Originally posted on https://bonsaifinance.com/how-to-borrow-money-fast-with-quick-loans/
Are you looking for an influx of cash to cover unexpected expenses? Quick loans can say the day.
Every day, people stress about money. About a third of all Americans are constantly worried about money. It’s no wonder. Some statistics indicate that even just an unexpected expense of $500 could spell a financial disaster for many families.
What they don’t realize is that there is always a way out of just about any financial situation. That’s where a fast loan can help bridge the gap and cover expenses when things come up.
Read on to discover how you can get a quick loan to help your financial situation.
Where to Turn When You Need Quick Cash
Let’s say you had an unexpected expense come up. It could be a medical emergency, a pet emergency, or a major car repair. Maybe things slowed down at work and you’re taking home less pay than you usually do.
The bottom line is that you need cash. These are the typical ways that you could go about getting money in a hurry.
Friends and Family
Friends and family are where many people will start to ask for a cash advance. It’s easy. You know them so you trust them enough to ask. They know you so they trust you enough to loan you money with the expectation that they’d pay you back.
Things can get awkward and uncomfortable when you have a problem paying things back. It could lead to fights and bad relationships. Sometimes, it’s best not to mix money and family.
Credit cards can be used as an alternative way to get cash. The issue with credit cards is that they come with a lot of baggage. By baggage, we’re referring to potentially high-interest rates. It doesn’t matter how good those credit card rewards are, you could be paying off your card for years to come.
Car title loans serve as a way to get cash if you own your car outright. If you go this route, you have to be extremely careful about paying your loan back on time. These are meant to be small loans that are paid back in about 30 days.
They use your car title as collateral, so if you fail to pay back the loan on time, you can lose your car. Add the interest and fees on top of the original loan amount, and you could be stuck in the loan cycle for a long time to come.
Personal loans are usually small loans between $2,000 – $15,000 that can be used for any purpose. Some people use them for vacations, emergencies, or to cover car repairs. The reason will vary from person to person.
The good news with personal loans is that many offer fixed payment terms and lower interest rates than credit cards or other loans.
Here’s what you need to know when you’re getting a personal loan. There are all types of quick loans. There are loans for people with good credit. There are loans for people with bad credit and there are ones that don’t even do a credit check.
Some loans take about a week to process, while others can be approved the same day.
Before you apply for a quick loan, you should have a good idea of what your current financial situation is as that will determine your interest rate.
You may be in a challenging period now, but if you have a long history of paying your bills on time, you should have a good credit score.
Banks want to know only a couple of things about you. They want to know if you can afford the loan and whether or not you can pay it back on time or not.
How they determine this is partially through your credit score. Credit scores scales vary by credit bureau. Experian’s standard scale is between 350-850.
Regardless of credit agency, what you need to know is that the higher your credit score, the better your interest rate will be. Generally speaking, if your credit score is around 700, that’s considered to be pretty good.
To verify your ability to pay, they will likely ask for some type of income verification, whether that’s pay stubs or bank statements or a W-2 form.
A big component of your credit score is your debt ratio. This takes into account how much debt you have versus the credit you have available. For example, if you have several credit cards that are completely maxed out, your debt ratio would be 100%.
Often, the higher your debt ratio is, the higher your interest rate. That’s because it can have a big impact on your credit score.
Quick Loans to The Rescue
An emergency financial situation can feel like the end of the world. It can be very stressful when you have a gap between financial responsibilities and what you have coming in.
Quick loans can be a lifesaver when you need cash fast. With some personal loans, you can get cash the same day if you need it. Not only that, but you know exactly what the terms of the repayment plan are. They’re not designed to keep you in the cycle of debt, unlike some other loans.
If you need money fast, we can help. Check out our same day loans and apply for your loan today.