Guaranteed Instant Loan Questions for the Concerned Borrower

A guaranteed instant loan raises many questions because consumers are becoming more financially savvy these days. Consumers are beginning to realize that if the terms of a loan sound too good to be true, then they probably are. Failure to thoroughly review all terms can be financially devastating, so we have to take special care when dealing with such matters. Following is a set of general list of guidelines that you should follow with these special loan types:

1 – What Will the Interest Rate Be?

All lenders are required to provide you with a Truth in Lending disclosure within three days of your application. This disclosure will specify the annual percentage rate, itemization of costs and final loan payoff amount.  The fees on these special loan programs can be high so it is especially important to analyze this document.

2 – When is the Loan Maturity Date?

The loan maturity date is the date that the loan is due, to be paid in full. Keep in mind that the loan amount will be your loan amount plus interest costs. This date is extremely important because the fees associated with non-payment can be high and your credit wil be ruined.

3 – What Happens if I Can’t Pay the Loan Back on time?

Call the lender and ask for extensions. In many cases they will grant up to 3 extensions, but each lender has its own set of rules. Typically, you will be required to make at least the minimum payment which is the full amount of the interest being charged.

4 – What Happens if I Can’t Pay the Loan Back at all?

Not paying off the loan can be financially devastating because the lender will continuously try to recover the money from your bank account.  The bank and lender will both assess NSF fees, additional interest or take you to court with a judgement. It is in your best interest to read all the terms and conditions of the guaranteed instant loan carefully because you need to know all that is expected of you.

When you are considering the use of a guaranteed instant loan, read every paper that you are given carefully before you sign anything. Once you sign, you agree to be obligated to the terms of the document.

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