Do you need finance for your studies, a new car or any other necessity? Skip the paperwork with these top places to get a loan without too many questions asked.
Given that nearly half of Americans aren’t prepared to handle a $400 emergency, it’s vital to know how you’re going to get cash when you need it.
It’s almost impossible to ever predict when an emergency is going to hit so you need to have a plan in place for what to do. Knowing places to get a loan in a jiffy is an important skill to ensure that you survive no matter what you get hit with.
Here are four ways to get a loan without huge amounts of paperwork.
- Try A Credit Union
As more people are trying to break up with their banks, credit unions have become a popular alternative. Credit unions are community oriented alternatives to banks that are typically located right inside of the community where they’re serving people.
They’re there to help invest in local businesses and to build a community based on local business practices.
Credit unions are a good choice because you can lend at a much better rate than you could at a bank. On top of that, you’re going to be able to be at a location that makes sense for you as a borrower. If there are any issues or if you want to get over to the bank to see what’s happening with your loan, you can hop over since it’s nearby.
Having the personal touch of a credit union is valuable for many lenders, especially those who are opening a small business or first-time lenders. This flexibility makes the whole process more user-friendly.
If you want to pay online, it might be a little more challenging with a credit union. In most cases, there aren’t a lot of ATMs or other technological developments in the world of credit unions you find in bigger banks. Check that they meet your needs before you commit to one.
- Fast Money Lenders
If you’ve never imagined the possibility of getting a loan while in your pajamas, you’ve never thought about using fast money lenders. Online lenders allow you to apply for a loan and get the money dropped into your account the very next business day in some cases.
You just need to make sure that you can manage the kind of payment schedule you’ve signed up for.
It’s fast and easy to apply for one of these loans. All you need is basic information about your current financial status and your life that you could rattle off from the top of your head. If you don’t have solid credit, this is a good way to get the help you need.
Once you’re approved, you often get the money super fast.
The only thing to be careful of is the interest rates that these lenders might charge. In some cases, you could end up paying off your loan several times over. Often if the loan payments are pretty small, the APR is going to be high.
- Peer To Peer Lending
One of the most recent innovations in the world of lending is the rise of peer-to-peer lending. In this system, you get to apply for a loan from individual lenders who then fund part or all of your loan. Rather than leaving it up to banks, people who are like you can look at your application and then determine your eligibility.
In the end, you’re responsible for paying interest and the balance back to peers via a contract that’s mediated by the company connecting you.
The rates you get for these loans are usually reasonably less than what you’d find from some other lenders. You get to take out loans for three to five years and then pay it off promptly and painlessly. You won’t have to stress about getting rejected by a bank because if you read the profile of the lender, you might find common ground that helps your application.
While people who are typically overlooked by banks get to succeed in these systems, there is still the credit underwriting system that could lead to a high rate. Also, if you can’t get enough people to pitch in and sign on to your loan, you might have to start the whole application process all over again.
It’s a system that’s meant to help atypical lenders but it’s hard to break some investors of hardened habits of what success looks like.
- Get a Cash Advance
If you’re looking to get cash today for a small emergency, a cash advance is always a good idea.
Given that some people can’t afford income based loans, you could get help with just your credit card and an ATM. Going ahead and requesting cash out of the ATM with your credit card gives you real cash that you can use for an issue where you need it.
This is a super efficient way to get that cash you need in just a matter of minutes. When the only thing that can solve the issue is some cash, your credit card can come to the rescue.
While this might be a quick fix for some people, always consider what kind of interest rate you might end up having to pay back in the end. On top of that rate, you might get hit with an additional fee. If you’re already cash strapped with no clear way of paying it all back, you might get trapped in a corner of your own making without a way out.
Places To Get a Loan Might Surprise You
If you’re thinking of all of the places to get a loan, you might be surprised who’ll offer you one. Just about any institution that deals with finance has a system for lending money out.
If you’re taking out money for business expenses, check out our guide for managing your money by making the most of digital marketing.