When a person is looking for sites offering quick personal loans, time is often a key element in this whole process which is only natural. Because let’s be honest here, nobody likes to be a borrower and as a rule, we prefer to wait for the payday to come, so we can get our money “legally.” This way we can be sure, we have all rights in the universe to spend it.
Yet, sometimes life kind of does a tricky flip and here we are, seeing financial trouble on the horizon and sometimes far closer than we’d like to. Thus, it’s a question of importance, to provide some kind of safety pillow for such cases. By the way, these situations are more frequent, than you can imagine. Like 70% of American households use some sort of loan at least once a year1. And more than half of them use online credits repeatedly.
Knowing that it looks like a reasonable step to spend some time sorting the information out. It won’t hurt to know in advance, how personal loans work and where you can get personal loans quickly.
Why go for quick personal loans online
Well, it’s no secret that lending money has become a beneficial business long ago2. That is why those who need cash have many options as for where to apply for the money. Seriously if you guys think, being in trouble, that this big bank at the central street is the only choice, you are so wrong!
First of all, addressing to the bank you can forget about getting a personal loan quickly and without fuss. Why? Let’s see. You will have to choose a day, to go to the office and as no bank works on the weekend, it’s necessary to take a day off on a weekday3.
There you should wait an hour or so, to talk to a manager. You’re expected to explain the aim you want to spend money. The next step will be the affirmation of your solvency. Then the credit history check, application forms and so on, the list can be continued. As you see, there’s no place for the word “quick” in this process. Moreover, you cannot be sure they approve the application.
But there’s another option if the person is in a hurry. You always can go for a quick personal loan online. All in all, it works the same way, meaning; you got the cash you need, it’s just much faster, with fewer papers, and you don’t need to visit the office4.
Instant personal loans: peculiarities you need to know
The main advantageous feature of these offers is personal loan online instant approval. Yes, you will know almost instantly, if your request is approved or not.
Furthermore, we need to note convenience. All the procedure is performed online, so literally, the only thing the client needs to get a loan is a fair internet connection.
No papers. It’s true; you don’t need to show pay stubs and other documentary confirmations of your repayment capability.
Mild credit history check. Online lenders are less rigid about it than banks are. In some companies credit check for the applicant is mild, and others don’t use it at all. As you can understand, on such conditions bad credit is not a problem.
A high percent of quick personal loans is approved. As many as 95% of applicants are approved by online lenders.
Speed. If the application is sent on a weekday, before 5 PM, the client gets funds to the credit card or to the bank account the very same day. If the process takes place after the established time, the transaction is made the next morning.
Too good to be true, right? Wondering where the pitfall is? So there are two inconvenient features you should be aware of. The first is short terms of repayment. Usually, the loan must be repaid in two weeks, fully. The second is the high-interest rates comparing with bank loans5.
These two features are the reason why online lenders themselves advise to consider the options closely before sending an application.
How to get quick personal loans
If you’ve decided after all that instant approval personal loans are the right decision for your situation, then you should go for small research learn what lending companies are licensed in your state. Compare the conditions they offer and define the sum you target. When the lending company is on your list, open the website.
As a rule, the information companies require is pretty similar. They demand from the applicants:
- The age older than 18;
- It is necessary to be a civilian resident or citizen of the US;
- To have an active phone number along with a credit card of any American bank;
- To have an e-mail in addition to a phone number.
Mostly, that’s enough to get emergency personal loans from online lenders. By the way, they can provide you a loan as small as $100 and up to $15000.
In conclusion, note that in some companies the additional information is necessary. As, for example, your marital status or property ownership and so on.
- “American Household Credit Card Debt Statistics”. Nerdwallet.com. Accessed April 1, 2019 from https://www.nerdwallet.com/blog/average-credit-card-debt-household/
- “History of banking”. Wikipedia.org. Accessed April 2, 2019 from https://en.wikipedia.org/wiki/History_of_banking
- “Advantages and disadvantages of bank loans”. Nibusinessinfo.co.uk. Accessed April 5, 2019 from https://www.nibusinessinfo.co.uk/content/advantages-and-disadvantages-bank-loans
- “The Benefits of Online Loans”. Simplethriftyliving.com. Accessed April 6, 2019 from https://www.simplethriftyliving.com/the-benefits-of-online-loans/
- “What is an Interest Rate on a Loan or Savings Account?”. Thebalance.com. Accessed April 8, 2019 from https://www.thebalance.com/what-is-the-interest-rate-on-loans-or-savings-315437