance for Personal Use
When it comes to the question of, "how can I get a personal loan with no credit", most of us look for a guaranteed cash advance. However, only a few of us understand the meaning of such a guarantee. What it means is that the chosen lender is willing to lend you but only once you meet its preset criteria.
In short, a loan amount is never guaranteed upon submitting a loan application. It is only guaranteed after processing that request, especially if it is a no credit check loan. If you come across any online or offline lender guaranteeing you cash even before you fill out the form, consider it as a red flag. This is because nobody in this world can guarantee you anything upfront or without a proper consideration.
So, this is the first and most vital factor to consider for selecting the most suitable personal loan lender offering guaranteed cash advance in the right way. Frankly, a borrower needs a competitive rate, the flexibility to choose a suitable repayment term, and low or no extra fees. Keeping these things in mind, here are some more important factors to distinguish among the promising lenders:
Before Pursuing Your Guaranteed Cash Advance, Consider the Reputation/Accreditation of the Lender
A smart borrower will always first check each lender’s experience, rating on the official site of Better Business Bureau (BBB), and online reviews. I personally recommend looking for accreditations and ratings from credible agencies instead of relying on customer reviews.
This is because the customer reviews that are negative are mostly from those whose loan application has been declined. So, they do not give you a real picture of the lender. A better BBB rating or accreditation is a bonus, not a prerequisite, especially for the new lending companies.
Check for a Low Annual Percentage Rate (APR) of Charge for Your Guaranteed Cash Advance
This factor is the most important one to consider when a borrower is looking for how can I get a personal loan with no credit that is affordable. A no credit check loan is always associated with a higher APR than a credit check loan. The reason is obvious; lenders need assurance for getting their money back even in absence of a collateral.
Many online lenders these days are charging affordable or competitive APRs even for loans with no credit check. You may find it a bit higher than those of secured loans. However, they make the loans much more affordable than before. You just need to look for them by comparing their APRs.
Verify Either Low or No Extra Fees With Regards to Your Guaranteed Cash Advance
Usually, in case of no credit check loans, a few lenders charge an assortment of fees, such as application, origination, prepayment, and late payment fees. So, if these fees are charged, ensure that they do not go beyond what the competitors charge.
However, there are many online lenders who do not charge these fees. They only levy an agreeable interest rate and a monthly fee (optional). Look for such lenders online to cut down the overall cost of taking a loan.
Does Your Guaranteed Cash Advance Have an Upper Loan Limit?
A personal loan amount can be as big as $20,000. What you need to know here is that all lenders have their own upper loan limit. While a few may lend only up to $15,000, some may not go beyond $5000. So, it is essential to choose a lender who can offer a guaranteed cash advance, which is equivalent to the sum you need.
Are There Flexible Terms for this Guaranteed Cash Advance?
Even here, all lenders tend to offer different terms. A few may only permit to select from a couple of repayment terms, such as two, four, or five years. Experts suggest choosing a lender who can offer a wider range of terms. Such lenders allow shorter or longer repayment terms as per your requirements.
Ensure the Lender is Transparent and Informative
Let’s imagine a lender is charging a monthly fee and a prepayment fee for any kind of guaranteed cash advance. However, this information did not come up clearly at the time of taking the loan. Obviously, you are going to feel cheated at the end.
So, it is best to choose a lender who clearly states or shares all its terms and conditions before you sign the loan agreement. Its official site should clearly state the APRs, fees, terms, and loan limit. Moreover, for getting these details, there is no need for you to provide your personal, banking, or employment information.
You should be able to get the details even before filling out an application form. Such transparency helps you in finding out the total loan cost and determining the exact degree of flexibility while dealing with that lender.
It is wise to educate yourself before taking any kind of loan from any lender. Do read the information on the official Web site, in the fine print, and in e-mails to know exactly what you will have to pay and how you will repay.