When people need to get a loan, they often need fast results. Traditional lenders sometimes take days to make a decision, increasing the stress that borrowers may already be experiencing because they do not know whether their submission will be approved. If you are facing a financial need, there may be a better solution.
Get a Loan Fast
If you need to get a loan fast, an online lender is frequently the quickest solution. Lenders offering online loans can make the process more convenient as well as faster. You can submit your form from home at the time that works best for your schedule. There is no need to work with a traditional lender’s hours; you can apply day or night, even on weekends and holidays. If your loan is approved, the money will typically be sent directly to your bank account, eliminating the need to make a trip to deposit a check.
You May Be Able to Get a Loan with Bad Credit
You may have discovered that it can be difficult to get a loan with bad credit if you have no credit history or a low credit rating. Many online lenders accept applications from people with poor credit, so do not let your bad or nonexistent credit stop you from applying. Even people with bankruptcies may be eligible to apply for an online loan.
Options when You Get a Loan Online
When you get a loan online, you have options that allow you to choose the best type of loan for your situation. Online lenders offer different types of loans that have different repayment terms and different loan amounts. This allows you to choose the loan with payments that work for your budget and in the amount that you need so that you are not forced to borrow more than you want.
Although many lenders offer the opportunity to get a loan with bad credit, not every lender offers every type of loan to those with impaired credit. However, you should not let this stop you from applying if you need to borrow money.
Installment loans are an excellent option if you need to spread your payments over time. Terms vary by lender, but you will normally have at least 90 days to repay the loan; larger loans may have longer repayment terms. You typically do not need collateral for an online installment loan, so many lenders refer to this type of loan as an unsecured personal loan.
Cash advances, which are also known as payday loans, are usually for smaller amounts than installment loans. They also have shorter repayment terms, normally ranging from 14 to 30 days. The entire loan amount and any fees or interest will be due at the end of the loan term.
The type of loan that is best for you depends on your situation. You need to determine how much money you need and how you will repay the loan while still paying for housing, food, utilities and other expenses. You should not get a loan without having both a valid reason for borrowing and a realistic plan to repay the loan.
Unsecured personal loans and payday loans can be used for virtually any purpose. Either type can be a valuable financial tool when used wisely. If you are ready to wield these tools to strengthen your financial foundation, apply now and receive a fast response.
How Quickly Can You Get a Decision?
The speed of the decision depends on the lender and your particular situation. However, many online lenders can make a decision just a few minutes after they receive your information.
Occasionally, a lender may request that you fax proof of your identity, employment or residency. If additional documentation is requested, send it promptly so that your loan can be finalized as quickly as possible.
How Much Can You Get with an Online Loan?
Online lenders offer a variety of loan amounts. Although not every borrower qualifies for the same type of loan in the same amount, unsecured loans are typically offered from as little as $100 to as much as $5,000. Some lenders offer installment loans of as much as $25,000 to $35,000. The higher-dollar loans may not be available from all lenders or if you are applying to get a loan with bad credit.
What Is Required to Get a Loan from an Online Lender?
Because your loan will usually be delivered electronically, you should have an open bank account. You must also have a job or source of other reliable income. Most lenders will require that your income be sufficient to repay the loan on time; for example, if an applicant’s only income is a monthly check for $750, he or she will obviously be unable to repay a payday loan of $1,000 when it is due.
Why People Choose to Get Loans
There are many reasons why people choose to get a loan. Perhaps they need to replace a major appliance such as a refrigerator or water heater. Sometimes they are facing an unexpected home or auto repair. Budget shortfalls may require taking out a loan to prevent having a utility disconnected or making a late mortgage payment.
Even people who have credit cards often prefer to take out an online loan rather than take a cash advance on their credit card. Most credit card issuers limit the amount of cash advances to a percentage of the total credit line or as little as a few hundred dollars. The interest rates charged on cash advances are usually higher than for purchases, and since there is normally no grace period, the interest starts immediately.
Another reason that some borrowers need to get a loan fast is that they discover they have made an error in their bank balances. A subtraction error of $100 may not sound fatal, but if that $100 represents seven or eight checks that are going to bounce due to insufficient funds, the repercussions can be severe. As of August 2016, the average NSF fee was more than $33, according to Bankrate.com, so seven returned checks would result in bank charges of over $230 in addition to the charges levied by the payees.
Because unsecured loans can typically be used for any legal purpose, borrowers sometimes get a loan for highly personal reasons. For example, they may want to give a child a special graduation gift, attend a family reunion or go home for the holidays.
In other words, the reasons for getting a loan online are as varied as the individuals applying. Given the flexibility and convenience of online loans, an increasing number of borrowers are choosing online lenders over banks and credit unions. If you are ready to get the money you need or want, you can get started today.