3 questions to ask yourself before taking out online loans

 

If you find yourself with more month left at the end of your money and bills piling up, you may be tempted to take out a loan from a lender such as Lendgreen Loans. Before you do go down the route of online loans, make sure you do some serious weighing up of the pros and cons first.

 

Do you really need money that urgently?

If you’ve received an unexpected bill or mortgage reminder through the post the scenario is very different to seeing the latest must-have gadget hit the stores. The latter is not a necessity or a need, it’s very usually just a want. If it’s a utility bill or your home on the line, then that’s a different story. Even so, a quick phone call with an explanation of your circumstances and a request for an extra week or two to make the payment is often all it takes to solve the issue.

 

Is an online loan really your only option?

If you really have no choice and have something that you urgently need funds for now, consider whether you have other options first. Online loans are often the last resort that people turn to and the lenders know it, so they take advantage of this need for quick cash by charging higher interest rates than you could get elsewhere.

 

Where can I get the best deal?

New legislation for payday lenders comes into force today requiring them to advertise their services and rates on at least one price comparison site. This will allow borrowers to make a more informed choice as to which providers offer the best rates for their service. Do ensure you read the small print through as the rate they advertise might not necessarily be the rate you get and your circumstances or history may very well see you get stung at a higher rate than you expect.

 

 

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