Have you ever faced a situation where you were strapped for cash and needed some instant funds? If it’s a small sum, you could probably turn to your family and friends for help, but that’s not often an option for many reasons.
Due to the urgency of the matter that you’re facing, applying for a loan from a bank is out of the question. The approval process can take a really long time. There are also strict criteria that most individuals can’t meet, especially when the need for money is unexpected.
Fortunately, there’s a solution: express loans. Northstar Brokers is an online financial institution where we’re aware of the difficulties people in a crisis encounter when seeking help from banks. We’ve come up with solutions to fill that specific need.
However, before you apply, there are multiple critical factors that you must be aware of, so you don’t get into greater problems.
What Are Express Loans?
As the name suggests, borrowers can get the money they need for an emergency fast with an express loan, usually within 24 hours. An example of such a facility is Fast Cash Loan.
We provide an express loans service and don’t impose such stringent requirements as banks do, such as conducting a credit score check. With this lenient approach, we can approve applications in a few hours instead of days or even weeks.
Finding Reputable Lenders
It would be best if you exercised due diligence before choosing a company to approach. As is with all online transactions, you must be aware of scams. You don’t want to end up a victim of fraudsters who prey on people desperate for financial aid and get yourself into an even worse crisis.
Northstar Brokers is a reputable firm that you can trust. We’ve been in the loan business for more than 12 years. You can consult our experienced team of professionals to find the best option for your problem.
The Express Loan Application Process
Borrowers prefer express loans over regular bank loans because they’re available online, easy to apply for and approval is fast. Applying is a breeze, as you can do it at home at your convenience. There’s no hassle of visiting a bank during its opening hours and enduring long waits. All you have to do is fill out the online application form.
Here’s how simple it is to request and receive funding:
- Choose the Loan Terms That Suit Your Needs
All individuals have unique financial goals, needs and circumstances. With so many loans having different requirements and terms, you must decide how much you want to borrow and for how long. Then, do your research to find and compare our solutions to get the best deal.
It seems like a lot of work to search for the right loan, but due diligence can save you from future problems and unnecessary stress. You must be aware that the financial product comes with very high interest. By doing your homework, you could potentially save a lot of money.
- Find Out the Minimum Eligibility Criteria
An express loan doesn’t mean that approval is guaranteed. It just means that we’ll review your loan application and approve or decline it quickly. A point to note is that express approval is different from guaranteed approval.
Although the requirements are less stringent than with banks, you must comply with the minimum requisites for Northstar Brokers to consider your request. No lender will promise approval before a borrower submits their application. There are risks involved in granting loans, and we want to review your documents to have some assurance that we’ll get our money back.You should be wary if you come across a firm that pre-approves loans.
- Submit a Complete Application
While a credit check may not be necessary, you’ll still have to provide certain information for review such as :
- Some identification data (name, phone number, email, date of birth…)
- Your social security number
- Your employment record
- Some income details…
Failure to submit the requested information can result in an unsuccessful application.
- Wait for Approval
All lenders have different procedures. However, our decision is usually instantaneous or within 24 hours for express loans (if you submit the relevant info).
- Receive the Money
Upon approval, we’ll wire the funds to your bank account. In some cases, you may get the sum in cash.
Advantages of Express Loans
There are several reasons why an express loan is a suitable solution to your problem:
No Collateral Is Required
Most online loans are unsecured, so there’s no requirement to pledge any collateral to obtain funding. If you default on your repayments, you won’t risk losing assets such as your home, as you didn’t put them up as security for your borrowing.
However, note that if you default on your express loan, there’ll be other consequences, such as damaging your credit score.
Unlike banks and financial institutions, Northstar Brokers can give you a decision on whether your loan is approved almost instantaneously. We’ll also provide the terms and conditions of the agreement; this will be provided on the spot.
All you have to do is make sure you submit all the relevant documents when applying.
Easier to Get Approved
Financial institutions such as banks and credit unions don’t like high risks when lending money. What’s more, they can afford to be selective when it comes to approving applications. Even if you have good credit, the process will take time and there’s no guarantee the bank will approve your request.
If your credit score is low, financial institutions will rarely approve funding for you. When the bank does agree to lend you the amount you ask for, you can expect unfavorable interest rates.
Northstar Brokers is much more lenient. We may not even check your credit score for express loans and instead, use other criteria to evaluate your creditworthiness.
Disadvantages of Express Loans
Expensive Cost of Borrowing
Although it seems like an excellent solution to your financial crisis, you must realize that online loans come with much higher interest than conventional borrowings.
In an emergency, you may not have any choice, but you can view our different options. As all the information is on the web, it’s not difficult to do your research. Before accepting the money, be sure to read the Terms and Conditions and understand all the critical aspects of the loan so you don’t face problems later.
The Onus Is on the Borrower
When taking a loan from a traditional lender, like a bank, they usually provide you with the relevant information and explain the financial aspects of your borrowing. It’s easier to trust an established institution.
However, when you borrow from online lenders, it’s your responsibility to learn about the company and the loan you’re applying for. Deciding without understanding the process and evaluating the details can impact your finances.
High Risk of Scams
As you conduct all transactions online, there’s a risk of getting caught in a scam. You may become a victim to a fraudulent lender and face severe financial repercussions.
Again, this is where due diligence is critical. There are no shortcuts to securing a loan. You have to make sure the company you select is reputable and trustworthy. That’s why Northstar Brokers should be your first choice.
Risk of Getting Deeper Into Debt
As it’s so easy to apply for a loan online and get approval without a credit check, there’s a risk of individuals borrowing more than they can handle.
Many have fallen into the trap of taking on another loan because their disposable income is insufficient after making repayments on the first one. Borrowing money to pay off existing debt is a dangerous practice, as you might end up in a vicious loan cycle.
This problem won’t occur if you apply for a bank loan because they would check your background and reject your application if you already have a lot of debt.
Taking an express loan should only be a stopgap measure to get you out of your unexpected situation as quickly as possible. Be sure to exercise extreme plenty of caution when borrowing money, so you don’t get into deeper financial trouble.
Try to settle the amount expediently so that it won’t snowball with late payment penalties and interest. It’ll take discipline, but it’s possible to pay the loan without getting into more debt.