Quick Loans – Why & How to Get One
Are you searching for information about what is a quick loan? Quick loans are loans that offer both approval and funding within a few days. Not all loans are quick and not all quick loans are the same. The most recommended quick loan is the quick personal loan. Learn more about all your quick loan options.
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UPDATED: Apr 14, 2021
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- A quick loan is any type of loan that offers approval and funding within a few days or even the same day
- Not all quick loans are the same. The most recommended quick loans are quick personal loans
- Other quick loan options include payday loans, auto title loans, pawnshop loans, and friends or family members
- More fast cash may be available if you already have an existing credit card, debit card, or home equity line of credit
Emergencies happen. Sudden unexpected expenses may need more money than you have to your name. Bills may go unpaid for many reasons. You need a quick loan.
You just discovered that a quick loan was a category of loans and not just a description. So what is a quick loan?
Your financial situation could be pretty stressful. Just remember that you should never borrow money from strangers online. A small mistake now could lead to bigger problems later.
Whatever the circumstances that caused you to look for more information about quick loans, you do have options for fast cash. Find affordable quick loan options with your ZIP code today. What is a quick loan? Find out below.
What is a quick loan?
Quick loans are any type of loan that offers both approval and funding within a few days, sometimes even the same day.
According to the Federal Reserve Bank of St. Louis, up to 58% of American borrowers struggle with meeting basic monthly expenses. Quick loans aren’t only for emergencies.
Quick loans benefit the lender more than the borrower due to the high interest charged to people who need fast cash with few alternatives. If you can, wait a few days so you can compare your loan term options.
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Which quick loan option is best?
All quick loans provide a lump sum of money upfront that requires you to pay it back with interest. While not all loans are quick, not all quick loans are the same.
There are several different types of quick loans that may help you in your time of need. Learn more about different APRs, fees, and consequences of non-payment.
Some personal loans are as quick as the same day you apply, but usually, it takes up to a week. A personal loan offers $1,000 to $100,000 in cash with an APR of 6% to 36% over the course of 12 to 84 months.
Major personal loans set their credit score minimums at 585 or higher to qualify. You’ll need a score above 660 to avoid an origination fee.
Apply online with a personal loan provider known for fast approval and funding times for the fastest processing.
Secured personal loans also tend to provide quick decisions because the collateral they require greatly reduces the lender’s risk. There are pros and cons of unsecured personal loans.
A payday loans definition is money borrowed with the intent to repay using the next paycheck. You may even get a payday loan if you’re unemployed.
Payday loans are often funded the same day you apply. They’re usually less than $1,000 paid back in full with the next paycheck in two to four weeks with a fee equal to an APR of 400% or more.
But payday loans may not require a credit check. Apply online with a payday loan provider for the fastest possible application processing time.
Auto Title Loans
You can get an auto title loan the same day you apply. The loan is for 25% to 50% of your car’s worth for 15 to 30 days with fees and interest of up to 25% of what you borrow.
They’re secured by your car, so if you can’t pay the loan back, the lender will take ownership of your car. In fact, you may want to avoid an auto title loan altogether.
Auto title loans also do not necessarily require a credit check. Apply online with a car title loan provider for the fastest possible application processing time.
Pawning an item lets you get 20% to 60% of the item’s worth right away without any applications.
You’ll need to pay the money back over a certain number of months along with 2% to 25% monthly interest to get your item back.
If you’re unable to pay the month back by the deadline, the pawnshop will sell the item. You’ll need to find a local pawnshop and speak with a pawnbroker if you want to get a pawnshop loan.
Loan From a Friend
Borrowing money from friends and family is another option. To get a loan from an individual, you’ll need to agree to terms of lending, such as APR and payoff timeline.
It’s a good idea to put these terms in writing and have both parties sign them, whether it turns out to be a gift or a standard loan situation.
Are there any other ways to get cash fast?
Your existing credit card may also have available funding to cover your emergency. Your credit card can withdraw a cash advance at a bank or ATM.
The credit card buys the cash with various cash advance fees in either flat amounts or percentages. Separate ATM and bank fees may apply and interest immediately starts accruing.
A more favorable and less expensive option is to overdraft with your debit card.
If you own a home, already have a Home Equity Line of Credit (HELOC) then this option is also available. If not, then this won’t be one of your quickloan options.
With these different quick loan options, you have some choices available to get cash fast. Check out your quick loan rates when you enter your ZIP code.