So you’re looking at accessing some finance options but need to know what happens when you apply? Well now, applying for finance is pretty much no different to applying for other financial products, like loans. Which means the processes of getting your penny (or cash) are quite similar. Whether you need finance now or later, getting your head around the typical loan application process in advance means that you’ll know today what’s involved ahead of time you need the cash.
Even if you have a set amount in mind, it all begins with working out what amount of cash you can borrow without getting into financial difficulty. That means you need to get your head around your income and your costs is the best place to start when it comes to working out a loan amount. It’s basically like a budget. This gives you an idea of what cash is left for things like a loan repayment. Don’t worry, you don’t need to work out the loan amount from your budget and things like available cash. The budget information you’ve got is usually then provided to your loan provider during the application process.
Next up comes the processing of your loan application. This pretty much means the lenders need to verify the information you have provided and performing other checks. Checking your name is Penny, or whatever it may be, and other info. Part of this includes judging the amount you need or can borrow and afford to repay on your loan. Depending on what kind of loan it is (short term, payday and so on) will determine some of the criteria. With a payday loan, where you get cash in your account fast by getting a payday advance, they will usually do an employment check as part of their payday loan approval process.
Which means that the loan with cash amount and advance period, together with other costs need to be all pulled together in loan your documents. This will require your signature, which usually means having to deal with paperwork back and forward.
Once everything’s locked in, it’s time to get cash into your account. This is usually done over the Internet through online banking. However, with some lenders even this takes ages for you to get cash in your hands.
Moola has made cash loans and finance much more hassle free. The whole loan process is done 100% online, which means it’s fast. You can even sign your documents online! Then, once approved, cash is instantly transferred with a guarantee of it being available in your account within 60 minutes. Now that’s fast.
You can see that it’s a clear and transparent process. The real difference is in choosing the right lender that can provide you with finance through a loan that’s hassle free and straightforward. And that’s what we’re here for!