Personal loans are usually unsecured loans, i.e. they do not require collateral and rely on your credit and income for approval. Having a good credit history makes it easier to get a personal loan, which may be approved within 3-4 days. There are options if you have poor credit, but they will cost you more.Regardless of credit, lenders are usually available who will give you funds quickly. Read on to know more.
Where can you get Fast Personal Loans?
- Banks: If you have a great credit history, banks and credit unions should be the first place you should consult. Credit unions may also grant credit to long term customers with a weaker credit score, depending on income and financial history. Funding normally takes 1-3 days.
- Finance Companies: Finance companies are generally quick to approve funding. With a good credit, you can apply for relatively larger loans to companies like CitiFinancial. With a low credit score you should look for local companies that typically lend smaller amounts without collateral. Finance companies set the loans in such a way that has a specific duration, say some months, to pay it back with fixed payments. These companies usually lend on the same day, although a few might take up to 2-3 days.
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- Installment Loans: These are available to everyone including those with poor credit. The catch is that these loans may come with high interest rates which can be as high as 95-100% of the total principal, depending on your credit score. Once you are done with the documentation, funding generally happens overnight. Cashcall, Thinkcash are a few companies which provide installment loans with fixed payments and interest rates.
- Payday Loans: They are convenient and easy to obtain. You are lent money without any collateral and also without a credit check. Borrow 200$ and you would write them a check for your next payday for 200$ plus the interest- 250$ for example. Interest rates can be painfully high, as high as 800% annually. Payday loans should be reserved for emergencies, and you should never borrow more than you can afford to pay on your next salary. Apply in person and you can have your funds on the same day. Online loans are delivered overnight.
- Title Loans: Title loans use your vehicle as the collateral. The company holds a lien but you keep driving the car. Once the loan is paid off, the lien is called off and the company returns the title of your car. Title loans have high interest rates and are generally written for a period of 30 days at a time. You can renew the title loan at the cost of the interest each month, and you will still owe the principal and full interest when you pay off the loan. Title loans, like payday loans, should be kept for emergencies and if taken should be paid off as soon as possible. The loan is granted on the same day of application.