How To Tell If A Quick Cash Loan Offer Is Too Good To Be True

On the hunt for the perfect quick cash loan for your situation? In this article, we’re pointing out some of the most common ways you can identify a loan offer that’s too good to be true. Have a read through these pointers to make sure you don’t go with a provider that could prove troublesome to deal with. We’ll get started with:

They offer payout in minutes

This only means bad things. Either the loan company is not being completely honest about the time it takes them to process applications, or they are being completely irresponsible with how they make their lending decisions.

At Cigno Loans, we ask for your ID and access to your most recent bank statements in your application. We need this information so that we can assess your current financial situation and determine if you’re actually able to pay back the amount you’re trying to borrow. We want to make sure all borrowers can comfortably afford their loans so that they don’t run into difficulty.

Imagine a company that is giving out loans without taking these precautions and you’ll very quickly realise how destructive this can be. The only way to offer loans with payouts this quick is to bypass any sort of assessment process and throw loans out unethically. It’s not sensible, it’s hardly feasible, and you should avoid companies that make these claims no matter how good their offers seem.

They don’t offer dedicated customer services

Anyone that offers quick cash loans and doesn’t want to be contacted is not quite doing things properly. Payday loans are meant to be solutions that help people through tough times. This means you’ll more than likely need a team that’s highly prepared to provide assistance for a wide range of circumstances.

We make sure our team is prepared to help borrowers understand their terms, complete applications, and provide any other assistance necessary to ensure the process runs as smoothly as possible. None of this is possible if you don’t offer any sort of contact information.       

Scams and threats can be pretty easy to spot if you look for the right signs. Someone working alone that just wants to take what they need before ticking you off their list is the kind of setup that would fail to run a responsive customer service channel. Can’t find a way to get in touch easily? Then it’s probably best not to get involved with them at all.   

Their rates are tiny compared to everyone else’s

The best thing to do when comparing rates is to pick a company that you believe leads the market, get a good understanding of their rates and charges, then compare other options. At Cigno, we do all we can to be upfront and open about our costs. If a company is offering rates way higher than the leading average, it’s not a good deal. If they’re offering total costs that are way below the leading average, then there’s definitely something up. A lot of payday loan companies try to hide some of their fees behind various stages in their process. If an offer is really low, then it’s more than likely they’re hiding something.  

It’s important to be careful with money and how you use it, but nobody wants to be taken for a ride because they think they’ve landed the greatest deal. In the vast majority of cases, the safest thing to do is to go with the providers you think offer decent rates, are most upfront with their charges so you know where you stand, and have a good reputation for doing things the right way. Even if they aren’t necessarily the cheapest way to go, you’ll have peace of mind in knowing they won’t slam you with any surprise issues down the road.

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There you have it! These are the best things to look out for when you’re scouring the net for the best quick cash loans out there. The easiest way to fall prey to unethical loan companies is to always go for the most extreme options out there. Thorough research is vital and picking providers who’s rates and policies are roughly in line with the markets largest leading companies is one of the safest approaches you can take.     

Read more about quick cash loans here, or in our previous blog post: The Best Advantages Of Fast Cash Advances And How To Use Them

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.