When it comes to emergencies and other unplanned expenses, you may find yourself needing extra cash fast. So, if you can’t wait long to get a loan, read on for a round-up of five loans with quick and easy applications. From personal loans with longer repayment terms to payday loans that offer short-term credit, we break it down to help you choose what’s right for you.
1. Online personal loans
Online lenders offer personal loans with quick processing times and flexible repayment options. Many require a soft credit check (which may not hurt your credit score) to determine your eligibility. Once you’re prequalified, the application and approval process can be quick. And depending on your lender, you might only have to wait one business day to access funds.
2. Payday loans
If you need fast cash, a payday loan may be the easiest way. Designed to supplement your income until your next paycheck, these small loans can help with financial emergencies and typically have fewer requirements and less paperwork than other loans.
You can easily apply for a payday loan online and may receive funds the same day. Additionally, many payday loans must be repaid within two to four weeks.
3. Car title loans
If you own a vehicle free and clear, you could use it as collateral for a car title loan. These short-term loans usually come with easy applications and quick access to funds. You can receive a loan worth a percentage of your vehicle’s value and keep driving your car while you repay what you owe. Repayment terms can last anywhere from a few weeks to several months.
4. Credit cards
Applying for a credit card can be quick and easy, with online applications and instant approvals. You’ll need fair to excellent credit for most credit cards, and a hard credit check is required (which could lower your credit score).
Once you’re approved and receive your card, you can borrow money up to your approved credit limit anytime you need it. To avoid late fees, be prepared to make at least the minimum monthly payment towards your credit card balance by the payment due date. And beware of charging more than you can afford to repay, as compounding interest can add up quickly. You can avoid incurring interest by paying your entire statement balance each month.
5. Peer-to-peer loans
If you’re looking for an alternative to traditional banking, you may consider peer-to-peer (P2P) loans. Using online platforms, you can shop a variety of individual investors offering loans with competitive terms, like low-interest rates and flexible repayment options. Plus, you can choose quick-apply loans that could provide approval within 24 hours, with speedy access to funds.
The bottom line
Whether you need revolving credit or a short-term loan, these five loan options offer quick applications. Do your research to find the best fit for your needs—even when you’re in a hurry, it’s worth taking time to ensure your decision benefits your finances in the long run.