Just about all Australian lenders will have an online presence and will allow you to apply for financial products online. So, how do you choose the right online lender, one that suits your individual requirements?
In this guide to choose an online lender, you’ll discover what to look out for, be aware of, and learn ways to determine just who is the right lender for you.
What Type Of Loan Or Credit Are You Seeking?
In some instances, the type of loan or credit you’re looking for will determine which lenders make it onto your shortlist. Not all lenders offer the same financial products. For example, while a bank may offer home loans, another lender may not, so there’s no point approaching a lender that doesn’t offer what you need.
First work out exactly the type of finance you require, then search for the best lenders that offer what you’re looking for.
Look for Independent Testimonials and Reviews
Once you’ve settled on a few lenders you might approach for a personal loan or some other form of finance, do some online research to discover what other people are saying about them and their experience with the lender. This is particularly useful if it’s a smaller lender you’re not familiar with.
The idea of searching for and reading independent reviews is you are looking for unbiased information. If what you find out is mostly on the positive side, then dealing with that particular lender is probably going to be a good experience.
Is the Lender Australian Owned and Operated?
Australians feel more confident dealing with Australian owned and operated companies, and it’s the same when it comes to borrowing money. With so many online lenders currently on the market, it is important to check which country your lender is based in. There’s not only an extra level of trust when borrowing from a local lender, but you can rest assured knowing you can easily call them if you have a simple question or perhaps need to urgently update your repayments.
Always Read the Fine Print
Most of us don’t want to look at the fine print on documents, loan applications or practically anything else that has terms and conditions. However, when it comes to financial products, you want to know what you’re getting yourself into before you commit to anything.
Not every lender’s website is going to lay out all fees and charges in a clear and transparent fashion. Often, monthly charges, such as account keeping fees or loan admin fees, are buried in the fine print somewhere. While it can be a hassle seeking out this information, it’s in your best interests to do so. What you don’t want is to commit to a loan, only to discover later that there were hidden fees and charges that you were unaware of.
How Long Is the Loan Approval Process?
Are you in a hurry for the cash? Are you facing some sort of emergency and simply cannot wait weeks for a Personal Loan or Emergency Loan application to be approved?
If you need fast loan approvals, then you’ll want to seek out a lender in the private lending sector, as these lenders tend to focus on speedy application and approval processes as compared to banks and building societies.
Not all private lenders will offer things like same day loans, but they are out there, so study their websites to learn what the likely timeline of loan approval will be.
If you’re still unsure, just give the lender a quick call and ask.
Make Cashify Your #1 Choice for a Private Lender
If you’re looking for a Personal Loan with transparent rates and fees, short-term repayment options and flexibility, then talk to us about a Personal Loan today.
What can you use our Personal Loans for?
The best way to determine that is to give us a call and ask one of our friendly staff members. Personal Loans from Cashify can be used for many different purposes, including:
- Debt consolidation
- Purchasing a new car
- A holiday
- Home renovations
- Planning a wedding
- Car repairs
- And much more…
If you’re looking for a great deal on a Personal Loan, then apply online today!
Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.