5 Easy Steps to Get an Online Loan Quick

What if you need a loan quickly and don’t have many local options?

Almost a quarter of America has personal loans, but many people who need a loan quick don’t have many local lenders to choose from. And even those who have many local lenders may be unable or unwilling to leave the house, especially with the ongoing COVID-19 pandemic.

The solution is simple: by getting an instant loan online, you combine all the convenience of having plenty of possible lenders with all the convenience of staying at home. You can apply for a loan right now without even having to get up!

However, many who need money quickly have never applied for an online loan. What steps will you need to take? Keep reading to discover the answers!

1. Figure Out How Much You Need

The first step is straightforward: you must figure out how much money you need. If you apply for too little, you’ll just end up having to come back and apply for more later. But if you apply for too much, you’ll be stuck paying the extra you don’t need back with interest.

The easiest way to borrow the right amount is to determine exactly what you need the online loan for and how much it will cost. For example, let’s say you need to borrow money to fix a car. Before you apply for anything, make sure to get a car repair quote in writing from a trustworthy local mechanic.

While many lenders can help you get a loan quick, you should pay attention to lenders with low minimum loan amounts. At Fast Loan Direct, you can get a loan for as little as $500. That means you can cover small expenses as needed without having to borrow too much money.

2. Understand Your Credit Score

Whenever you apply for an online loan, you have one primary goal. And that is to get as much money as you need at the best possible interest rate.

How high your interest rate is and how much you can borrow is determined largely by your credit score. Before you begin applying for a loan, we recommend you check out your credit score through a free credit monitoring service.

On the most basic level, these services can tell you whether you have good credit or bad credit. You may also discover errors in your credit report. If you have time, you can dispute these errors, which is an easy way to raise an otherwise low credit score.

It’s possible to apply for a loan without checking your credit first. But knowing your score can give you more negotiating power, and being able to dispute credit report errors is a great way to make your credit score shine.

3. Research Different Lenders

Arguably the best possible reason to get an online loan is that it gives you so many options. You are no longer limited to getting loans from banks and lenders in your area. Now, you can apply for loans from countless different online lenders at just the press of a button.

If you need an instant loan, you may not be swimming in free time. However, if you have the time, it’s worth researching different lenders online. That means comparing info on loan terms and conditions as well as scoping out the lender’s reputation online.

Even if you only have a little time, it’s worth it to research and compare different lenders. Depending on the length of your loan, you may be dealing with this lender for many years. Therefore, it’s in your own best interest to determine if you can trust them before applying!

4. Pick the Best Lender

Once you have researched different lenders, you should be able to narrow things down to a few lenders that seem trustworthy. Next comes the hard part: picking the best lender.

The most important factor in finding a good lender is finding the best possible interest rates. Depending on how much you borrow, even small differences in loan APY can add up to hundreds or even thousands of dollars in added costs over the years.

As we noted before, you should also explore loan terms and conditions. Make sure the minimum loan amount isn’t more than you need to borrow. And make sure the loan term is long enough for you to reasonably pay everything back.

For best results, we recommend checking out lenders where you can potentially get pre-approved without it affecting your credit. That way, you’ll know exactly how much your rates will be and will have that information in writing before signing everything.

5. Gather Your Documentation and Apply

Once you decide on the best lender, the last step is easy. All you have to do is gather your documentation and apply!

Which documentation is required depends on the lender. In many cases, you need a government-issued ID with a photo, such as your driver’s license.

You may also need to provide proof of your residency (a utility bill with your address on it is usually sufficient). Finally, you may need to provide your most recent paystub as proof that you are currently working, and some lenders may require your W-2s for more financial details.

Once you have those documents gathered, you just apply for the online loan. In many cases, you will get approved on the same day. And depending on the lender, you may be able to get your money either the same day or the very next day.

Ultimately, actually applying for an online loan is the quickest part of the process. But once you find a great lender and an awesome rate, that extra time you put in before applying will be worth it.

Get Your Loan Quick Today!

Now you know how to apply for the best online loans. However, do you know where to get the best loan quick today?

Here at Fast Loan Direct, we offer versatile loans at competitive rates. To experience what Fast Loan Direct can do for you, all you have to do is apply today!