So, how to get a loan by phone? It is not as simple as calling a bank and saying that you want money. You need to be prepared. First of all you need to do your homework. Find out what is a reasonable interest rate for the amount that you need and length of the loan your were thinking of. This is very important as there are a lot of companies that try to take advantage of people in desperate need of money. If you are not prepared, you can end up paying ten times more in interest than you really should. Make a note of what you can and are willing to pay for a loan. If what they offer is more than you can handle, then reject it. Don’t start thinking of it during the phone call.

You can get a lot of information on the website of the company that gives out the loans. All companies usually ask for at least the following information: your full name, age, address, telephone number, e-mail address, marital status, the names of your and ages of your spouse and children, your job status, current income of your family, job description, name of the company that employs you, if your lease or own a car, if you rent or own your on own house/apartment, if you have anything of value (that means if you own stock, real estate or valuable art), if the house is mortgaged and the size and price estimate of your house/apartment. They need all this info to determine if you are capable of paying back the loan.

There can also be a lot of other follow up questions so be prepared and give only accurate information. Do not guess or estimate. If you are not sure, then hang up, find it out and call back. If they find out that you have given them inaccurate information or that your have even lied, they can can terminate the loan and make you payback everything with interest. They can even sue you. It does not matter if you have paid everything in time. Trust me, they can do that and that is always in the terms of the loan.

So when you have given out the information, it is time to talk about the sum, interest rates and the length of the loan. This is where your homework comes into play. You will tell them what the sum is and the length of the loan and they give you their offer. Unlike in a bank where you can talk to the manager and negotiate for a loan, there is no room for haggling if you are getting a loan by phone. Your are talking to an employee who enters your data into the computer, which gives out the terms of the loan they can give you. So if the loan does not suit you then hang up and call another place. There is no point in begging as the person you are talking to is not authorized to change the terms of the loan.

You should always call at least three or four places for quotes. Then you get usually know what the rate is going to be and don’t end up paying too much. Never take out a loan from the first place you call. If your reject an offer some companies call you back offering a loan with better terms. It usually comes within a week of your call. That is if you suit their criteria of a good borrower. But don’t count on a call back as it might never come.

Watch of for scams. There many companies that advertise that they give out unsecured loans to everybody with great rates. When you call them they ask for your information and you talk for a long time. After a half an hour negotiating they tell you that you don’t qualify for a loan and hang up. You’ll find out why when you get your phone bill. That call can end up costing hundreds of dollars. The company has no intention of giving out loans. They get their money from your phone bill. So always read the small print from the add. If the call costs 2 bucks a minute then don’t call them. All the respectable companies have toll free numbers that you can call. Even if you don’t end up taking out a loan, the only thing you lose is time instead of money that you don’t have.

So getting a loan by phone does not really differ from any other type of loan. You need to give out the same information as you would in a bank. The terms don’t really differ between other types of loans. Even the rates are usually the same. So the only thing that is different is the method of acquiring the loan. Some people think that they can get a better deal by phone. Sometimes that can be the case, but usually not. Especially older people don’t trust companies that give out loans by phone. They think it must be a hoax as they are so used to going to the bank. In the end it is up to you. Just a telephone call for some money sounds easy, but there is sill something about talking to a person eye to eye. Especially if you have troubles paying back the loan. In that case you really want to see the person you are talking to.