If you’re like millions of Americans, you’re probably wondering what happens next.
The second week of March 2020 will go down as one of the most unusual weeks in recent history. We went from normal life to being isolated to our homes in a matter of days due to coronavirus.
For many people, jobs are already impacted as retail stores and restaurants are forced to close. Layoffs have already begun, and we’re just starting to deal with the pandemic.
A personal loan will help you get some cash now to bridge the gap
Read on to find out the best place to get a personal loan and how you can get approved fast.
1. Traditional Banks
When you think of getting a loan, it’s natural to want to drop by your bank and apply for a loan. That may not be easy as you think right now.
Many bank branches are limiting their services and hours. If you go this route, you’ll want to contact the bank directly before you apply.
2. Online Marketplaces
Online marketplaces are fast and easy because they’ve done the legwork for you. Bonsai Finance is an example of an online marketplace that will match you with a lender according to your financial needs and situation.
The advantage here is that you can get a loan quickly and save time from shopping around from bank to bank.
3. Peer-to-Peer Networks
Peer-to-peer networks are websites that pair individual investors with businesses and individuals who are in need of a loan.
For investors, they make money on the interest paid on the loan. For borrowers, they get fast access to cash.
When you apply for a loan, you’ll review your approval terms and interest rate. If you accept those terms, investors will review your application and decide to fund your loan or not.
If you have a loan accepted, then you’ll receive the funds and pay the loan back according to the terms of the loan.
4. Payday Lenders
Payday lenders are known for making loans in small dollar amounts until you get your next paycheck. These types of loans may seem appealing because you can apply at a retail store and
These loans aren’t for everyone, though. If you’re in a situation where you don’t have an income right now, you may not get approved. In other cases, you may be able to use your unemployment benefits as proof of income.
These are meant to be short-term loans that are paid back within a couple of weeks. They also tend to carry higher fees than other forms of personal loans.
5. Same Day Loans
Do you need cash now to make ends meet this month? Same day loans are smaller loans that are disbursed shortly after approval.
In many cases, these loans will hit your bank account the same day or the next day after approval.
Tips to Manage Your Finances During the Coronavirus Pandemic
How can you manage your finances when it seems that you’re surrounded by chaos? Here are some tips that you can put into place now.
Take a Look at Your Budget
The best thing you can do now is taking a close look at your budget. You should figure out where you can trim expenses while staying sane at home.
You’re probably going to eat out less since restaurants are closing in many cities. Be sure that you trim the most unnecessary expenses now and then prioritize where you need to cut if things get worse.
Cash is King
The reason why you want to get a personal loan now is that it can give you a cushion of emergency funds in case you need it.
If you’re one the people who already have suffered financially, a personal loan can give you the cash you need until things return to normal.
Getting the Right Personal Loan
As you can see, there are plenty of places to get a personal loan. You want to make sure that you choose the right personal loan for your needs and choose the right lender. Here are some tips that you can use to get the right loan for you.
Your credit score will tell you whether or not you’ll qualify for some personal loans and how much you’ll get. You’ll also know what interest rate you’ll pay.
You also want to see how much you’ll need to bridge the gap. Personal loans can be as small as $500 or as large as $100,000.
Stay Within Your Means
The one thing you can’t afford to do right now is panic and get a loan that you can’t afford to pay back. Before you commit to a personal loan, you want to make sure that you have the means to pay the loan back.
If you take out too much money, you could put your credit at risk and dig yourself into a financial hole.
The Best Place to Get a Personal Loan
The coronavirus pandemic is disrupting every facet of our lives. It’s hard to tell how difficult will be for many people. Investors are talking of a recession or even a depression if things continue on the trajectory.
The steps that you take now to prepare will help you manage and survive even the worst-case scenarios. You can help your financial outlook improve by getting a personal loan. The best place to get a personal loan depends on how much you need and your financial situation.
Yes, there’s talk of government relief coming for Americans, but there is no way to tell when it’s going to happen. Your best bet is to be prepared now and get your finances in order.
Do you want more tips to survive the coronavirus crisis? Read this article about getting online loans with no credit check.