Human wants are insatiable but we can?t but attend to those pressing needs in our lives. Emergencies of different shapes: a sudden ailment in the family, unexpected events, repairs to the car and the list goes on? are some of the numerous reasons a quick loan becomes inevitable. Taking a quick loan of this amount should not be a big issue, especially if you are considering a 100 loan to solve some urgent needs. The difference between this type of loan and long term loans is that accessing them is much faster as they are designed to take care of emergency situations.
However, quick loans are loans with high-interest rates compared to long term loans. This should not stop you from going for these loans if you are diligent and do some research to get the best deal.
If you?re seeking a quick loan, these 5 helpful tips for taking ?100 Loan should serve your purpose:
1. Consider your Options Taking ?100 Loan
Now that it is settled that you need a ?100 Loan, the first thing to do is to weigh the options you have. There is always an alternative in everything. You may find that you won?t have to pay high-interest rates of any kind if these alternatives work out.
The first consideration should be your friends and family members. They can always help out. Though many of us may find this a little embarrassing, it is, however, the best move in this case at least to save some cost in charges of the ?100 Loan from the quick cash loan lenders.
Another quick one is to visit your bank. Since you already have a relationship with them, it should be easier to access a quick loan through the bank, you have built a relationship with for a while now and if they are a group that values their customers, you have a good chance of getting positive feedback from them. Can your bankers offer a soft loan with a good interest rate better than the payday quick loan providers? There is no harm in trying; take a leap and only then should you resort to going the way of the quick loan lenders that dominate the internet.
Will a guarantor loan be the best option? A guarantor loan is often good and about the only appropriate way for the unemployed. This loan is suitable for individuals who are probably not employed or have a bad credit score and so may have a very low chance of getting approved for a quick loan in good time. Your guarantor stands in for you in the event that you?re not able to repay the loan.
2. Search for the Right Lender -Compare Rates of ?100 Loans
Though quick loan providers can save the day in these circumstances, rushing to any lender can be counterproductive. Take your time to find the borrower that best suits your loan requirements. Check quick loan forms, their eligibility requirements, and the length of their cash transfer. Compare their products with other providers and test their past real customers ‘ reviews. The payment structure whether there are penalties for prepayment or not are all essential things to look out for when searching for the right quick loan lender. You may not also need a quick loan that comes with an extra charge in an insurance policy, do check in your comparison to find the best deal for this type of quick loan.
In addition to the total loan money, the interest rates are the extra amount that you want to take a closer look at. In the UK, the interest is capped at 0.8 per cent of the amount borrowed per day by the FCA. For example, if you borrwed say ?100, you can expect to pay ?0.80 in interest every day until the loan is repaid within the 30 days.
On the other hand, APR is the total interest you’d pay in a year. It calculates the cost of 12 months? a term that is significantly longer than Payday type of quick loan that is typically 30 days. Focus more on the interest rate in this case for the ?100 Loan since your loan type is only for a short term.
3. What happens if you Default in the ?100 Loan or Pay Early
This may be an issue since the loan in question is ?100 loan, a much easier loan to repay. But peradventure, you are not able to pay as at when due, you may want to know what applies. Most lenders charge high late payment fees. Make sure that you know the terms before you borrow from any source. Prepayment is another to consider in your research.
Some lenders will charge you extra for prepayment of your ?100 Loan. That is when you pay earlier than the due payment period of the quick loan. Defaulting penalties are normally applicable with most companies but you?ll still want to check this out for yourself. Don?t overlook the small print on the platform. Check the fine print before you apply for a 100 loan to see if this fits well for you.
4. Think About the Peer-to-Peer Option for ?100 Loan
Peer-to-peer lending should be considered as a good alternative outside the conventional banking and lending process for your ?100 Loan. You should only consider this option as a last resort because the interest rate may be a bit higher than the direct lending platforms. Peer-to-peer lending is growing in the UK and has helped many people access quick loans. You may want to borrow out of a peer-to-peer lender like Zopa in this case for your ?100 Loan.
Taking out a ?100 loan starts with a step. A very good step is to start with lenders in your town or city. Additionally, online lenders are the easiest and fast quick loan providers. Researching the Web is fast and easy, providing intending subscribers freedom to check out as many companies as possible. Don’t make the error of going with the first lender you come across for your ?100 Loan. You?ll be amazed to find a better one after carrying out diligent research. Ultimately, your goal will be to find a reliable lender with fair lending conditions.