Mistakes You Should Avoid When Repaying Your Online Cash Loan
There is a reason why online cash loans are popular these days. It is simple, easy, and readily accessible. All you need is to apply online, wait for up to 24 hours, and the money you borrowed is already deposited in your account. Repayment is easy as well since there are many channels where you can course it through – Coins.ph, 7/11, remittance centers, and bank deposit among others.
Despite the ease and convenience, how come many people are struggling in paying their loans? The following could be the reason:
- Unsure of the total amount to be paid.
This is among the most common concerns heard from borrowers. Although they are willing to pay on time, they are unsure as to how much they should pay, which is unusual because borrowers are informed as to how much they owe by the time they submit their loan application.
The next time you apply for an online cash loan, make sure you take note of how much you really have to pay. Online cash lenders like Loan Ranger will inform you about the total amount due and due date of your loan. List it down, set an alarm on your phone, and make sure you remember the amount – up to the last centavo.
- Not paying on time and in full.
You can come up with tons of excuses, but a loan is still a loan, regardless of the amount. You have financial obligation to pay the amount you borrowed and pay it on the scheduled date. This is why it is imperative that you take note of the important details concerning your loan.
What happens if you are unable to repay? Don’t worry. Assets under your name won’t be foreclosed since online cash loans are non-collateral loans. Still, this doesn’t mean you can freely get away with it. If, despite repeated demands, you are unable to pay your loan, then there is a possibility that a collection case will be filed against you – and you don’t want that to happen.
- Borrowing more than what you can pay.
Everyone needs money. When it comes to borrowing, this doesn’t mean you should borrow more than what you actually need and can actually pay. This is also the reason why many Filipinos are in debt because they borrow more than what is actually needed.
Online cash loan can be convenient, but stick to how much you really need. Don’t get easily carried away with the maximum amount you can borrow. Every money borrowed has a direct impact on your financial standing, so make sure you borrow wisely.
- Failure to compare loans.
There are many online cash lenders like Loan Ranger these days that it gets overwhelming for borrowers like you. You were told that this lender is good, so you applied as soon as you can. Then, you realized that there is another online cash lender with lower interest rate and more borrower-friendly terms.
The offer from a certain lender is tempting, but make sure you compare it first with other online cash lenders before hitting the “Submit Loan Application” button. By comparing terms, you can easily see which lender has more affordable rates and offers convenient terms.
In case you are looking for an online cash lender, consider Loan Ranger. They offer online cash facility for up to P10, 000 and make loan repayment easier and more convenient for you.
- Inaccessibility of repayment channels.
This is another point of concern from many borrowers. While applying for an online cash loan is easy, they’ll be surprised to find out that they have no Coins.ph account or there is no partner bank near them.
Before you hit the apply button and to make repayment less hassle for you, always check the lender’s repayment method. Choose among the methods available, so you won’t have a problem paying for your loan.
- Failure to take note of loan’s reference number.
Online cash lenders provide a Reference Number per approved borrower. It is usually sent to you by mail or it will reflect on the landing page that indicates you successfully completed the loan application. LIST THE NUMBER and make sure you won’t lose it. Online cash lenders deal with tons of applications and accounts every day and retrieving your file could take some time. This is why it is a must to take note of that reference number since you will use it for payment.
Also, don’t use the “no reference number” excuse delaying in your payment. It is the borrower’s responsibility to know it as well.
