I Need a Loan Fast: How to Get a Loan QUICK
HELP!! I need a loan fast! How many times have you thought this to yourself or even said it out loud? What did you do? Did you find a loan fast? What was the best loan available fast and for you? Emergencies happen and life happens. When this happens, we need fast cash loans online. We need money as soon as we can get it. You may need an amount that is more than what you have to your name. Is there a way to get a fast-personal loan to help you out?
Lenders are available that offer fast turns around for loans that you may need. They can loan money right now, but they may take advantage of your desperation. They will try to tie you down with fees that are really high, interest rates, and costs. We have some ways that you can borrow money when you need it fast.
Ways to Borrow When You Need A Loan Fast
Start with LendcoFunding
Begin your fast loan search with Lendco Funding. They will make sure that you get the best rate, and Lendco Funding makes your process easy and fast. They have several lenders in their network that can give you a fast turnaround and some applicants have the money within 24 hours of applying.
Look for Personal Lenders with Fast Approval
A personal lender may be the best bet for a loan fast with the best interest rate and fees. Some lenders do take one to three days to process the application, approve you, and fund the money. So, this loan isn’t as fast, but it may be the best one for you. These loans require good credit to qualify for personal fast loans.
A reminder when applying for a quick loan offered, you will need your identification and proof of income. This makes the process a little bit quicker. Personal information loans will depend on your credit, but they will run about 10-15%. Some lenders that offer quick loans will charge an origination fee, which is usually 1-5% of your loan balance.
Ask for a Loan from a Friend or Family Member
Sometimes it may be easier to ask someone close to you for a loan. If you have a support network that you can ask for help, it may be the best idea. There are plenty of pros about this kind of loan, however there drawbacks as well. As long as you take time to discuss the agreement with your close one, so you are both on the same page.
If you have clear expectations in front of you in this regard, it will help the relationship too. You could be applying for a personal loan in the meantime, while you wait, you at least have a little bit of money to help you. When you get the loan, pay off your family lender, and everything is okay.
Get A Cash Advance or Use a Credit Card
If you have a credit card, you could possibly use your line of credit to help you out. There are two ways, putting an emergency expense on your card or to take out a cash advance. The cash advance is fairly simple, just take your credit card to an ATM or your bank and they charge your card and give you cash. Some credit cards even let you make an online transfer to your checking account.
There is a setback to this option, however. When you take money out of your credit card, the fees may be between 3-5%. Then on top of that, the credit card interest may be up to 24% APR. The balance will grow interested if you do not pay the card off every month. There are a lot of high costs with that option and you may regret doing a cash advance. There are other options too.
Many people need quick loans but are not able to qualify for personal loans or credit cards. If they are, there is a secured personal loan that may be best for them. A secured loan is guaranteed by something you own and use as collateral. Examples are car equity loans, 401k loans, and a pawn shop loan.
It may not be the fastest way to get cash. They require you own a valuable and run the risk of losing that asset if you default on the loan. If you have bad credit, it will be easier to get these types of loans.
If you have a need for a fast loan today, these are possible options for you.
3 Quick Personal Loans You Need to Avoid
1. Pay Day Loans
With the payday loans, you basically hand over a check for the total amount of the online loan. Then the payday lender gives you cash and takes out their fees equal to the check. Then your payday comes, they cash the check from you. It seems like a good thing, but these cash loans are designed to suck people into agreeing with their tactics.
2. Advance-Fee Loans
Advance-fee loans or no-credit-check loans are another lending product the FTC warns people about. These people are usually scammy and predatory. Advance-fee loans often brag about not checking your credit. They have hidden fees, or they will ask you for money upfront. Notice the red flags before you sign a thing. This is not in your best interest at all.
3. Car Title Loan
Be careful with these fast cash loans. They’re like payday loans, with a quick application processed except your car title as collateral, things other financial institutions don’t do like the more common applications you will need a healthy credit score, a bank account and. These are short-term loans and they have an APR of 100% or higher. You also risk losing your car and it could be vital to losing your job if you cannot get to work.
If you need a fast cash loan online, be sure to research the online lender, don’t fall for any scams. Try to communicate with your billing companies for extensions and take time to calm down and think it through before you make a fatal mistake but if you are in a tough financial situation and definitely need a loan read the terms and conditions. these lenders love to hear you say ‘ I need a loan now please help” they will assign you a high-interest rate but within a business day the cash will be in your bank account.
Published April 26, 2019; UPDATED May 16, 2019.