Unlike it was the case a while back, getting fast loans is easy, even for those with bad credit. This is mainly due to the fact that there are more financial institutions lending money to those in need.
If you are pressed for cash and in need of a quick loan, then there are important factors you need to consider in order to get approved quickly and also pay less in interest rates.
Personal Loans from Friends
A great and easy way to get fast loans is to simply ask from those closest to you. Borrowing from family members and friends has its pros and cons. Pros because you get a loan with little or no interest, and con because you are limited when it comes to the maximum you can borrow. You also get your privacy invaded which might not be welcomed by most people.
Personal Lenders
If borrowing from friends and relatives isn’t an option, then your best bet will be getting finance from a personal lender. Personal lenders will usually charge between 10 and 15 percent interest rates, and also demand that you provide proof of income before approving loans. The amount you get in loans and the interest rates you pay from lenders will depend on your credit rating.
Secured Loans
Secured loans are fast and come with low-interest rates. Lenders are willing to offer loans to those who present some form of security. You can secure a loan against your car or your home’s equity value. There are lenders who are willing to take other forms of security provided it is of greater value than the amount you intend to borrow. Secured loans are perfect for those working with bad credit. It is however important to note that you risk losing your property if you fail to pay the loan as per the agreement.
Cash Advance or Credit Card
You can get financing by putting an emergency expense on your credit card or taking out a cash advance. Most banks and ATMs allow you the opportunity to get funding which is then charged on your credit card. The fees usually range between 4 and 5 percent. Some credit card issuers even allow you to transfer money to your card from an online platform, making your work easier.
Compare Rates Online
Many lenders have taken their business online and you can now get loans from a wide range of lenders and financial institutions. The best part is that you get to compare rates between different companies before settling for a lender. Make sure you read the terms and conditions in order to avoid hidden fees.
Look for Quick Approval
If you are in need of quick cash, then consider searching for lenders with fast approval rate. Some lenders may take just a few days to approve loans while others may take weeks. There are also those who take just hours to get you funded. Once you have all the necessary documents ready, search the internet for lenders who can finance you within the shortest period of time.