By searching Google for the phrase “I need money fast”, there are different ways of making some cash online, even from the comfort of your own house. Out of all, getting an urgent loan is the most common option. However, despite being easy and quick, this practice may involve some risks and affect your credit score if you are not careful. In this article, we will discuss different types of short-term loans and consider scenarios when they work the best. Without further ado, let’s get started!
How Much Money do I Need Now?
Offered between different short-term loans, you first need to decide how much you want to borrow. And then, pick a suitable loan type and a lender’s offer. Below are the best options to consider depending on the loan amount.
Get up to $10,000
If you need that amount of cash fast, a personal loan https://filld.com/i-need-money/ is the best way to go. Most traditional financial organizations offer a convenient borrow-and-repay structure and fair interest rates, so many borrowers usually consider personal loans as a good decision in an emergency.
However, it is vital to understand that the higher a loan amount, the stricter requirements for its approval. In that sense, to get a personal allowance of up to $10,000, you need to meet eligibility criteria on such factors as credit score, credit history, income proof, debt-to-income ratio. All personal loan providers compile a bunch of information to calculate a credit report through major reporting bureaus. We recommend you get to know that information here if you need money now.
Traditional credits also require a large amount of paperwork to prepare, so you will need to spend some time gathering them and then waiting for a bank decision. Thus, it is not the ideal option to choose if you need money urgently and have a FICO score of 650 and lower.
Get up to $5,000
If $5,000 is enough to cover your unexpected expenses, you can apply for an installment loan. This is a general term that describes most types of allowances, including personal loans, mortgages, auto credits, and federal student loans. Typically, installment loans are so named because borrowers receive the money all at once and then repay them in equal monthly payments within a range of 24 and 84 months.
Most lending providers that offer this type of an emergency loan don’t require a credit report to be approved. Hence, installment allowances can cover your financial needs without affecting your credit history. Moreover, they are fast, allowing you to get money as soon as the next business day. So, an installment cash advance can be an answer to the question of what to do if I need money asap.
Get up to $500
Typically, a payday loan https://filld.com/500-payday-loans/ and a cash advance are the most popular options to consider when you need a few hundred dollars immediately. Having just a few eligibility criteria, these short-term credits are also at the top of the list in terms of an approval rate.
In addition, online lending providers make only soft credit checks through main credit bureaus that don’t affect applicants’ credit. That’s why they are so popular among borrowers with bad credit scores who need money fast. However, it is worth noting that both payday loans and advances are considered expensive options and may charge you three-digit APRs.
Consider FHA Loans
When larger sums are required, one viable option is a Federal Housing Administration (FHA) loan. These loans are particularly beneficial for those who are looking to make significant purchases or home improvements without committing to exorbitant interest rates. The FHA loan programs are designed to help borrowers who may have weaker credit scores or less initial capital, making homeownership more accessible and affordable. To better understand the specifics and application process of FHA loans, you can apply for FHA loan here and ensure you meet the necessary eligibility criteria. These loans typically offer longer repayment periods and more flexible terms compared to other short-term loans, which can be a huge advantage for those in need of a substantial financial boost.
What Else May I Do if I Need Money Fast?
Before applying for an expensive short-term loan, consider other ways of making money fast. Using these alternatives, you will not have to pay the interest rate and extra fees, but instead, just access to the Internet and a couple of hours at your disposal.
Asking for promotional offers from your card’s issuer. There is an ability to turn your available credit into an installment loan without requiring a new allowance. This feature will still charge you a fee, but at a reasonable price.
Borrowing from friends and family. This is the cheapest way to borrow as most of your friends and family members won’t charge much in interest. Many will give money without any charges at all.
Ask your employer for a paycheck advance. Some organizations can offer loans to their employees through third parties as part of their benefits packages. A payroll advance is usually considered a low-cost option to borrow and may help in building a credit score.