There are several times that, as a business person or an individual, you come across some unexpected personal expenses for which you will not have enough cash. An instant loan will come in handy during that time. These loans are available online are easy to apply. They are usually for a shorter tenure, which involves quick processing. Most of them need minimum documentation to disburse.
If you need a short-term loan, prêt instant is there to meet your financial emergency needs instantly. Here are steps you will need to follow to access a quick short term loan from prêt instant
Decide on which loan you need
Most lenders will want to know the reason why you need a loan. Usually, your reasoning will determine which type of loan they will grant you. For instance, it would become impossible to get a loan online if you need to start a business since a lender will require you to have a cash flow that will support you repay the loan. If you’re in a company that has over a year of existence, you will have more financial options such as term loans, invoice factoring, and government back loans to choose from.
Compare small lenders
You can choose online lenders, banks, and nonprofit microlenders when you need a quick cash boost. It is worth noting that if you can choose an online lender such as prêt instant when you don’t have collateral, you lack time in business or need quick funds. You can borrow from $1000 to $ 5 million. The average annual percentage rate of the loans that online lenders will offer ranges from 6 to 99 percent, depending on the lender, the type and size of the loan. They will also factor in the repayment term, your credit history, and whether collateral is required.
Determine if you qualify for a loan
Four factors will determine if you can qualify for a loan. First is your credit score, which you can get free from major credit bureaus such as Equifax, Experian, and Transunion. Secondly, if you are in a business, the number of years you have been in operation will be a factor. Thirdly, many online lenders such as prêt instant will require you to have minimum annual revenue, which ranges between $50,000 to $ 250,000 fourthly, if you will afford to repay the loan. You will have to calculate how much you can afford to apply for and repay comfortably.
Gather your documents
Before you apply for a loan, you need to have the necessary documentation in place. These will include business and personal tax returns, bank statements, financial statements, business legal documents, and business plans. These documents will help streamline the process.
Apply for the loan
After determining which lender is right for you, you can apply for the loan with the documents you have gathered.
It is essential to note that, of all the loans you qualify for at prêt instant, choose one with the lowest APR for as long as you can afford it. Go for your best bet.