Not all fast loans companies are the same

A lot of people might think short-term companies all do exactly the same thing, so once you’ve found one, you’re done. If this were the case, there would only be one company monopolising the whole market, as nobody would see the point in competing. In reality, all fast loans companies offer packages that slightly vary in a variety of ways.

One example of how loan providers can differ might be in their cash limits. At Cigno Loans, we offer loans up to $500. Some companies will offer more, some less. It’s important to remember that you should never aim to take as much as you can when it comes to short-term loans. Fast loans are designed to be paid back as soon as possible. So taking more than you need could prove more costly than necessary.

It’s always a very good idea to look around when hunting for a fast loan. Weigh up policies, limits, and whether or not you like the look of each companies testimonials and contact information. Don’t dive in! You might regret it later.

The speed of payout

If you’re caught in a real pickle, you might not have time to wait for a credit card or long-term loan. Fast loans can usually be paid within a day, but you’ll need to keep any eye out for companies that claim they can do it much faster. If the offer is too good to be true, it usually is.

At Cigno, we promise to have the money paid to you within 24 hours. This is the fastest time you should realistically expect from any reputable short-term loans company. You might come across some websites that promise to have the money paid to you within minutes. Be very careful with these options, as they’re likely not handling things as thoroughly as they should be.

We bypass the credit check to make our payouts as swift as possible. The only reason our process takes hours is because we like to be very sure that you can afford to pay for the amount you’re applying to take. Without this process, we’d be handing out loans blindly and this wouldn’t do anyone any good. Want to play it safe? Pick wisely by sticking to market leaders that come highly recommended.

Don’t take limits that will tempt you to spend

One of the most powerful tactics that credit cards use to draw you in is to offer you huge limits that are totally unnecessary. If you find yourself constantly falling short on cash, the last thing you need is a piece of plastic in your pocket that’ll let you buy anything you want with a flick.

One of the most simple ways to save money is to remove yourself from temptation, avoid using large limit credit cards, and reign in your spending as much as possible. Anyone who’s ever worked hard to build their credit score back up will tell you – the first thing credit card companies do when they see that you’re managing your credit more sensibly, is to offer you a huge new card.

These are some of the most important things you need to keep in mind when looking for fast loans online. Sometimes, the safest bet is to go with an established company with a proven record in providing great quality service. Customer care is one aspect we take very seriously at Cigno, as we know people look for reliability and professionalism above all else when it really matters.

We hope this quick list of pointers has helped! Feel free to get on touch if you have any other questions regarding fast loans or fast finance!

Think you’ve heard everything you need to know about short-term loans? In this quick article, we’re busting down some of the most common misconceptions about these kinds of short-term cash solutions (also known as payday loans). Have a quick read through and see if any of these less-known truths tells you something you didn’t know. We’ll start with one of the most common myths out there:

Myth 1: Payday loans are designed to trap people into debt

Nothing could be further from the truth. It doesn’t do anyone any good when a loan is defaulted. If anyone ever tells you it’s possible to survive in finance by handing out money to people that can’t afford to pay it back, they haven’t really thought it through. At Cigno Loans, our main aim is to help people out when they need it most.

The first thing we look for is proof that the applicant earns more than enough to afford the loan they’re applying for. Any reputable payday loans company will do the same because they know the only way to succeed in this industry now is to provide a helpful service, look after the needs of loyal customers, and concentrate on ensuring every loan is completed without difficulty.

Myth 2: Short-term loans include loads of hidden fees

Ours certainly don’t! Again, if we bombarded you with piles of hidden fees on your first loan from us, would you come back to us the next time you needed help? Absolutely not! We like to make our fees and interest rate perfectly clear when we send you our loan offers. This ensures the customer knows all the important details upfront, can make a clear decision, and enjoys a surprise-free experience.

Imagine you owned a loans company. You know that the cost of living is already going up as it is, and people are needing reliable fast cash loans now more than ever. Think it would be a good idea to fill your policies with loads of hidden traps that hurt your customers? No, we don’t either. We absolutely believe in being as forthcoming with information as we can throughout the process. Tricky deals don’t cut it anymore. We hate them just as much as you do, so we avoid them as much as we can!

Myth 3: Payday loans are for gamblers and the unemployed

We actually always advise against the use of payday loans for anything that isn’t a necessary purchase. Gambling is certainly one of the most dangerous ways to use the money from a short-term loan. People on very low or no income don’t make it past our application process unless they are receiving a steady income from welfare services like Centrelink.

If you tell us you need the loan to buy new personal items like necessary shopping sprees, holidays, or home improvements, we’ll always remind you that payday loans are only suitable for emergencies. Need to replace the boiler or don’t have enough to buy groceries for the next couple of weeks? These are the kinds of situations we’d be more than happy to help with.

Myth 4: Short-term loans companies jump at the chance to apply late fees

Some loans companies can be. Just like with all credit cards, payday loans are designed to be paid back as soon as possible, so if you miss your repayment dates, late fees are supposed to be applied. At Cigno, we like to take a far more progressive approach to late payments.

The main thing we want to do is help ensure your loan experience is a good one. Get in touch with us as soon as you think you might be late paying and we’ll do everything we can to help rearrange your repayment schedule to suit your needs.

The worst thing you can do is ignore your repayments and then ignore contact with your loan provider. This is a sure way to end up owing more than necessary. The very best thing you can do is communicate with us as early as possible so that we can work with you to find a resolution.

These are 4 of the biggest myths out there surrounding payday loans. We hope this quick list has helped reshape your thoughts on these short-term, fast payout cash solutions.

Common Myths People Believe About Short-term Loans

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Read more about no credit check loans here, or in our previous blog post: 7 Common Reasons for Short Term Cash Advance Loans

Vital Factors To Look For When Searching For Fast Loans