Are you in need of quick cash to cover an emergency expense or bridge the gap between paychecks? There are several options available for those who need to borrow money instantly. From personal loans from banks and credit unions to alternative payday loans and cash advances, there are a variety of ways to get the money you need quickly. Credit unions are a great option for those looking for low interest rates and fees. As nonprofit organizations, their goal is to return profits to members rather than shareholders.
Some credit unions offer alternative payday loans, which are short-term loans for small amounts designed to help members avoid expensive payday loans. For those who just need a little money to help them through a financial emergency, several companies offer small cash advances that may have more favorable terms than traditional payday loans. If you have a 401(k) plan, you can borrow money from it and repay the loan within five years. The interest you pay on the loan returns to your 401(k).
Bank lending is another option for those who need money quickly. Some reputable and community banks offer express loans aimed at borrowers who want to borrow money quickly. However, if you don't have the best credit, you may have trouble qualifying. The interest rates associated with bank lending will be based on your credit history, where higher credit scores can result in lower rates and higher maximum loan amounts.
Peer-to-peer lending is another option for those who need money quickly. A peer-to-peer lending platform can connect you with investors who are willing to lend you money. Compared to traditional bank lending options, peer-to-peer lending offers a fast online experience and lenient lending requirements. Quick personal loans can provide cash to pay for car repairs, unexpected medical bills or moving expenses.
Online lenders are convenient and fast; some can provide same-day or next-day funds to qualified borrowers. There are also mobile applications available that allow users to contact a large database of direct creditors directly through a streamlined application and get the amount they need. The best way to get a loan right away is to apply online for a personal loan from a lender known for quick approval and funding. LightStream is one such lender that finances loans as early as the same day and has low APRs, large loan amounts, long repayment periods, and no origination fee.
When borrowing money, it's important to compare bad credit loans before you borrow and make a plan to repay the loan. MoneyLion is another option that comes with interest-free cash loans and accelerated direct deposits to help users cover expenses between paychecks. All online loan services require the borrower to have a checking account at a financial institution for cash advance transfers and repayments. It's important to stay away from expensive ways to borrow, such as title loans and payday loans, if possible. LendingPoint loans may be an affordable option for borrowers with low credit scores, but this lender reports loan payments to only two of the three major credit bureaus. If you want to borrow more money than your paycheck can cover, an installment loan can increase the maximum limits on your loan.
Even if you have little credit, you can apply for a payday loan, as online lenders in the MoneyMutual network can analyze more than just your FICO score to get cash instantly quickly, usually the next business day after approval. Every potential borrower should understand that he assumes full responsibility for the loan or cash advance he obtains. MoneyLion also offers an online account called RoarMoney, which is required to receive faster direct deposits and unlock the highest amounts for cash advances. Taking out a personal loan or borrowing from friends is preferable to getting a loan from a payday lender, car title lender or pawn shop. Advance America can go beyond your credit history and consider other factors, such as your income and employment status, when deciding whether to approve you for a money loan. With a cash advance lender like Advance America, you can quickly borrow money through a variety of loans that are available both online and in person.