Thursday, May 29, 2014

Best Unsecured Personal Loan - Three Steps to Getting There

Not even the richest among us ever has enough cash. But, once in a while the situation gets crucial and you need an infusion of cash to help get you over a hump. Out of the blue the car conks out. Suddenly you need a medical treatment or medication to address a health problem. Maybe a family member needs assistance. Maybe you need new equipment for your job or business.

These are just a few of the ways a sudden or unusual need for cash can spring up. If you have no equity in your home or you are a renter, if you have no equity in your car, if you have less than twenty bucks in your bank account, your options might seem depressingly overwhelming.

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You might want to consider taking out an unsecured personal loan. Basically you take out a loan with no collateral. You will only need a bona fide ID, a checking account, proof of residence, and a job. Unsecured loans do come with a hefty interest rate, but if you repay on time, the high rate will be more bearable than not having the cash you need.

One: Lender Directories

You need to start building a little loan portfolio to get you through the process with the best possible outcome. First, you need to go online and find a directory of unsecured personal loan lenders. Use those four words in your search engine. A directory is much like a phone book listing, it will list a number of lenders offering those kinds of loans.

Two: Five Lender Minimum

From that directory, look over the list using obvious shopping criteria such as location, length of time in business, special offers, and pick out a minimum of five lenders. Five is the minimum. You will see why. Rates and terms can vary wildly from lender to lender. You may be under duress and in a hurry, but your going to make your financial situation that much worse if you do not do some preliminary shopping. Five or ten minutes more doing research can save you a bundle.

Three: Customer Feedback

Once again, slow yourself down and go to some discussion boards to find feedback on the five lenders you have selected. Based on what you see there, winnow your choices down to three. Taking this time will be immensely valuable. What if you hooked up with a terrible lender and then later found out that scores of warnings about the lender were listed on one the discussion boards?

Being There

Your last step will involve applying to all three of the lenders you have listed. Even if one gives you a quote before you have begun applying to the others, continue applying. The little extra time involved, twenty or thirty minutes, could save you twenty or thirty dollars, so no fudging. You should have your cash within the day, your cash problem will be solved, and you will only have to fiddle with your budget to pay that loan off when it comes due. Do not extend the payment or you will soon find yourself rolling in interest debt.

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