How to Evaluate Quick Approval Loans

Quick approval loans are offered by many lending institutions to take advantage of the Internet as a tool for reaching more customers. You can obtain instant approval on credit cards and department store cards; you can even obtain quick approval on home loans. Evaluating quick approval loans, however, requires you to be cautious.

Evaluating Quick Approval Loans

Because quick approval loans often require personal information, like your social security number and other details, never apply for a quick approval loan without knowing who the lender is.

  • When choosing a quick approval loan, read the detailed information carefully and compare the annual percentage rate (APR) of each loan choice.

  • In addition to interest charged, determine whether there are additional fees you will be required to pay for the loan and include those costs in your decision.

  • If you begin an online application for a quick approval loan and decide not to complete it, take the time to delete your personal information out of the application before closing the window.

  • Never provide bank account information, your social security number, or other personal identity information over the phone or to an unknown lender through email or the Internet.

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