Ways of Getting a Quick Personal Loan

Ways of Getting a Quick Personal Loan

kiara
kiara

Maybe your car needs immediate repairs, or you have a sudden medical condition that requires treatment, or maybe you want to pay for your college tuition fast. All these situations need emergency funds. And if you’ve not been saving for a rainy day, you might get stuck on what to do.

Fortunately, personal loans are here to help those who need fast money. They’re simply installment loans from different financial institutions that need no collateral to secure them. But with many lenders available deciding which one to go with can be somehow challenging. Here are some options for getting a personal loan.

Take cash advances on your credit card

Cash advances are fast and all you should do is go to an ATM, enter your PIN, and choose how much you want to withdraw as per the limit of your card issuer then wait for the money to be processed. But, although cash advances are quick, they have some significant drawbacks. For instance, they come with a higher APR than other purchases. Also, you’ll start paying for the interest immediately as there is no grace period provided.

Consider an online lender

Online lenders have several loan options with different terms and conditions, hence allowing borrowers to choose the most comfortable option for them. Plus, an online service saves one time and money. All you should do is fill an application online using a smart device. Most lenders use algorithms to decide whether a borrower is qualified for the loan, then you’ll quickly be notified. If you’ve been approved, you ‘ll need to provide an electronic signature, your bank account information, and a monthly repayment date before funds are deposited into your account as soon as possible.

Check if your employer can advance your pay

Nowadays, employers give their workers their wages in advance. Statistics reveal that many employees receive either full or partial advance on their earnings. Some employers even have an app for allowing workers to access earned wages before the payday. The only disadvantage of this is that you’re borrowing your own money. Thus you’ll have a less amount on payday, and your other expenses may not be covered.

Borrow from a family member/friend

If you have a family member who’s prepared to lend you, take advantage of that. The chances are that they won’t charge you interest like other borrowing institutions, and even if they do, it’ll be much lesser. However, these transactions come with financial risks and may destroy relationships.

Take advantage of the One Hour Loans

These are short terms loans available for when you need cash fast. They’re usually for two weeks and should be paid on your next paycheck. We recommend that you use them for unplanned expenses like medical bills.

One Hour Loan is like any other personal loan, only that the processing time is fast. But, note that as moneylenders have different processing times, your loan may take more than one hour.

You can apply for this loan via a lender or broker, and you’ll get a response or decision instantly. For someone in need of same-day cash, this is the best option.

Final thoughts

If you need quick cash, these are simple ways of getting a personal loan. However, you should be smart about getting a loan. Therefore, a little extra research and care will help you get an excellent offer.