If an emergency pops up and you’re in desperate need of money, you may be wondering where to turn. You check your high-yield savings account and come up short. You may wonder if it’s possible to find easy online loans to help you make up the difference. In most cases, you can get a quick loan from a reputable lender, though some lenders are going to try to take advantage of your situation to pepper you with high interest rates and fees.
To protect yourself, it’s best to know how to get a fast loan safely.
Easy Loans: What to Avoid
It’s easier to talk about the types of loans you should avoid, such as payday loans online. You’re going to be tempted to utilize these loan options because they seem like easy loans. However, they can cause you to get into a revolving debt situation that you can’t break free from if you live paycheck to paycheck. They work by giving you a little money based on how much you earn each week/month. You have until your next payday to pay off the payday loan no credit check, which is sometimes only a week or two. Because there’s so little time to repay the loan, you can easily get into debt trouble.
It can also be helpful to avoid car title loans because your vehicle is collateral. If you fail to pay on time, the lender can repossess your vehicle, leaving you without transportation. There are many other loan options out there, indicating that you don’t have to use these services if you don’t want to do so.
If you have bad or no credit, you will probably find it tough to qualify for a personal loan or get a credit card. A secured personal loan can be helpful. It works by using something you own as collateral. You can get a 401k loan with your 401k money as collateral or a car equity loan with your car being collateral. While they work similarly to a car title loan, they do give you more time to repay the loan and don’t usually have such high APRs. However, secured loans aren’t necessarily a fast way to get money, and you still run the risk of losing your asset if you can’t pay the loan.
Get a Credit Card
Keep in mind that applying for the best credit card isn’t usually a quick process. It can take a few weeks to get approved, but you can prepare yourself for the next emergency. If you already have a credit card, you can get a cash advance, though it’s important to remember that cash advance fees and interest rates are much higher than regular purchases. If possible, you may want to use the credit card itself to make the purchase for service.
Personal Lenders/Banks Can Give Easy Loans
If you have good credit scores, you can probably go to a bank or personal lender to get the money you need. Many times, these lenders can process your application in as little as three days and approve you. However, approval isn’t guaranteed.
Many times, you can also apply online, which makes the process more convenient. If you choose to go to a bank, you will probably need to go to a local branch. However, banks can tell you almost instantly (while you wait) if you’re approved or why you’re not.
Regardless of the option you choose, you need good credit and cannot be in default on any other personal loans. If you have debt collectors on your tail because of unpaid bills, you are unlikely going to qualify for a loan from a bank, though personal lenders can still offer you easy loans. Here are some other articles you might find helpful:
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