You might be wondering how quickly you are able to get a personal loan if you end up needing access to capital quickly. Emergencies pop up, which can easily result in the need for access to cash. If you need money quickly, you’ve probably looked into a range of financial arrangements. Personal loans are actually one of the easiest ways to get yourself the money you need in a hurry.
This guide has been written to help you understand the benefits associated with quick personal loans. It will also provide you with various reasons a quick personal loan might be suitable for the situation that you find yourself in. Make sure to read all the information in this article prior to proceeding to the application process.
Personal Loans: The Incentives
Credit cards have long been one of the most popular forms of lending available to those who want to borrow money. The credit card industry has done a great job of marketing themselves to the public. They offer unsecured debt that is extremely popular with consumers looking to spend money. On top of this, they offer various rewards which have made them attractive to individuals who are looking to get more out of spending. But credit cards also come at a cost – they’re extremely expensive. They have some of the highest interest rates on the market.
For this reason, personal loans have become increasingly popular with United States consumers. So, why do people seem to be choosing personal loans over credit cards? We will explore the reasons in further detail below.
Personal loans can actually be received quicker than traditional loans or credit cards. Many online lenders can get you the money you need in just a matter of hours. In this regard, quick personal loans are great for those who need access to cash quickly.
Most personal loans have much lower interest rates. If you want to save money when you’re borrowing money, you’re better to use a personal loan. Credit cards have some of the highest interest rates in the game.
It’s easier to pay off a personal loan than a credit card. Credit cards allow you to fall into a debt trap as you can constantly spend the money that you pay back. Whereas term loans have a fixed payment schedule that helps you ensure that you don’t end up continuing to get yourself further in debt.
Access to Cash
One of the primary drawbacks of credit cards is that the cost of accessing cash is quite high. If you want to be able to access cash, you typically have to pay a cash advance fee, which can be extremely high. Personal loans on the other hand go straight into your bank account. They’re much better for people who want access to cash without having to pay the extra fees.
How to Get Quick Personal Loans
Getting quick personal loans is a pretty straightforward process. You have two choices when it comes to personal loans: traditional lenders and online lenders. If you want quick personal loans, we highly recommend that you opt to work with an online lender. They’re much quicker at getting you the money you need.
The entire process is done through the internet, so you don’t have to worry about wasting time with silly in-branch applications at a bank. We will overview how to get a quick personal loan through an online lender in more detail below.
Step 1: Choose Your Lender
This is often the hardest part of the process. You need to make sure that you’re working with a lender that can get you the money you need quickly. You also need to make sure that you’re working with a lender that has a good reputation. Because there are so many online lenders, it can often be hard to choose which one to work with. You want to know that you’re working with a company that has the ability to keep you satisfied as a customer.
Head to Consumer Affairs or the Better Business Bureau. Both of these companies are consumer watchdog groups that do a great job of looking out for individuals who are trying to find out which company to work with. If you find that you’re having trouble determining which company is best for you, make sure to look at these websites. They allow past customer to review their experiences with lenders – they also do their own research to establish the viability of a firm.
Step 2: Head Online
Once you have decided on a lender to work with, you should head online and begin filling out the application. Make sure that you have all the needed information available to you so you don’t waste time redoing the application at a later date. This application process should only take you about ten minutes if you know what you’re doing. You will typically need information about your income, as well as your SSN and current address.
Step 3: Decision Time
For most lenders, you will receive a decision from them in just a matter of moments. This is great for people who want to know what the outcome is as quickly as possible. With many traditional lenders, you might end up waiting up to a week to find out a lending decision.
Step 4: The Cash is All Yours
You’ll need to provide banking details to your lender so that they can electronically transfer you the money that you are owed. Many online lenders can get the money into your account within 24 hours of being approved. This is a substantial improvement when you consider how long it can take for you to receive money from traditional lenders.
Reasons for Quick Personal Loans
There are a variety of reasons you might find that you end up needing a quick personal loan. We’ve outlined some of the top reasons that our readers end up needing access to quick cash. Check them out below.
Many people will end up needing extra capital to help pay for a medical emergency. Many hospitals will allow you to enter an interest-free payment plan, but if they don’t you may need to get a personal loan. If you can’t wait long for money, you’ll most definitely need to get a quick personal loan.
If your vehicle breaks down, it can be catastrophic for you and your family. You don’t want to end up not being able to get to work, you probably also have to take your kids to school. Getting your vehicle fixed quickly is often a necessity. That’s why many people get quick personal loans to pay for car repairs.
Just as with car repairs, some home repairs can’t wait. If you need to repair your home quickly because it’s impacting your life, a quick personal loan can do the job. For example, a leak in your home might be causing further damage to your floors and walls, it’s important to get this fixed as quickly as possible.
Many people may view electronic products as a luxury, but some are necessities. If you have a broken phone or laptop, you might not be able to do work. In this case, it would be understandable if you needed to try and get a personal loan to help cover the costs.
If you have an unexpected unpaid bill, you’ll want to pay it as soon as possible. Leaving it unpaid can result in you losing out on extra money, and may even mean that you have a mark against your credit score. It can often be best to apply for a quick personal loan – you don’t want to damage your credit score for the future when you don’t need to.
Ensure You’re Eligible
If you want to make sure that you can get a quick personal loan, you need to make sure that you’re eligible for the loan in the first place. The easiest way to get rejected for a loan is to apply for one that you have no chance of getting. Doing so is completely pointless, you should never try and get a loan that you know you won’t be approved for. Each time you’re rejected for a loan, it will go on your credit report and slightly reduce your score in the near-term. In addition, lenders will be able to see that you’ve just applied for another loan – if you apply for a second one in quick succession, you will also be rejected.
For this reason, check with the lender to see what type of score range they typically accept. If it’s not publicly available, call one of their customer service representatives and ask them what the typical score is.
If you still can’t manage to find out what credit score is suitable, head online to a forum to see what others have been successful at applying with. You want to make sure that you apply for a loan that is achievable. Many online forum users will post details about their applications with certain lenders. Community users will often post the score they were successful or unsuccessful at applying with. This is a great way to get some true insight as to whether or not you have a chance of being approved.
Never Access Payday Loans
One of the primary ways that people get access to quick cash when they have an emergency is by getting a payday loan. This is probably one of the most dangerous decisions you can make. We strongly encourage our readers to avoid these types of loans at all costs. Payday loans are structured specifically to put you into a debt trap – lenders who provide these forms of loans are predators who prey on individuals with weak credit profiles.
Typically, a payday loan is extended to you with the understanding that you pay it back within a month. There will typically be a 30-40 percent charge associated with borrowing the money. While this may seem like a lot, it’s nothing compared to the costs that you’ll face should you end up defaulting on the loan.
If you don’t end up paying the loan off by the first due date, the interest rates will soar. You can sometimes be charged up to 1000% per annum! This may sound impossible, but it’s not. These companies know how to get their customers in a debt trap that will take decades to pay off. If you don’t pay, you’ll be endlessly hassled by debt collectors – it’s most definitely a road you don’t want to go down. You should always be looking for alternatives to payday loans, they’re the worst type of finance that you can receive. But don’t take our word for it, you can head online to see testimonials from thousands of people who have had their financial lives ruined by payday loan companies.
Quick personal loans are growing in popularity for a reason. They’ve become one of the best ways to get access to quick capital during emergencies. Instead of applying for a credit card or traditional loan, you can get an online personal loan that will take a fraction of the time to receive. The entire application process is nothing when compared to other forms of finance.
But getting started is often the hardest part, you might not know where to look when you want to get an online loan. That’s why it’s important to make sure that you get off on the right foot. We have done extensive research to determine which online lenders provide the best quick online loans. Make sure that you have a look at the recommendations on our homepage before you start researching lenders.
Remember, quick personal loans are a great way to help remedy a problem or confront an emergency, but they should always be used responsibly. You should never use a loan to make a luxury purchase, this will further damage your ability to borrow in the future. In addition, if you’re unable to pay back the loan correctly, it could completely destroy your financial health.
If you have any more questions about personal loans, make sure to check out some of the other great resources on our page!