There are some emergency situations where you’ll need cash fast. You might not have enough saved up which will mean looking for other alternatives. There are loan sharks out there ready to draw blood whenever they smell desperation. That is why it is important that you’re doing your due diligence if you intend to borrow money from a lender you’ve never worked with before. If you’re in desperate need of cash, you might not have time to investigate the lender provided you’re getting what you’re looking for at that particular time. Here are some tips that will come in handy if you’re looking to get a loan fast.
Look For Lenders With Fast Approval
When doing your research, you should be sure to note the approval time. You don’t want to be working with a lender who will approve the loan after five days when it is an emergency situation. There are online platforms where you can get reviews on lenders and their approval period. The time it takes for the loan to be approved will give you an idea of what to expect from the lender. Make sure you have all the necessary documents in place to avoid delays with the application.
There are many available regulated payday lenders who will offer a very smooth and easy online application when applying for short term loans. These will help loans seekers the ability to see if they are eligible for a loan.”
Ask Friends or Family
Your friends or family members are likely to understand, especially if it is an emergency situation. Having a support system is important as they will come through in your moment of trouble. Ideally, you should ask for the loan from someone that is trustworthy and dependable. Make sure you’re returning the money when you get the first chance. This due to the fact that a lot of families and friendships have been ruined because of borrowing money.
Cash Advance
This will be an option if you don’t have any maxed-out credit cards. There are two ways you can use a line of credit. The first option would be to take out a cash advance while the other would be to put an emergency expense on the card. There are some credit card companies that allow for online transfers. It should be noted that there will be a cash advance fee, which could be as much as 5% of the total amount.
Secured Loan
You might be in need of a quick loan but you don’t qualify for one. If that is the case, you can opt for a secured loan. In such an instance, you will have to give to provide a guarantee in the form of collateral. This could be your car, house, or property you own.
Payday Loans
With payday loans, you get to give out a check which is equivalent to the amount of the loan. The lender will then give you the cash after deducting the fees. They will then cash the check from you the day it matures. They might appear like a great deal but you should be worried about the high-interest rates and the predatory tactics used by payday loan companies.
Car Title Loans
With car title loans, the collateral will be your car. However, you should always be wary of the company that you’re working with. Car pawn loans can be a lifesaver because the majority of lenders will offer cash on the spot provided they can have the car title as a security for the loan. Make sure not to fall for scams, especially if you’re getting the lender off the internet. A car is an expensive asset and you don’t want to lose it because of working with a greedy lender with predatory tactics.
What to Look Out for When Getting a Quick Loan
According to a study conducted by CareerBuilder, 78% of Americans live paycheck-to-paycheck. Having bad credit will only make things worse if you want to borrow money. You have to pay high-interest rates which might not end up well if it is an emergency situation. It is important that you’re only borrowing what you can afford to pay back. If you don’t want to face the high-interest rates, looking for low-interest personal loans might be the ideal solution. Sometimes the low-interest rates can come with additional charges. Make sure that you’re aware of how much exactly you’ll be paying back.
Creditors are humans too. You can ask for an extension if you’re finding it hard to pay the loan. Having a co-signer with good credit will help in keeping the interest rates down.
To sum it up, it is crucial that you’re doing your research on the lender even if it seems that you don’t have time. You don’t want to pay heavily for the mistakes that you could have avoided in the first place.
