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Fast Loan Types
If you do not have enough cash to pay for unexpected expenses, you might need a loan to cover your financial emergency. It is not easy to get money from a bank fast, so you need to consider other cash loans.
Personal Loans
Payday Loans
Car title Loans
Pawn Shop Loans
How to Get a Fast Loan
- Collect the documents. Before you submit a loan application, you need to find out the requirements of your lenders. If you apply for an unsecured personal loan, you need to have an excellent credit history and prove your income with bank statements or W-2 forms. Your debt-to-income ratio will play an important role. This is the percentage of your income to the debts you have. If your debts are high, the lender may think you cannot pay the loan back and reject your application.
- Calculate the payments. Quick loans have short repayment terms, meaning you will need to pay larger sums. Make sure you can afford to pay it back. Calculate the payments on different loan options and how much interest you will pay. This way, you can eliminate some of the loan offers.
- Pre-qualify for the loan. Pre-qualification allows you to get an estimation of your loan amount, terms, and interest rate. Check the minimal fees. Your loan may become expensive if the lender has high origination fees or late payment fees. Some lenders have an administration fee which is used for opening, maintaining, changing, and closing the insurance policy. The origination fee is usually 5% of the total loan amount. You pay it upfront for the loan processing. Your credit score will not be affected as the lenders perform a soft credit check for a pre-qualification. Pre-qualify with several lenders to ensure you choose the right loan.
- Apply for a loan. Once you decide what loan is suitable for your needs, you can start the application process. The lenders allow you to apply online or in person. Online lenders usually have quick funding, so if you need funds urgently, prioritize this option. You will need to submit an application form. The lender will perform a hard credit inquiry from credit bureaus. In case you are approved, you will be able to receive funds in your bank account in one business day. Some lenders have lending restrictions on how you can spend the loan proceeds. With personal loan funds, you cannot pay for educational or business expenses.
- Start paying back. Your repayment terms depend on the loan type. Personal loans generally have flexible repayment terms. Automatic payments can get you an autopay discount and help you manage your debt easier. You can pay your loan early if you can afford it, and there are no prepayment penalties. If you cannot pay the loan back on time, consolidate debt. You will merge the existing debt into a single one. The payments will be larger, but the interest rate will be applied to the total loan amount and not to each of your debts.
Online Fast Loans
Online lenders have fast loan options. You can apply from home and receive funding to your checking or savings account in just one business day.
Online lenders offering unsecured personal loans conduct a credit review. Qualified borrowers receive interest rates ranging from 6% to 36%, and the loan amounts from $1,000 to $100,000.
Payday loans have lower loan amounts, between $500 and $5,000, while cash advance apps allow you up to $500. The repayment terms for these loans are usually two-three weeks, and the interest rate reaches triple digits.
Similar to loan applications, you can pay back your existing debt directly from your online account.
Credit Unions Fast Loans
Federal credit unions can fund personal loans fast. You can receive money the same day you have been approved for the loan.
The interest rate with credit unions is capped at 18%. They can use your membership history to decide what loan terms you qualify for. If you have a good relationship with your credit union, apply with them. You might receive the best quick loan offer there.
Fast Loans for Bad Credit
Applicants with less-than-perfect credit scores can get loans for emergency expenses too. Some lenders have personal loan options for bad credit history and credit scores lower than 630.
If your credit is poor, it is better to have a low debt-to-income ratio and high income. Your bad credit loan will have a higher interest rate and cost more.
As an alternative, you can get secured emergency loans. They may take longer for the lenders to approve but cost less. Here, your credit score will not play a deciding role.
Where You Can Get Fast Loans
- Rocket loans. These loans are issued by Cross River Bank, Equal Housing Lender, and funded on the same day. They are unsecured and fully amortizing personal loans you can get with an average credit score of 750. The minimum annual income requirement is $24,000, while the average DTI is 18%. The interest rate on personal loans from Rocket Loans ranges from 7.73% to 29.99%. The personal loan amount varies from $2,000 to $45,000. The company has an origination fee and no co-signed loan options. The loan terms depend on the applicant's requested loan term, amount, credit usage, and other factors.
- SoFi. You can get a personal loan with SoFi with same-day funding. There are no late or origination fees and a hardship program if you struggle to make your monthly payment. The loan term you can get is 2 to 7 years. For borrowers with good credit scores, the APR starts from 7.99% and can go up to 23.43%. The minimum personal loan amount is $5,000, while the maximum is $100,000.
- LightStream. The company has same-day funding options. The minimum credit score requirement is 660, so borrowers with bad credit cannot apply. The loan terms are 2 to 7 years, and the loan amount ranges from $5,000 to $100,000. Applicants with excellent credit can qualify for a 6.99% APR. The maximum interest rate will be 23.99%, depending on your credit profile. There is no origination fee, and you get an autopay discount. Automatic payments will be deducted from your bank account, either savings or checking account you link to LightStream.
- Alliant Credit Union. You get same-day funding for emergency loans. The minimum credit score you need to qualify is 620. There is no pre-qualification, so you will need to undergo a hard credit check. The offers are exclusive to credit union members. The approval will be based on your creditworthiness and other factors, like your ability to repay. Personal loans have no origination fee or late or prepayment penalties.
