To get a fast, easy and secure loan it is very important to have an exact amount already defined. It also helps to use the online options that exist. They simplify the process by speeding up the sending of required documents and the release of amounts. But having a good credit score (the so-called score) can be another good ally. And don’t forget, even if you need the money for yesterday, keep an eye on the interest and installments so they don’t hurt your budget. Another good tip? Search for offers, run simulations and use large, small banks, digital banks and fintechs.
Understanding the relationship between the score and the quick loan
Many people know that the path between asking for the money they need and the positive return can be long and set aside some frustrations because of denied requests.
Basically the bank or institution that receives the request tries to minimize the risk of not getting the money back from the client. So they charge fees and try to analyze the person’s payment history.
Some places can access this history and others stick to a note based on the person’s history of paying off debts and honoring financial commitments. This note is called a credit score. The higher the result, the more difficult the person is in default. Normally, this score usually ranges from 0 to 1,000 points.
- 0 to 300 points – high risk of default;
- 301 to 700 points – average default risk;
- 701 to 1 thousand points – low risk of default.
How to improve your credit score?
Two companies famous for making these calculations are Credisure Group and Fine Bank. But what few people count on is what you can do to improve your credit score faster. For this reason, Good Lenders Bank listed some of these tips:
- Avoid getting the name dirty, try to pay the bills on time and be patient if you are or have been in debt. After all, it takes some time to normalize the situation after solving the problem.
- Try to increase income. This goes for doing extra work in your free time, as well as selling what you no longer use.
Don’t fall for pranks
Getting a fast online loan also needs to be synonymous with getting a fast and secure loan, without pranks or anything else that can give you a headache or loss. First, avoid self-sabotage.
So, however much you are in a hurry to get the money, it is important to really know how much you need. Using loan simulators and comparing offers is another super important help to reduce the risk of paying high interest rates or facing high installments and losing sight. Remember that the amount to be returned must fit in your pocket. And in parallel you will have the same expenses for the other months as well.
Some banks and financial institutions often try other types of scams to trick you. The most known are:
With the number of banks and fintechs it is almost a shot in the foot to accept a loan conditioned to the hiring of another service or product. It may even take a little longer, but some competitor may offer the same conditions without forcing you to have to hire that extra something. You may even find yourself in a better situation.
A pig in a poke
Watch out when you hit the hammer and close the loan. Check if the installment value is really the same as before and if the interest has not increased. Nothing more unpleasant than just realizing it at the end of the process. Another precaution is not to take into account the total effective cost of the loan. In some places people are only informed of the fee charged (nominal fee), but not the full cost and other fees included in the release of money.
Having to pay in advance
Another trick that is usually applied is to request that an advance payment be made to release the money. If the problem is precisely the lack of it, it doesn’t make much sense. Be wary. Stay tuned to the contract and check the credibility of the institution with which you are going to close the deal (it is worth doing this on the Procon website and in other places that leave customers free to complain about problems they had with companies and places) . There is little care in the name of valuing the hard earned money of each day.
How does it work with Good Lenders Bank? Loan options
If you already use Good Lenders Bank you know that the app knows your earnings and expenses routine better than anyone. To the point of giving you personalized tips of what makes more sense at that moment. If the box is in red, the reasoning applied is similar.
Good Lenders Bank has credit partners who take this payment history into account when defining the loan rate and the amount of the installment. In 83% of the cases, the credit partners of the Good Lenders Bank platform offered better terms than those of the users’ home bank.