Getting a loan from a bank or credit union requires a credit rating within a specific range, a certain income to debt ratio, a lengthy application process, and up to a week before approval is granted. The interest rates are lower than other types of loans, but the process will not suit every situation. Those who have questionable credit, or need cash quickly, cannot rely on a traditional loan for help. Other options must be explored.
One viable option is a short-term loan. Companies that provide a variety of short-term loans can be accessed seven days a week. Some operate strictly online, while others have physical locations as well. The most common loan associated with fast cash is a payday loan. Those have high interest, have to be paid back within fifteen to thirty days, and incur heavy penalties for late payment. They are easy to get, even with bad credit, but should be used as a last resort. What is not well known is that many of those same companies also offer loans with better terms than payday loans. Short-term loans can be taken out for longer periods the one month. Payments can be made over six or twelve months, depending on the amount approved and the terms agreed upon.
Although the interest rates are still higher than those of a bank, they are not as high as payday loans. Requirements are a bit more lenient than at a bank, making it possible for people with bad credit to still get a loan. Credit rating is a factor, but does not carry as much as weight toward approval. Essential requirements include proof of regular income, proof of age, and a valid picture identification. No collateral is needed for most short-term loans, depending on the amount requested.
Applications can be filled out online, or in one of several physical locations. Those interested in utilizing a local office can find it here. Applicants are encouraged to think carefully before taking out any type of loan because there is extra cost involved. Make sure the reason is an emergency, or at least a need, opposed to a want. Getting a quick loan to have a vehicle repaired, for example, makes sense. Getting one to splurge on a road trip for the weekend should probably be reconsidered.