Getting the Money You Need Right Now
For a lot of people, finding a way to afford all your day-to-day and monthly expenses can be easier said than done. After you’re finished accounting for groceries, recurring bills, rent or mortgage payments, and whatever other essential expenses that fill up your budget, you may not have much money left over. So, if an emergency expense creeps into your life unexpectedly, will you have the money to take care of it? If you don’t, what’s your solution? If you’ve prepared for this moment ahead of time by contributing to an emergency fund, the answer may be as simple as drawing from this account to take care of your emergency. But if you haven’t been able to prepare and need money right now, turning to an online personal loan may be a potential solution.
Nowadays, if you need some sort of financial service and you don’t want to leave your house, there’s a good chance that you can find what you’re looking for online. Applying for a personal loan online can be a helpful option for anyone who is having a hard time dealing with any component of the borrowing process for an in-person loan. This can include things like the travel time involved or managing your schedule around a storefront’s business hours. So, if you need money now and want a borrowing process that’s more tailored to your schedule, an online loan may be right for you.
How to Borrow Money Now Online
If you need money now and want to submit an application for a loan, there’s more than one place to do this. You can apply at a bank, an online lender or loan servicer, a brick-and-mortar lender, or a credit union.
Like we mentioned before, one of the main reasons that you might want to consider applying for an online loan is because of how convenient the entire borrowing process can be. To start, all you need to do is go online and look for financial organizations that provide or service loans to people who live in your state. Based on these results, you can then look at the details of each loan, compare the important factors, and see what suits your personal needs best.
Another important part of this process that shouldn’t fly under the radar is making sure that the financial institutions that you’re considering applying for a loan with are responsible. Browse their websites and make sure that they’re licensed to operate in your state and read through reviews that previous customers have written about the level of service they experienced.
What Types of Loans May be Available if I Need Money Now?
If you’re looking to apply for a loan, you should have a good idea of what type of borrowing products are out there before you make any decisions. To help you get started, here are some of the more common financial products that may be able to help you when you’re trying to borrow money.
1. Installment Loans
With an installment loan, you’ll submit an application and if you’re approved, you get all your money in a lump sum. You’ll then pay back what you’ve borrowed along with any applicable fees and/or interest over several scheduled payments that will generally be of equal value. The amount of time it takes to pay back your loan can vary. This will be based on the organization offering or servicing the loan and the type of loan you’ve applied for.
2. Lines of Credit
With a line of credit, you won’t get your funds all at once like you would with an installment loan. Instead, if approved, you’ll be able to draw money from a pre-determined credit limit, as long as you have available funds and your account is in good standing. As you pay off what you owe, you can draw funds on a revolving basis. On top of this, instead of paying interest/and or fees on the total amount of your line of credit limit, you’ll only be charged based on the amount of money you draw.
3. Title Loans
A title loan is a kind of loan that requires you to pledge some sort of asset as collateral in order to qualify. Because of this, it’s considered to be a secured loan. One of the most common types of title loans is a car title loan. With these, you’ll need to pledge your car as an asset in order to qualify. If you can’t keep up with your loan payments, the lender may seize your car as payment.
A title loan may be an option when your poor credit is stopping you from getting approved for certain other types of personal loans. Keep in mind that by applying for a title loan, you’re agreeing to risk a big asset like your car. For this reason, they should only be considered as a last resort when you need to borrow money right now to help you take care of an emergency expense.
4. Credit Card Cash Advance
Another potential option when you need money fast to help pay for an emergency expense is to take out a cash advance through your credit card. By doing this, you’ll generally be able to get cash from an ATM through your credit card. Just remember that you’ll likely face some high interest rates on the money you take out, and there could even be some extra fees on top of that. You should also keep in mind that the interest charged to you on a credit card cash advance is going to begin building up right away. This is an important distinction from the normal charges that you put on your credit card.
I Need Money Today – Can I Get it Quickly?
When it comes to some of the specifics of online loans, you’ll likely find some differences from loan to loan as you look through what different financial institutions have to offer. One of these areas is how long it takes you to borrow funds from start to finish, beginning with the application process to when you finally get your money, assuming your application is approved. This is important when you need to borrow money fast to help you handle an emergency expense.
When it comes to how fast it takes to get funded, it all depends on the financial institution that’s offering or servicing the loan. With some organizations, you may be able to get your money the same business day you get approved. This may not be the case everywhere, so be sure to read the fine print and check the details of the loan you’re applying for beforehand.
How can I get Approved for Online Loans?
Like we mentioned earlier, you’ll find all sorts of differences between various financial institutions. One of these areas of difference is what it takes to qualify for a personal loan. While there’ll likely be some overlap in criteria, like income, employment, and state of residence, financial institutions will have their own criteria. For example, some places may look at:
- your state of residence
- your employment status
- your income
How Much Does a Line of Credit Cost?
There are a number of factors that’ll determine the fees and interest rates of the loans that may be available to you. This can include things like your credit score, your income, the amount of debt you’re currently carrying, and more. There are also financial institutions which don’t offer loans with variable rates, but instead use some of the previously mentioned factors to determine how big of a loan you’re eligible for. Make sure to assess all your options carefully before making a decision.
Will I Need an Appointment to Submit a Request for an Online Loan?
With online loans, you generally won’t need to make an appointment to submit an application. That’s one of the things that makes them so convenient! You can simply visit a financial institution’s website or mobile app and get started on an application whenever it suits you.
How is a Line of Credit Different Than an Installment Loan?
While they’re both considered to be a type of personal loan, there are some important distinctions between lines of credit and installment loans. One of the biggest ones is that a line of credit is a type of revolving credit. So, if your application is approved, you’ll be able to draw any amount from your available credit, either in small amounts or all at once as needed. As you pay off what you owe, you can continue to borrow money when you need it from your available credit, as long as your account is in good standing. Being able to request draws, repay and redraw as needed may make emergency loans online useful when you’re faced with an unexpected expense.
Are There Alternate Ways to Get Funds When I Need Some Money Now?
If you need money fast to help you take care of an emergency expense, there may be some avenues you’ll want to explore before you decide to submit a loan application. Let’s take a look at a few of them.
1. Start a Side Hustle
If you want to find ways to earn a little extra money to help you either contribute to an emergency fund or deal with an emergency expense, finding some simple ways to boost your income can help.
If you have some time on your hands, you can seek out small side jobs to help you earn some extra cash. This could be anything from babysitting, doing yard work in your community, walking peoples’ dogs, or whatever odd job you can pick up quickly. If you need whatever work you pick up to be flexible, you can consider working for a ride-share or food delivery company. If you have any particular technical skills that you want to put to use for some extra cash, like photography, coding, graphic design or writing, you can try to pick up some freelancing work. Consider any work you can do to get some money now.
2. Sell Unwanted Items
Do you have any functional but unused items lying around the house? If so, put these to use by selling them off when you need money right now. If you’re looking to make some money off your unused things, start by:
- Making a list of the items you want to get rid of.
- Doing some research on these things to see what a reasonable cost would be for them.
- Taking good pictures of them, writing some enticing headlines, and writing thorough descriptions of each item.
- Posting these items on places like Facebook Marketplace or Craigslist.
Once you start to earn some money from these items, you can put this money towards your emergency expense.
3. Rent Out Your Spare Room
Do you have an extra bedroom in your house? Maybe a live-in basement that doesn’t get much use? Well, start turning these unused spaces into cash by renting them out. If you only have a spare bedroom available, you can offer it up on places like Airbnb. If you have a separate basement with the necessary amenities, you can consider renting it out long-term to earn some consistent income.
Create an Emergency Fund so That you Have Cash When You Need it
One of the most important things you can do to help ward off financial problems that may pop up unexpectedly down the line is to start putting together an emergency fund. This is a savings account that you contribute to for the purposes of helping you deal with emergency expenses. If you have any spare money in your budget at the end of the month, it might be a good idea to put this towards an emergency fund. It should be your first line of defense in these scenarios.
Keep in mind that they shouldn’t be used for things like shopping sprees, cosmetic upgrades to your home, or even for any long-term savings plans.
Consider a Personal Loan when you Need to Borrow Money
Finding a way to handle an emergency expense can be difficult, and things tend to get harder when you’re just trying to make ends meet. If you don’t know what financial options are out there, how can you be expected to take advantage of them?
If you’re in need of some extra funds to help you handle an emergency, a personal loan may be able to help. Make sure you do your research, see what options are out there, and try to find the best solution for your particular situation.