3 Features Of Your Next Personal Loan

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A personal loan is a great way to cover cash shortages when surprise expenses like auto repairs, utility bills, and medical emergencies require more cash than your budget’s willing to give. They’re also a quick way to dig yourself deeper into debt if you aren’t careful about your choice of lender. Before you apply for the very first loan you can find, do some research. In addition to finding rates and terms that fit within your financial capabilities, make sure your lender has the following three features.


What this accreditation is may be different depending on the state you live in. It may be a state license as a direct lender, as a Credit Access Business (CAB), or as a Credit Services Organization (CSO). The important detail is that the lender in question has the right certification for its location and products, as it’s an essential security feature that will help you in the long run.

A license is only awarded to a business that meets your state’s strict lending laws — laws that regulate rates, terms, and conditions of their products to ensure the services they provide aren’t predatory money traps.

If you can’t confirm a lender has its state license, don’t look any further into their products. Though it may look like they offer responsible financial assistance, your state’s government has deemed their practices unlawful and therefore should be avoided.


A state license is a lender’s legal requirement in order to offer recognized cash advances. Excellent customer service, on the other hand, is not. That doesn’t make it any less important as you search for a reliable lender to help you cover your cash shortage.

The way in which a lender treated their past customers is indicative of the service you’ll receive in the future, so take the time to speak with friends and family members you trust to see if they’ve ever taken out a personal loan. You can learn a lot from their experiences if they’re willing to share them with you. Don’t worry if you don’t know of anyone who has used these products before. You can read reviews lefts by past customers online.

Third-party websites like Trust Pilot are a great source of unbiased information, as they merely host reviews left by former customers. With no affiliation with the company in question, Trust Pilot is a site you can trust for honesty when it comes to direct lenders like MoneyKey. It’s also quick and easy. You only need to scroll a few times to see that MoneyKey has an average rating of 8.7 out of 10 before you compare their score to another lender.

Online Applications

Typically, when you turn to payday loans over traditional financial products, you do so because of time limits. A looming bill, repair, or purchase is due very soon, and you can’t afford to wait the lengthy processing times associated with conventional lenders. A lender of small dollar loans understands faster is better, which is why they’ve eliminated much of the bureaucratic red tape that can slow down their processes.

In order to serve you faster than conventional lenders, they’ve moved most of their business online. Their applications don’t require lengthy in-person interviews. Instead you only need to fill out a simple online page of questions asking you about your contact and financial information. Though a representative will call you to confirm any of the information you share, you’ll receive notification if you qualify and are approved online. You’ll also receive your loan electronically and have the option to repay it online, too.

Like most financial products, a cash advance has the power to both make and break your budget. It’s up to you to make sure your choice of lender will only help you through financially rough patches and not create them. Think carefully before you apply with any lender. At the very least, give it more thought than the president gives his tweets about covfefe. If you can guarantee they have a license, high customer satisfaction ratings, and online applications, and you can feel good about your choice.

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