You need money fast. Maybe it’s the middle of July and the home AC went out. Sweating it out while you save up some money for the repair or replacement might be more than uncomfortable — it could be dangerous. Whatever your situation might be, you can find a rundown on the quickest loan you can get below.
What Are Some Common Quick Money Loans?
You might be surprised to learn that fast, easy loans are more available than you might think. In fact, if your credit is decent, a loan for a new car could qualify as a quick loan. After all, you walk into the dealership, complete a bunch of paperwork and potentially walk out a few hours later with a new vehicle.
But even if you don’t have great credit or you need a fast cash loan with even lower hassle than a car loan, you may have options. Here’s a look at some of the most common types of fast cash loans.
What is an Installment Loan?
Installment loans refer to any loan that involves an amount you agreed to pay back monthly over a certain period of time. The car loan example above would be an installment loan. But you can also apply for installment loans for a variety of other reasons.
Imagine you’re at the dentist, for example, and you find out that you need a lot of dental work sooner rather than later. Or perhaps it’s the orthodontist, and your child needs braces. Many providers work with banks that provide installment loans specifically for those purposes. Often, these loans are processed fairly quickly because the lender knows time is of the essence.
Another common installment loan that is processed rather quickly is related to furniture or appliance purchases on credit. You may complete paperwork in the store, be approved within minutes and walk out with your purchases that day.
What is a Personal Loan?
Personal loans are a type of installment loan, but instead of getting services or goods that the loan pays for, you get the cash. Here’s where you get into fast cash loans you can get online.
Depending on the amount you’re applying for, the lender’s processes and your own eligibility, you can usually receive the funds from a personal loan within a day or two. That’s because once the lender approves you for an online personal loan, it typically transfers the money to your bank account. How fast you get the money at that point depends on the electronic funds transfer or ACH processes for your bank.
What is an Emergency Loan?
Some lenders market “emergency loans.” These are typically personal installment loans that you can get as quickly as possible. In some cases, the lender may be able to get the money into your account the same day if you are approved before a certain time of day.
People may turn to payday loans as an option for emergencies. However, if you can apply for and get a personal installment loan, you’ll likely want to choose that option instead. Most personal loans — even fast cash money loans for those with less-than-stellar credit — tend to have lower interest rates and better terms than payday loans.
Can You Get Same Day Loans?
Yes, you can get same day loans. You can even do so online, as long as you are applying early enough in the day. Same-day deposits are available to applicants who:
- Apply and are approved before 5:30 p.m. Central Time;
- Have a debit card associated with a checking account; and
- Meet normal loan qualifications.
For all other applicants, funding still occurs quickly, with funds typically being deposited within 24 hours.
How to Get a Fast Loan Online
If you need a loan ASAP, it’s a good idea to be as organized as possible as you go through the loan application process. Here are some good steps to follow if you need an emergency loan or a fast, easy loan.
1. Decide exactly what you need and why
Come to the loan process knowing exactly what you want to apply for. That allows you to make decisions faster and helps ensure you don’t apply willy-nilly for anything that comes across your screen. If you’re truly in need of fast cash, you don’t want to waste time with options that might not pan out or meet your needs.
2. Gather appropriate information and documentation
Have all the relevant information at your fingertips. When applying for a personal loan, you may need proof of income, contact and personal information and an active checking account so that the lender can deposit your funds.
Wise Loan requires direct deposit to receive funds.
3. Apply online for a fast money loan
Choose to apply for an installment loan online to make the process as fast as possible. You won’t have to drive to a location, wait in line or deal with someone else shuffling papers. You can also begin the loan process as early in the day as possible — even before many local offices might be open.
Online fast money loan providers often with emergency needs. They may have better (and faster) processes for transferring funds, too.
4. Avoid title and payday loans if possible
It’s tempting to pop down to the payday loan branch and put next Friday’s pay on the line to cover today’s urgent matter. But that can come with untenable upfront costs — payday loans come with fees rather than interest, and the full balance is almost always due immediately upon receipt of your next paycheck. And putting your car title up as collateral can put you in a bind in the future, especially if you end up dealing with a less-than-reputable company.
Instead, look for personal loans from providers like Wise Loan, which offers options for those with less-than-ideal credit. The loans at Wise Loan can even help you build your credit for the future.
5. Don’t delay the application
Don’t wait until after work or after dinner to apply for a loan if you have an emergency and know about it early. The earlier you apply, the faster you may be able to get approved and get your cash. Instant funding is available until 5:30 p.m., but if you need funds quickly, it’s better to be safe than sorry.
6. Be available to respond to any questions
At Wise Loan, our application process only takes about 5 minutes. But there’s always a chance that you make a mistake when completing your loan application, and sometimes questions arise about the information you’ve provided. In order to process the loan quickly, it’s important to be sure you’re around to address these concerns should they arise. While this is a rare occurrence with many personal loans, simply being available to answer emails or phone calls can help your loan process faster in those cases.
7. Double-check everything before you click
Finally, double-check everything before you click “submit.” A typo could cause your application to be denied and delay your ability to get a fast cash money loan. And if you make a typo when entering your bank account routing or account number, you might get approved and then wonder where your money has gone!
You might be understandably flustered if you need emergency funds to cover something, but taking a few breaths and spending just a few more moments on your application can help improve the chances of a positive outcome.
What’s the quickest loan you can get? It might be a Wise Loan personal loan. Apply for one today and we’ll help you find out.
The recommendations contained in this article are designed for informational purposes only. Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.