There are many times in life when consumers may need to borrow a small amount of money to meet their financial needs. For instance, when moving house, tenants are usually required to pay a rental deposit before they can secure a vacant rental unit. The deposit is commonly referred to as a housing bond, and it’s fully refundable at the end of tenancy if the tenant leaves the rental unit in the same condition they found it. Any damage or dirty mess will cause problems as the property manager will deduct the cost of repairs or bond cleaning from the housing bond.
Since most people cannot afford to pay the required rent together with the housing bond, which is often several times the required rent, borrowing may be required. Fortunately, there are many places where you can get a housing bond loan. The best place, however, is online. There are many online lenders with short term loan products consumers can use to pay their housing bond. When comparing these lenders, the following are important factors to consider:
i) Processing Speed
A marketable vacant rental unit may only be available for a short period. Therefore, it is recommended you look for lenders with a proven track record of processing loan applications quickly. Special consideration should go to firms that offer instant approval. The ideal lender should also be able to disburse the loan in a matter of minutes as opposed to hours or days. Fortunately, there are many lenders that can fit the bill.
ii) Interest Rates/Facilitation Fees
Whether a lender charges interest or a convenience/facilitation fee, it is recommended you compare the cost of lending from different firms. This is crucial because some lenders usually charge exorbitant rates or fees. Therefore, you have to check what the shortlisted lenders usually charge before submitting your application.
iii) Loan Requirements
While some lenders usually require the applicant to fax some documents to their offices and submit additional information to get a loan, others only require simple details, such as name, phone number, physical address, place of employment and similar types of information. Therefore, you have to check and compare the loan application requirements demanded by different lenders before committing yourself.
To get the best housing bond loan, you should not be in a rush. Ideally, you should start your search early to ensure you can gather useful information that can help you to make a decision that is well-informed.