So you just got hit with a bill you did not expect, your car decided to break down, maybe your child needs an expensive prescription, or you were out of work due to illness and are now behind on bills. Whatever the case, you have found yourself in need of a loan, but you have no idea how to find one. You may also need some more basic information on personal loans just to make a decision. Good news: you are not the first one. In fact, it is common enough that we decided to write an entire article dedicated to it. It includes some of the most frequently asked questions about California installment loans and the answers. Happy reading!
How Do I Find California Installment Loans Online?
To find California loans online, you simply need to Google. By searching the term “California installment loans online”, you will get a lot of results for online lenders. In fact, you will likely see so many results that you are not sure where to start. That’s okay. We can help you there, too. “How?”, you say. I am so glad you asked.
It would be so much simpler for you to apply for multiple loans at once with legitimate lenders, right? Well, we provide just that platform. Loanry provides a secure site to provide your information and may find you an online california lender that fits your needs. You already work hard- let us take the overwhelm away by doing what we do best.
How Can I Use California Installment Loans?
The lovely thing about California installment loans is that they are so versatile. You can use them for pretty much anything you like. Want a
vacation? Get a loan. Want to pay off some high-interest debt? Is your wedding coming up? Are you receiving disconnect notices on your utilities? Need to move in a hurry? Is your car broken down? You get the idea- California installment loans can do anything you need them to do.
Word of advice, though: borrow responsibly. What do I mean? Remember that the loan has to be repaid. It is not free money. Even if you decided not to repay a loan, you will pay in other ways- like if they sue you in a court of law, take your property, or report your lack of payment to the credit bureaus. Yes, all of that can happen.
So how do you borrow responsibly? It’s simple- just follow three simple rules: do not borrow more than you need, limit yourself to borrowing when it really is a need, and do not borrow more than you can pay back.
What Are the Benefits of California Installment Loans Online VS In-Person?
Well, first- and possibly most important to some- is that you can apply from home while in your pajamas. No getting dressed nicely with the extra makeup or silky tie that you normally use for impressing people (or is that just me?). Online lenders cannot see you, so you are off the hook. Whew!
Second, you can apply to a large array of lenders in short order whereas you would have to physically go to several places in your area. And all of that paperwork- talk about a hand cramp! When you enter your information to Loanry, the basic information will be shared with multiple lenders saving you a lot of time and pain. This may help you find a lender willing to work with your file.
And third, if you do not get approved, you did not waste any gas, makeup, dry cleaning, and hardly any time. On top of that, you do not have to do the walk of shame out of a lender’s office. I think that in itself is enough reason to apply online.
California Installment Loans vs Title Loans and Payday Loans
If you know anyone that has ever gotten a payday loan or title loan, you may be asking why you should put so much effort into an installment loan anyway. Payday and title loans are much simpler to get. While that is true- most of the time- those two loan types will dig you a much deeper hole than you want to be in. If you are considering a payday loan or title loan, halt! Do not pass go, do not collect $200- or $500, or whatever amount you are trying to get. Before you make that decision, let’s look closely at these. The following three examples are actually from my personal experiences.
I once took out a payday loan for $500. As most people are, I was convinced I could pay it back on payday. Then something else hit, so I paid the $80 in interest and borrowed the $500 again. Two weeks later, we had car trouble. I paid the $80 in interest again and used the $500 to fix the car. At this point, I had already paid $160 in interest. That should have been it, but it was not. For months I could not get out of that hole, and it was really about the high-interest rate. In fact, I paid more in interest than I borrowed in the first place. Payday loans are a trap- a vicious merry-go-round that is difficult to get off of once it starts.
Title loans are pretty much the same. I borrowed around $1,300 on a title a couple of years ago. The interest due every month was almost $400- just the interest. By the time I paid the interest, I could not afford to pay on the principle. I paid on that title loan for over a year and the interest I paid was astronomical.
California Personal Installment Loans
On the other hand, I once got approved for a small personal installment loan. I believe it was a total of $500. The interest was calculated for the entire repayment term and added on the amount I was borrowing. They then divided that amount by twelve months. I paid the required $52 a month and had the loan paid off on time. Because the interest was added in, the monthly payment included interest and principle. That meant that every payment I made was knocking down my loan amount, unlike the other two types.
I hope that you will take my experience into consideration and back away from the payday and title loans. Those should be a VERY last resort. In my opinion, they should only be considered an option if you need to pay for life-saving surgery or something equally as important, but maybe that’s just me. The point is that once you get trapped in the cycle, it is very difficult to get out of it. The best thing you can do for yourself is completely to avoid it in the first place.
Can I Get Approved If I Have Bad Credit?
Of course, you can- with some lenders. Some lenders will not approve of you without a certain level of credit score. However, there are those that will. These are lenders that factor in more like what exactly is on your credit, your income, your assets, and maybe even references. They consider a much broader view of your financial state than other lenders do. At Loanry, we are connected to a network of lenders- some who consider all credit types. We use your information to connect you with lenders that may match your needs.
Preparing to Apply
When you get ready to apply, you should gather a few items. In the beginning, you will likely only need your basic personal information and income. However, as the application process proceeds, especially if you are approved, have your ID, a couple of check stubs, a few references, and your credit score ready and available. If the lender needs anything further, they will let you know.
How Do I Choose Between Loan Offers?
If and when you get approved for multiple California installment loans, there are certain things you should pay close attention to. First, shop loan interest rates and repayment period- go for the lowest interest rate and longest repayment term you can find. Some personal installment loans offer as low as 6% interest and three years or more to repay the loan. This all, of course, will depend on the lender and the amount you are borrowing. As far as you can control it, though, remember, the less interest you have to pay and the longer you have to repay it, the better. Take as much pressure off of you as you can.
Second, you may get offered secured or unsecured personal loans online. A secured loan is going to require that you put up some type of collateral. This might be a check, a vehicle, a house, even a TV. If you do not repay the loan, the lender takes possession of that item. Putting up collateral is not always a good thing. Even if you have every intention of repaying the loan, you cannot control the future. Therefore, putting your only vehicle up for collateral could hurt you more than it could help. You should really think through this type of loan before signing the dotted line.
Loanry is one of the best places to look for an online loan. We connect you with reputable lenders and make possible for you to see whether you qualify for their loans.
Does the Loan have to be Secured?
You do not have to choose a secured loan, of course, but do note that you will likely get quicker approval with a secured loan than an unsecured one. An unsecured loan requires not collateral. Your agreement to pay is all they require. You might not get approved for as much with an unsecured loan, though, since the lender is assuming a great deal of risk. This also keeps you from having to worry about your possessions- especially if that possession is the only vehicle mentioned above.
This concern gets a section all to itself. It is important, so pay attention. As much as I hate that it is true, there are dishonest people out there that will steal your identity or scam you out of money. This means that you need to be extra careful when sharing your information online. Never share it on an unsecured site. If you do not know how to tell if a site is secure, just look up at the address bar when you are on the page. When you see a little green lock up there, you are good to go. If not, run away. The people who run the website may not steal your identity, but if the site is not secure, an outsider can. Watch your back.
You can also often check the ratings and reviews of different lenders. These will tell you a great deal about a company. Keeping up with legitimate lenders is a lot of work, though. That’s why we have done it for you! You can trust that we here at Loanry value your security and try to help you find a lender that works for your situation.
Now That I Have My Loan, What’s Next?
Once you get approved for a loan, there are a couple of important steps to take. The first is to read your loan documents yet again to make sure that you understand what you just agreed to. You do not want to find out when it is too late that you agreed to something you had no idea about. If you find anything in the documents that you do not understand, speak to your lender to get clarification. Trust me, they want you to know what they expect you to do as much as you do.
Next, immediately write your payment due dates down in your calendar and planner. I mean all of them. If you are making payments for 12 months, mark those 12 payments down now. For those like me who sometimes forget to look at their planner, add it into your Google calendar. That nifty little thing will remind you what is coming up due. And yes, I just admitted to needing an electronic item to keep me on track, but I am okay with that. With four homeschooled kids, a full-time job, and regular household duties, I need something to have my back. Do what you need to do to make sure you know when your payment is due.
Now, commit to repaying that loan. Do not be lax about it- be diligent. A tiny little loan can completely destroy your credit if you do not pay it. It is so much easier to mess up your credit than it is to fix it- trust me. So do whatever you need to do to repay it. Add it into your budget immediately. If you need to do without something a few times a month to make the payment, decide what that will be now. You need a concrete plan for repaying your loan.
Finally, make a plan to help you stay away from loans in the future. Assess your situation. Why did you have to borrow the loan this time? Was it because of a surprise bill or some type of emergency? Or did you not have the money for your utilities due to the mismanagement of funds? Do you just not make enough to pay all of your bills at the moment? Whatever your reason, try to prevent it from happening again.
No, you cannot predict emergencies, but you can have an emergency fund. You can cut expenses, get a second job, start a side hustle, revamp your budget, and so on. Something likely went wrong for you to need this loan. Figure out what that is and try to find a solution so it is not a problem next time. No one wants to spend their entire life borrowing money, possibly going to the grave in debt. The earlier you can prevent the need, the better. Figure out how to stop the cycle now so that you can move into a financially stable life.
I hope that we have answered your questions with this article and that you now feel confident in whatever decision you make. A few last notes, do not jump headfirst into a loan agreement without understanding it. There will be a lot of information hitting you at once, so you probably will not catch it all at first. However, pay as much attention as possible. Take the loan and the loan agreement seriously, as much as you would your water bill or electric bill. Lastly, to be safe, come through Loanry to find a lender for you in California.