Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

What to Look Out for When You’re Taking Out a Loan

Taking out a loan seems simple enough, and many lenders try to make it as simple as possible, but there’s more than meets the eye when you’re taking out a loan. If you want to avoid getting burned, it’s important to look out for a few key things that could make or break your loaning experience.

Reputation

It’s easy to just go with the first lender you find. I mean, they’re all the same, right? Well that’s just not the case. Spending 5 minutes looking through the reviews and customer experiences of a few different lenders can show you just how different they can be.

Pick the wrong one, and you could start out looking for a quick loan and end up with a quick headache. Look through the reviews of a few different lenders before choosing one that you’d trust with your loan, it doesn’t take long and it can save you a lot of trouble.

Rates & Policies

Different lenders have different rates, policies, and practices when they lend money. You want to avoid lenders that have static term loans, aggressive customer policies, and a history of abusing customer trust (remember, read the fine print!). The best short-term loans don’t used fixed term loans; instead their loans adapt to your needs as a customer. Fernovo has dynamic interest rates at only 0.5% per day, meaning you only pay for your exact time you need the loan for, and their policies are reasonable and keep customer satisfaction as a top priority.

Choose The Right Payment Plan

Most lenders have different options available for the length of your loan (days, weeks, months) and type of payment (lump sum, paid out over time etc). Choosing the best short-term loans for you means choosing the best payment plan for you too. Most loans from a reputable lender are quick and easy to get, but you need to think about the long term to choose the right type. Factors to consider include: How long until you’ll next receive money? Which payment plan is most convenient for you? Which is the most cost-effective? Take some time to consider these factors and decide which plan is right for you, that way you avoid regret in the future. Usually it’s best to play it safe and take out secured loans for a little longer than you strictly need to. Even better, find a lender with dynamic lending terms so you only pay for what you really use.

Think Smart, Think Information Security

Times are complicated, and your personal information and banking information are more important and more vulnerable than ever. That means it’s important to be smart about your data security. The most obvious way to combat your information being stolen is our first tip, reputation. Though this is a good start when finding a trustworthy lender, reviews can be faked! Follow your gut instinct, if a lender seems shady it’s better to be safe and keep your financial information away from them, even if they’ve got good reviews. Always make sure sites that you input any information into are SSL encrypted (that means the web address starts with “https” rather than “http”). Avoid using public internet or a computer/phone you don’t own to log into your financial services, or to input any sensitive financial data. These are easy vectors of attack for fraudsters to get at your personal information as well as your banking accounts and money. Think smart, think about your information security! Follow these tips and you should be able to find a lender you can rely on in no time flat! If you find a lender that you liked dealing with, be sure to give them a good review to help others discover the best short-term loan for them, as well. Remember: Reputation, rates, payments, and security! Good luck!

CHECK OUT FERNOVO’S GREAT LOAN RATES HERE!

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