Unsecured loans are specifically designed for people who need small amounts of money within a short period of time. During the application of this type of loan, there is no collateral involved. In other words, the borrowers have lesser the financial obligations if compared with those who take up secured loans. The most popular unsecured loan in today’s business world is payday loan. The demand for this loan is extremely high in US now because people can get instant cash within few hours.
Let’s not exaggerate the facts. Nowadays, with the technology advancement, loan can be applied through internet. You just need to fill up the application form online and attach the scanned supporting documents to the lenders. Normally, the online application will be processed fast. You will be able to know the result of the application process on the same working day. Once your application has been approved, you can access to the fund easily, a few hours after the approval is given.
Let me share with you 3 main characteristics of a good online loan provider:
- It must be genuine companies which offer legitimate loans. Since you are providing your personal details through internet, you must make sure that the lenders do not disclose your information to other parties. Those good lenders do not require the applicants to fax in their supporting documents.
- It must offer reasonable and flexible repayment options. As all of us are aware, the interest rates and late fee charges for bad credit unsecured loan are usually much higher than regular loans. A good lender normally charges reasonable interest with longer repayment period. The most ideal duration is 90 days. As a smart consumer, you need to do some comparisons. Although most online lenders offer similar loan terms, the exact terms of the loan and the interest rates are different from one company to another. Make sure you get the best deal.
- It must be reputable. Reputation of a lender should be your main concern. You need to find out the background of the company before you take up the loan. A good loan provider has very less customer complaints when you check with the Better Business Bureau.
I am here to share with you 3 best online loan providers. They have the same characteristics as I mentioned above.
1. Total Cash Access (totalcashaccess.com)
2. Liberty Financial (libertypaydayloans.net)
This lender offers online cash loan with the processing time of less than one hour. Many borrowers give good comments as it provides best loan approval rate.
3. USA Fast Payday (usafastpayday.com)
The minimum loan amount offered by this lender is $1500, even for those borrowers with poor credit score. It is popular because it offers very low finance charges.
Besides the 3 companies stated above, there are other genuine lenders too. Here is an important reminder for you. Don’t make fast decision to take up any online loan without checking the background of the lenders. Be extra careful during the selection process.