Are you in a bind and find yourself needing money fast? Did you know that most Americans are turning to personal loans?
There are options available for these types of situations. Don’t feel hopeless for we are going to consider a few options you have for when you need money fast.
Let’s go over some of the things you should do before you seek quick personal loans.
Quick Personal Loans: Things to Know Beforehand
If you happen to have an excellent credit score, you are more likely to be qualified for a personal loan with a low-interest rate. Find out what your credit score is.
By having this information, you will have a few more options available to you.
In general, credit scores fall in the following ranges:
Excellent credit: 720 and higher
Good credit: 690 – 719
Fair or average credit: 630-689
Bad credit: 300-629
You may be asked for certain documentation when applying for a personal loan. Before leaving your home, make sure you have the proper documentation ready.
Make sure you have these ready:
- Social Security number
- Monthly debt obligations (rent, student loans, etc.)
- Employer’s name, work address and phone number
- Address, email, phone number
- Previous addresses
- Date of birth
- Mother’s maiden name
- College name and major
Go prepared and make sure you have this information. If not, it will slow down the process time.
Four Ways to Get Money Fast
You may need to research and find what the best personal loan will be for your situation. Do not rush into anything. You want to make sure you aren’t choosing a loan that is predatory.
There are fast personal loans and even certain lenders that are better than others.
1. Look for Personal Lenders with Fast Approval
A private lender will most likely give you the best interest rate and fee. Lenders will take typically one to three days, however, to process your application, approve you for the loan, and provide the money.
You need excellent credit to qualify for this type of fast personal loan. Research and find out what your credit score is and then consider seeking a personal lender.
This is an option that will give you the best interest rate and fee. If you have time and good credit, this is the best option for you.
2. Ask Someone in Your Personal Network for a Loan
If you have a close and robust support network, you can ask one of them for help. Ask someone in your close circle who may be able to spare the money for a quick loan that you will repay.
Sit down with them and take the time to go over the terms and agree with how often you will pay back the loan. You also want to determine if you will pay interest.
Sign a note or document. The person you ask will feel more confident that you will pay back the loan. This will also protect your relationship.
Another option when needing money fast is getting it first from a family member or friend and then applying for a personal loan. This will allow you to get the money you need right away.
Once the loan is funded, you can pay back your family member or friend quickly.
3. Use a Credit Card and Get a Cash Advance
Did you know that if you have a credit card, you can use this as a line of credit?
There are two ways to do this. First, put an emergency expense on your credit card.
The other option is withdrawing a cash advance. Getting a cash advance is straightforward: take your credit card to a bank or ARM, and they will charge your credit card and provide you with money.
Some credit card issuers will even allow you to transfer money online to your checking account.
Find out the ins and outs of your credit card.
You will usually have a credit card cash advance fee anywhere from three to five percent. You must remember that you have credit card interest in during the month as well.
This balance will grow every month until you can pay it back.
Consider getting money fast through a cash advance. Consolidate the credit card debt with a personal loan. This will allow you to have a lower interest rate and not pay as much in the end.
4. Try a Secured Loan
For those who need a quick personal loan but do not qualify for a credit card or most private loans, a guaranteed personal loan is the next best option.
A secured loan is guaranteed by selecting something that you personally own, and you use as collateral. For example, a pawn shop loan or a car equity loan could work. Think carefully about which one you will choose.
Applying for a secured personal loan isn’t the fastest way to get cash, however. Consider if you have the time to apply for a personal loan. If not, it isn’t the one for you.
They require that you have something valuable to use as collateral. You run the risk of losing this asset if you default on the loan.
If you have bad credit, it will be a lot easier to qualify for these types of loans.
Consider if you will be able to pay this back. Do not sign up for this if you cannot.
You will be risking whatever you use as your collateral.
Find Out More Information
In this article, we went over the various options you have for gaining quick personal loans.
Make sure you have the proper documentation when you go to apply for a personal loan. This will make the process a lot smoother and relaxed.
If you want to learn more about how to get poor credit loans, check out this article we wrote about getting a personal loan. We are happy to help!