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Financenut is for applicants who want a small loan for a flexible period of time with minimal credit checks and requirements

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All about personal cash loans
We get short in funds sometimes. So when we are unable to meet the ends there’s the time we think of getting a loan to cover up a certain expenditure. Loan is a debt that we borrow to a lender that is expected to be paid within a period of time along with an interest rate.
When you needed cash just enough to cover up a normal expense, personal loans are the best option that you can get. This kind of loan don’t require a lot of documents for you to get approved, just basic documentations like a valid identification card, certificate of employment and an active bank account will get you having the loan. also the requirements to get qualified are not that much, if you fit to the lenders criteria you can be considered as qualified to get the loan.
But before applying for one, it’s better to be aware of how things work in getting a personal loan, to avoid problems that will get ahead. Here’s some information about personal loans.
What is a personal loan?
A personal loan is a credit provided by a lender that is granted for personal use. A personal loan is usually unsecured and it’s only based at the borrower’s ability to repay the said cash. This type of loan doesn’t require to submit a collateral to get the approval of the lender, so it’s easier to get cash from this type of loan.
Pros and cons of a personal loan.
Despite how easy you can get a personal loan, there are some things about it to consider before you get one
The pros of the loan:
This can be used to consolidate another existing debt like credit card bills and other pending loans. You can have a personal loan even if you have existing credits.
Availability is instant. Once your loan is approved you can get it in less than an hour. This is the best for emergency funds.
Minimum requirements. Compare to other loans, a personal loan demands less documentations.
Doesn’t require collateral. You don’t have to show off your assets when availing personal loan. Which makes it less risky for the borrower.
The cons of the loan:
High interest rates. Since these type of loans doesn’t demand collateral to assure repayment, they are regarded as high risk for the lenders. So they charge a high interest in order to offset the risk.
Comes with other fees and charges. Aside from the high interest, it has other fees included such as service charge and penalty fees. Penalty fees are charge when you unable to pay them in the right time.
Cooling-off period
If you’ve change your mind want to cancel the loan, there’s this cooling-off period applied after the agreement has done. Under the consumer credit act, loaners have 14 days to withdraw a loan agreement.
If you’ve decided to cancel the loan, you have 30 days to pay the penalty fee.

What to look through
Some lenders offer an “insurance” in order to cover a loan repayment. This is usually called payment protection insurance (PPI)
Think carefully before accepting any payment protection insurance (PPI) your lender tries to sell you. This is insurance that covers your loan repayments if you have an accident, are ill and can’t work or lose your job. However, it’s been widely mis-sold in recent years and many of the policies on offer weren’t adequate or didn’t pay out at all. Even if you do want this cover, you’ll almost certainly get a much better deal by checking prices with several different providers.
How to get the best deal
Don’t just accept the first rate you are offered by your bank or building society. You might want to look for other options that will help you save more money on repayment. You can also kindly suggest for an option that will suite you.
Shop around to see which providers are offering the cheapest APRs. Compare representative APRs (but remember that you might end up paying more if you have a poor credit history). A comparison website can help you do this.
Scan to see who has the best quality of service. Look for borrower’s feed backs and comments regarding to the service of the lender. This will help you save both money and yourself in getting into problems in the future.
Consider peer to peer loans especially if you have a good credit rating. These loans might offer lower interest rates and are available for smaller amounts. They are featured in most comparison tables

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