If you’ve made it this far in life without ever needing extra funds for an urgent situation, consider yourself lucky. Most people can remember a time they’ve had to deal with an unexpected car repair or cover a sudden household fix that simply couldn’t wait.
The reality is, personal loans for unexpected emergencies can become a lifeline when your budget is already stretched thin. And when you don’t have savings on hand, loans online may offer an option to help you get through it. These types of loans may come with a quick application process which matters when time isn’t on your side. Let’s take a closer look at how these fast loans online work.
A fast loan is a personal loan that’s designed to provide you with a fast application process when you’re in a time of need. This is a fairly broad category that can include loans like personal lines of credit, installment loans, and more. While loan structures may vary, their purpose is the same: to help you bridge the gap during a financial emergency when waiting isn’t an option.
Many people choose an online loan application process over visiting a storefront because it’s quicker, more convenient, and available 24/7. You can apply from your home or phone, and with some financial institutions, you may even receive same-business-day funding.
So why apply for loans online? Here are some key benefits:
So, why would you opt for a quick loan online instead of an in-person loan? Here are some of the potential benefits of online loans.
We couldn’t put together a list of the benefits of fast loans online without highlighting the importance of the speed of online loans. In this case, we’re talking about how quickly you can complete an online loan application. With online loans, you can generally work your way through a quick and easy application process in just minutes. This will depend on the financial institution that’s providing or servicing the loan.
On the other end of the spectrum, applying for a loan from brick and mortar lenders may take a little longer. You’ll need to start by finding the time to go to a storefront location, which may be easier said than done if you’ve got a packed schedule and/or don’t live particularly close to one. Depending on when you go, you may also need to wait your turn to speak with an associate before filling out an application. Fast online personal loans can help you skip the wait and get started on your terms.
Not only do online loans may include a fast application process, but they’re also designed to be far more convenient than in-person options. If you’re having problems with any of the parts of the in-person borrowing process that we mentioned in the last section – like travel time, finding time in your schedule, access to transportation, etc. – a quick online loan can help you bypass a lot of these issues. All you need is a few minutes and internet access, and you can apply for a personal loan online from work, home, or on the go. Some financial institutions even allow you to apply 24/7, so you can apply during your lunch break, late at night, or whenever it fits into your day.
When you need to make a big decision that can have an impact on your finances – like applying for a personal loan – you’ll need to make sure you do enough research to make an informed decision. If you’re on the hunt for fast personal loans, doing this research is generally a straightforward and quick process. Generally, financial institutions will have important details of the loan products they offer or service on their website. So, if you're looking into emergency loans or other short-term financial solutions, start online. Look up what’s available in your state, review your options, and compare loan terms, rates, and eligibility requirements. The online format makes side-by-side comparison easier and helps you make a confident decision faster.
As urgent as your need for extra funds may be, you’ll always want to have a good sense of what type of borrowing options are out there and may be available to you. There are all sorts of personal loans in the market, but if you’re looking for fast and easy loans online, there’s a good chance you’ll stumble into one of these.
Personal installment loans are fast loans online (depending on the type of installment loan) that spread your payments out over a series of equal, scheduled payments. If you’re approved, you’ll get a lump sum of money with a repayment period that can last a few months, or even a few years depending on the type of loan you’ve been approved for.
Another fast personal loans option that may be available to you is to get a cash advance through your credit card. This will let you draw cash through an ATM using your credit card. Just remember that fees and interest rates on these types of transactions are generally quite high, and the interest you’ll need to pay is going to start building up right away. Reserve this option for emergency situations only.
While the types of fast and easy loans online that we’ve been talking about are generally unsecured, a title loan is considered to be a secured personal loan. With secured loans, you’ll need to provide collateral to qualify. Car title loans are one of the more common versions of these loans, in which you’ll be required to pledge your car as collateral to qualify. Keep in mind that there’s a big risk involved here, and if you default, the financial institution that’s provided the loan may seize your car in lieu of payment. That’s why it’s important to make sure you can afford to pay back what you’ll be borrowing before you apply, and only apply as a last resort.
A line of credit is a personal loan that falls into the category of revolving credit. What this means is that assuming your application is approved, you’ll be given a credit limit which you can draw money from on a recurring basis. You’ll simply request a draw up to the amount of available credit you have, pay back what you owe, and then you can continue to draw money on a revolving basis as long as your account is in good standing. You’ll only be required to pay interest and/or fees on the amount of money you’ve drawn from your line of credit, not the total amount of your line of credit limit.
Emergencies don’t wait, and they rarely arrive when your finances are ready. And if you don’t have an emergency fund or any other savings to fall back on, things can get even harder. A Line of Credit through CreditFresh gives you the ability to access funds when the unexpected hits, without the stress of starting from scratch every time. With a secure online lending platform, a simple application process, and a focus on same-business-day funding, CreditFresh is built to help you handle life’s surprises with confidence.
If you’re in need of financial assistance, take the time to learn about the personal Line of Credit offered through CreditFresh! It may be able to help you get the money you need, when you need it.
Disclaimer: This page provides general information only and does not constitute financial, legal or other professional advice. For full details, see Terms of Use.
