5 Tips for Getting Quick Loans for Home Construction
There is nothing more surreal than drinking your favorite bottle of champagne in your newly-built home. But can this fantasy exist only in our dreams?
We hope not. Hardworking people deserve to have a taste of frill in their lives and get compensated for all the work and dedication they have put in for years. And that means, giving them a taste of their own home. And we don’t mean a rental but a home that you and professional builders built and designed from the ground up.
If you’re asking how maybe you haven’t heard of quick loans.
The obvious go-to is the traditional bank loans that take ages to process because of a bunch of red tapes and simply because they care too much about your credit score and credit history. However, quick loans aren’t called ‘quick’ for nothing. They are fast and are more lenient with eligibility requirements or credit score, also known as, FICO (Fair Isaac Co.).
Although quick loans are absolutely a quick route in getting loans, no foolish lender will hand you a huge amount of money on a silver platter. You also need to put in a little (or huge) effort to get approved.
Without further ado, here are 5 of the most effective quick loan tips to be able to build your dream home.
- Do Your Due Diligence
There are a lot of quick loan options out there. Each of them has their own pros and cons. There are also a lot of elements you need to factor in when applying for the right quick loan such as:
- Interest rates
- Loan fees and charges
- Loan terms and flexibility
- Attractive short loan term
- Exemplary customer service
There are also several types of quick loans which you can take advantage of, each with their advantages and disadvantages as well. Some examples are:
- Personal loans
- Payday loan
- Cash advance loan
- Instant cash loan
- Co-sign loans
- Personal line of credit
If you have some digital assets like cryptocurrency, you can even take advantage of crypto-backed loans and put up your crypto assets as collateral. The main point is don’t ignore due diligence and extensive research. Google is a good place to start, better yet, get recommendations from friends or family.
- Creditworthiness is Key
Although most quick loans are considered as unsecured loans, that doesn’t mean you don’t need to brush up on your overall trustworthiness. The first impression you exude the moment you set foot on any quick loan office or the moment you talk to a quick loan officer is crucial. That can be a determining factor of whether you will get the approval or not. Dress to impress. Be professional and show that you mean business.
- Have Everything Ready
When you reach this point, I’m assuming that you’ve already done ample research about the eligibility requirements and the documents you need to submit for applying for a quick loan. Although various quick loans differ, some of the general requirements are:
- Government-issued IDs such as driver’s license, social security ID, voter’s ID, PRC ID or passport
- Recent income tax return
- Birth certificate
- Proof of billing
- Certificate of Employment
- Current statements (banks, car loans, currently paid debts)
If you have every document you need close at hand, loan application will be more seamless when the lender asks for a certain requirement. This way, you’ll also save the time and effort in going to and fro the quick loan branch because you forgot one vital document.
- Collateral is a Plus Factor
Although most quick loans are unsecured loans that don’t require collateral, if you ever go with a more secured loan that is all about the collaterals, then you have to be prepared for taking the best and appropriate collateral option. If you’re not planning on defaulting on your loan payments, there is really no need to worry about losing the valuable collaterals you put up. Some of them can be car collateral, business permits, your insurance policies or the title to any real estate property you own. This gives the lender more assurance that you are creditworthy. In addition, if some quick loan lenders require co-signers, be smart about choosing who can co-sign for you.
- Thorough Communication
Excellent communication is always the key ingredient to foster a business or personal relationship. Quick loan officers might want to communicate with you at the initial phase, so always make sure that you keep your lines open. This way, you will be able to give anything promptly if they ask for additional documents as proof. And with quick loans, communication is something that’s crucial, so the trust will remain for the months or years to come while you’re paying off your loan. Don’t break that trust.
We know how owning your dream house can sometimes seem like an uphill battle especially with a limited budget. That’s why the great financial innovators and geniuses out there are always thinking of ways to make people’s dreams come true. These simple ways for getting quick loans for home construction will really go a long way.
Author Bio: Kerry Brooks, a certified financial planner, author and blogger, enjoys sharing tips on personal finance, business and entrepreneurship. She is currently working for My Quick Loans, which offers fast loans online in the UK including Christmas loans, Payday loans, Late Night loans, Weekday loans, Student Short Term Payday loans and many more.