Maybe it’s time you want to settle down and tie the knot or give your home an upgrade it needs. Your teen child accidentally crashed your car but now you want to buy a new one or you might want your teeth to get the necessary dental treatments required. In any of these or similar scenarios, you need a good sum of money to get things done. Applying for a personal loan is an easier way to get cash in a short amount of time. Nowadays there are several ways you can get money in times of need. If you thought you would only need to go to a bank to get a loan you are mistaken. We have listed down some of the ways you can get a personal loan without inconvenience.
Credit unions
The chances of your loan getting approved are more at a union as compared to a national bank. Their rates are competitive. All you need to show is your income to get a loan approved even a bad credit score wouldn’t affect your chances of getting a loan. Credit unions help you avoid payday loans by offering to return in small installments ranging from a few hundred to thousands of dollars with a maximum interest rate of no more than 10% in most cases.
National banks
In most cases, if your desired amount is low, the bank would offer you a credit card to meet your expenses if you have a good previous record. If you require several thousand then the safe option would be directly applying for a loan. The chances of your loan application getting approved require a good record. If you have a steady income you will have your loan approved easily. Interest rates of every bank vary but you need to click here to find the best banks and their interest rates and chose according to your feasibility.
Advance Salary
If you are working at a firm or even at a grocery store and your manager is kind. Don’t hesitate to ask for advance payroll. Employers tend to be thoughtful of their employee’s needs. If an employee works with determination then they are very less likely to reject your advance payroll application. Some companies even approve your small personal loan application in case you have a good reason. Some companies are linked with apps that provide different services and even small loans to the employees of companies they partner with.
Borrowing from friends or family
Your family and friends are the people you can rely most upon in times of emergencies or needs. The best part about borrowing money from your friends or family is that you won’t have to bother yourself about interest rates. A delay in returning the loan or even paying them back in small amounts is not a problem in this case mostly. But the downside of this is the lender’s expectation even if it is your best friend your attitude about returning the money would matter a lot. Money is said to ruin relationships so be very careful in returning the money and try to formalize it. To avoid problems later it is better to formalize the matter by signing a legal agreement. That covers all the details of your loan including loan amounts, interest rate, and how and when will you return the payment.
Online lenders
Applying for a loan online saves you both time and money. I mean sure it sounds like going to a bank because of similar policies but it comes with several options. You can customize the loan and the policies according to your personal needs. You don’t have to necessarily apply for thousands of dollars loan if you need just need a few hundred dollars. The flexibility of options for an online loan is effective along with the fact that they are easily accessible. You can just get a loan approved online easily while sitting in the comfort of your home.
Help from an organization
If an emergency arises and you don’t have the resources to apply for a personal loan. Some Community and Religious Centre’s are now offering loans on minimum interest rates. Even charity organizations is a good option. Some communities have even introduced non-profit credit unions which help in getting the residents to get loans at a very minimal interest rate so they don’t seem to worry about the high debt interest rates later on.
Insurance policies
If your car crashed or your health is deteriorating now is the best time to leverage insurance policies and cash value. If you are the owner of a life insurance policy you can apply for a loan equivalent to its cash value. The only disadvantage of this is that if due to any reason you are unable to pay back the loan by the time you die you heir will get a minimum benefit.
Advance cash on your credit card
Instead of swiping your credit card you can simply go to a machine enter your PIN. After that enter the amount up to your credit card limit or even less in case you need a small amount. You are going to go however the drawback to doing this that the company charges you a cash withdrawal fee. An interest rate immediately starts building up without giving time to the user. Mostly they come with higher APR rates than the purchases made using them.
In conclusion
A person might run short of money at any time even while planning to tick that holiday destination place off your bucket list. There are several ways to apply for a loan now without worrying much about the interest rates. These ways may vary from applying online to going to your national or local bank as a whole. The requirement for getting a loan approved are higher at some places in comparison to others. The best option for every person varies depending upon his credit card score, income, resources and financial sources. Sometimes friends, family, and charitable organizations are enough to cover up for our needs. But at other times only a bank or an online lender can lend you a heavy sum of money.
