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Loans

What is the Fastest Way to Get a Loan?

 

 

 

If you have ever had troubles with getting a loan when you are desperately in need of it, you understand how important it is to find a way to borrow fast cash that can bail you out of trouble. In most financial institutions established to offer people chances to obtain loans, there are seemingly endless procedures you need to follow when you need quick cash loans. Such methods will not only make your efforts to borrow money fast fruitless, but they will also frustrate you.

Nevertheless, there are several ways that you can explore to gain quick access to a loan when you are in an emergency situation. So, if you are bothered about getting a loan fast, take a look at the options below to borrow money quickly and save yourself from financial woes.

Get Help from Friends and Family

If you are lucky enough to have friends and family members who are financially buoyant, getting help from them when you are in an emergency situation is highly reasonable. As a matter of fact, your family members or friends may be willing to assist you financially if they notice that you are in a financial hardship. Approach anyone you would like to borrow fast cash from politely and explain your situation. You might be able to get loans within a few hours of contacting a friend or family member.

However, you must make it official to avoid any problems in the future. Have a written agreement with the person and ensure that all details of the transaction are included. If collateral, payment deadline and terms, and interest rates are involved, do not forget to include them in the written agreement. While you can see it as a form of help from your friend or family member, the transaction must benefit all parties involved.

While exploring this fast way to get a loan, you must be conscious of the fact that you may end up not getting any help from your friends or family. Therefore, consider your relationship with them and never get offended when you are denied the loan.

Obtain Personal Loans Online

Nowadays, the internet offers countless benefits to everyone, and getting loans from online lenders is one of such benefits. Several lenders are ready to provide loans in a few hours or days to anyone in emergency situations, and this makes obtaining online loans one of the faster ways to get a loan. However, certain factors, such as your credit history and profession, may affect the time it will take to get the loan. If you have bad credit, it is advisable for you to limit your search for online loans to the online lenders who take a particular interest in offering loans to people with a bad score. Nevertheless, getting loans with bad credit often attract higher interest rates.

Once you are set to obtain online loans, put the data required for the application together and browse for online lenders on the internet. Before settling for any lender, consider their terms and conditions, interest rates, and other factors that may affect your loan application and payments. After you are matched with a lender who is ready to lend, other processes are simplified as the approval of the application is usually done immediately. From experience, if you conduct your searches well, you have more than 70% assurance of getting a lender from whom you can borrow money fast.

Get Loans from Credit Unions

Credit unions are financial institutions owned by their members, and they provide various benefits to them. One of the major advantages of these financial institutions is the provision of a stress-free way for members to borrow money fast. If you are a member of a credit union, it is reasonable to take advantage of your membership to get quick cash loans near you in an emergency situation. Loans from credit unions usually have low-interest rates and flexible repayment terms.

Get in touch with your credit union and discuss the possibility of getting a fast loan from them. You should also consider their interest rates and payment terms before proceeding to borrow fast cash.

Just like other options of borrowing quick cash, getting loans from credit unions has its disadvantages. Therefore, avoid using your home or other valuable assets as collaterals as you could run into an enormous financial crisis if care is not taken.

Obtain a Credit Card Cash Advance

While you are advised to be careful when using a credit card cash advance, it could be a good option for you when you have exhausted other fast ways to get a loan. This type of loan option is offered to you by your issuer, and you are allowed to borrow fast cash at any moment you are in need of money. The only thing required to obtain a loan with a credit card cash advance is your existing credit card.

Despite this quick offer that can be used at an ATM without going through any lengthy procedure, you are likely going to get a higher APR. The APR attached to obtaining credit card cash advance is significantly higher than what is obtainable when you make purchases. In most cases, your APR may be as high as 20% for some banks, and this is going to have a long-term effect on your finances. Unfortunately, a few banks will also charge additional cash advance fee which could be up to 5% of the total amount you are borrowing from the banks. Also, the limit of the sum to be borrowed is usually less than a thousand dollar; hence, in most cases, it is only useful when you are in need of a few hundred dollars.

Although you can borrow money fast through a credit card cash advance, the conditions attached are sometimes unbeneficial. A credit card cash advance should be avoided unless you are left with no other option.

Banks

Though many people do not usually consider banks when they need to borrow money fast, there are several options provided by banks that can allow you to get quick cash. These options for emergency cash loans can be exploited if you can get quick access to your bank.

Some of the fast ways to get a loan from banks include:

  • A home equity loan
  • A signature loan
  • A credit card loan with special charge
  • Home equity line of credit

Without a doubt, all of these options come with some terms and conditions as well as special charges that may leave you drained financially. However, they are viable options when you are in dire need of fast cash.

Payday Loans

If all the possibilities to borrow fast cash have failed in providing the temporary relief you need from the financial crisis, a fast way to get a loan is borrowing through payday loans. Without a doubt, when considered in the big picture, payday loans are risky emergency cash loans. As a matter of fact, payday loans may cause more harm to your finances than good; hence, you need to be careful when you are presented with the option of choosing payday loans to borrow money fast. They are a form of a high-cost loan that can result in you losing a few hundred dollars as APR.

Nevertheless, if you would like to use payday loans, you are only required to provide a regular paycheck and your bank account. With proper processing done on time, you can obtain payday loans within a few hours or working days after applying for them.

Sell Your Assets

Although selling your goods is not a typical fast way to get a loan, it can be used as an alternative. Look at some of the items you own and consider those you can sell to get financial relief in an emergency situation. Despite being one of the least considered options when people want to borrow money fast, it is better than most other options as it does not involve putting you in debt. Obtaining loans from any other source may end up putting you in debt, forcing you to pay off debt for a lot of years afterward.

Avoid selling important items like your home as the consequences of selling such items are usually grievous. A few of the items you can sell are your car, TV, and electronic gadgets.

The methods mentioned above are some of the ways to borrow fast cash. It is imperative for you to consider the conditions and benefits of each option before committing yourself to it. Also, as you are looking for a fast way to get a loan, you must not forget to retrace your steps and consider those things that have placed you in the emergency situation in the first place. Take control of your finances, and live a financially independent life.