Sometimes in life things happen that must be paid for immediately, and these come up whether or not you have the cash on hand to cover the cost. Medical bills, veterinary costs and car repairs are just a few examples of such expenses. If you find yourself dealing with an emergency but without the cash to handle it, it is possible to get a small loan in a hurry. The better your credit is, the easier it will be to get the loan, but even people with poor credit can usually find a way to access $1,000 quickly.
The length of time it takes to get your money in hand differs from one lender to the next. Online loans may take 24 hours to fund, but if you go to the lender's location you may be able to walk out with a check for the full amount within two or three hours.
What to Expect
To get a loan, you'll need to provide enough information to the lender to make him feel that you will be able to pay back the loan per the agreed-upon terms. While the exact details of what you'll have to provide vary by lender and by the type of loan you are applying for, in general you can expect to have to provide the following information.
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- A completed loan application with your basic information and the amount you are requesting
- Identification such as a driver's license, passport or state ID
- Proof of where you live, such as an electric bill, phone bill or other utility bill
- Proof of income such as recent pay stubs, bank records, income tax forms or other proof of income
- Bank account information such as your bank account type and the account number
- Clear title to any property you are using as collateral, such as your automobile – in other words, it must be paid off
Types of Loans
Personal loans are available from many different sources, including banks, credit unions and finance companies. A personal loan is not secured by any type of collateral, so these can be harder to get if you have a poor credit rating, but these can some with benefits such as interest rate discounts for existing customers. The speed with which you get your money varies by lender, but lenders may offer same-day funding in some cases.
A pawnshop will loan you money on many different items of value, though not all pawnshops will take all items. You can get money for jewelry, guns and tools as well as other items. You have to make interest payments every month to keep your account in good standing. The pawnshop will hold the item until you redeem it by paying back the amount you borrowed plus any interest due. If you don't redeem it within a specified period, such as 60 days, the pawnshop owns it and can sell the item.
A title loan is a loan that uses your car as security for the loan. You must add the lender to your car's title as a lienholder, and if you don't pay as agreed the lender has the right to take your car and sell it to pay off your debt. You must own your car outright to get a title loan. One advantage of this type of loan is that not only can you get your money quickly, but typically your credit doesn't matter because the loan is secured by your car.
Payday loans are short-term loans that allow you to get money quickly based on your income. These loans are illegal in some states and according to the Consumer Financial Protection Bureau the interest rate on these loans is almost 400 percent. When you get a payday loan you must allow the lender to access your checking account. Although borrowers typically must agree to pay back the money on their next payday, people are often unable to do so and must extend the loan at these high rates. This type of loan should be a last resort.
What to Watch For
Read the entire loan agreement before signing it. Sometimes lenders take advantage of people who need money quickly to charge significantly higher interest and fees than might otherwise be charged. If it is more than you can comfortably pay back, look for another loan. Identify each of the following points and make sure that the contract matches what you were told. Only if you are comfortable with the written terms of the loan should you proceed with accepting funding.
- When the loan must be repaid
- What the loan interest rate is – the lower your credit, the higher you can expect the interest rate to be
- How much you will actually have to repay
- What happens if you are unable to pay on time