Fast Loans Online
If you’re having a hard time dealing with an unexpected expense that needs to be taken care of sooner rather than later, you wouldn’t be the only one. When you’re dealing with the whole gambit of regular expenses and just trying to make ends meet, it can be hard to find the extra cash you need to pay for anything that falls outside your normal budget.
So, if a costly emergency strikes, what do you do? Maybe you have an emergency fund ready and waiting for these very moments, and if you do, that’s great! But not everyone has the foresight or means to put together this type of savings account in advance. If you run into a scenario like this, then a fast cash loan online may be able to help. Why a fast cash loan? Let’s dive in!
What are Fast Cash Loans?
Fast personal loans are meant to help people who need a little financial boost when they’re facing an emergency expense and don’t have the savings to handle it out of pocket. When we talk about fast loans, particularly fast cash loans online, we’re generally referring to the speed of the application process. The time it takes for you to get your money if your application is approved can vary based on the financial institution you’re working with and your bank’s policies, but you may be able to get funded the same business day in certain circumstances.
For example, if you submit an application for a Line of Credit through CreditFresh, you may be able to get any requested funds the same business day3, as long as the amount is within your credit limit.
Why Would I Need Fast Loans Online?
Like we’ve discussed, fast cash personal loans online should be reserved for emergency situations. This is because in many cases, these emergency cash loans come with relatively high interest rates and fees, so you shouldn’t apply for one without a good reason. This means you’ll need to have a good understanding of when it’s okay to consider applying for online loans with fast approval, and when it isn’t.
An emergency expense may look different from one person to the next, but they should generally be things that are essential to your life in some way. For example, let’s say you drive your car to work every day and you have no other way of getting there. An unexpected flat tire could be the difference between you getting paid for that day’s work, or you having to take a day off – or multiple days off – and dealing with a lighter paycheck. While not having access to a car for a short period may not be a big deal for someone who walks to work, going without one for even just a few days can be a huge problem for others. For these people, dealing with their car problems sooner rather than later is a must. If they don’t have the savings to take care of their problem right away, fast personal loans may be able to help. Some general emergencies that could warrant a personal loan can include things like:
- essential home repairs
- emergency car repairs
- unexpected medical expenses
Just keep in mind that even if you need financial help in an emergency, you still shouldn’t apply for a quick personal loan if you’re not certain you’ll be able to pay back what you’ve borrowed. Take a look at what the payment schedule will be for the loan you’re applying for and see if this will fit into your budget. Otherwise you could find yourself in a cycle of debt that can do a lot of damage to your financial profile.
Like we said, it’s important to have an idea of instances where you shouldn’t apply for personal loans. This includes things like:
- Non-essential shopping excursions
- Any recurring or regular bills that you can plan for in advance
Basically, if it isn’t an emergency, don’t submit an application.
What are the Benefits of Fast Personal Loans Online?
So, why would you opt for a fast loan online instead of an in-person loan? Here are some of the potential benefits of online loans.
1. Apply Quickly Online
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 the amount of time it takes to apply for an online loan. With online loans, you can generally work your way through a quick and easy application process in just a few 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. As you can see, online loans can cut out a good chunk of the time it takes to get through this process. When you need fast cash, every little bit of time saved counts.
2. Convenient Process
Not only do quick online loans provide you with a speedy application process, they can also be much more convenient! 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. – an 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 to get a personal loan online from work, home, or on the go. You may even be able to apply any time of day or night!
3. Straightforward Research Process
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 process. Any financial institution that upholds all the tenets of responsible lending will have all of the important details of the loan products they offer or service easily accessible on their website. So, to get the information you need to make the right choice for your situation, start by searching online for loans that are available to people who reside in your state. Pull up all your potential options, look at the details of the different loans you’ve pulled up. From there, you can compare and contrast what’s in front of you to make the right decision for your finances.
Requirements to Get a Quick Loan Online
If you’re looking to apply for a quick personal loan, you may be confronted with different approval requirements based on the financial institution you’re applying for a loan with. While there are a few things that most organizations will likely look at to assess your creditworthiness, like your employment situation, your income, and more, you should still make sure to find out what specific criteria they’ll be assessing you on.
For example, to qualify for a online loan through CreditFresh in the form of a Line of Credit, you must:
- Be of legal age to contract in your state of residence
- Be a US citizen or a permanent resident
- Have an active bank account
- Have a regular, consistent source of income
- Have a valid contact number and an active email address
Please note that currently, no credit products offered through CreditFresh have charges that would meet the requirements applicable to lend to covered members of the US Armed Forces and their dependents.
Types of Fast Personal Loans
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.
1. Installment Loans
Personal installment loans are fast cash loans (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.
2. Lines of Credit
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.
3. Title Loans
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 start to miss payments, 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.
4. Credit Card Cash Advance
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 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.
Consider Fast Cash Loans Online
The unfortunate reality of life is that there’s no telling when an emergency will strike, so it can be hard to prepare for what may be coming. And if you don’t have an emergency fund or any other savings to fall back on, things can get even harder. That’s where fast personal loans come in. These borrowing products can be a useful financial option to have at your disposal when you need a financial safety net to help you take care of an emergency expense.
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.