Need a Fast Loan? Here’s How to Get One in Texas

Do you have low or bad credit and need help getting cash fast? Did you know that several online and in-person lenders are willing to provide you with instant cash after you receive approval?

If you need a fast loan, some reputable lenders can provide you with the funds you need, even with a low credit score. Regardless if you need the loan to cover a bill or to pay for an emergency repair, you should still be able to have the option to get a loan regardless of your credit situation.

If you need a fast loan and you need help on where to go, continue reading below. We will cover what you need to know about getting a fast loan and who you can contact to receive an approval today.

How to Get a Fast Loan

Before applying for a loan, you will first want to gather your important documents together. Most lenders need to be able to verify your identity, income, and other information. 

Items to have readily on hand:

• Driver’s license or state-issued ID
• Your credit score
• Proof of residency
• Proof of income
• Your purpose for the loan

It also helps to know what your monthly expenses are. Lenders need to know your monthly debt to income ratio to ensure that you have enough to repay the loan. 

Calculate Estimated Payments

There are several online calculators you can use to estimate your monthly payments. The calculator combines your credit score and the loan length to determine how much you have to pay back each month. If you aren’t able to afford to pay back the loan, you may not want to take one out.

Pre-qualify

Pre-qualifying for a loan helps lenders understand where your credit stands and how much you may qualify for. It is important to note that pre-qualification does not guarantee the loan, but it can help you compare different loans without directly impacting your credit. It would be best to research other lenders to identify which loans offer you the best and lowest rates. 

Apply for the Loan

You can apply for a loan online or in person, depending on who you decide to work with. Even if you have a low credit score, there are several online companies that you can reach out to for a fast loan. If you want to go through a smaller bank or a credit union, you may have to apply for the loan in person. 

When applying online, you usually get your decision the same day. If the lender needs more supporting documentation, they will let you know. Once approved, you can expect to receive your funds within a couple of days. 

Fast Loans Online

Online lenders are an excellent and convenient option for personal loans. Many online lenders allow you to pre-qualify online to estimate your rate without affecting your credit score.

When you apply, you most likely receive your decision within minutes, if not within the same day. Depending on the day you apply, you may receive your funds within the same week. To repay your loan, you can do so online as well. 

Online Loan APRs

Online fast loans typically have an APR (annual percentage rate) of around 6% to 36%, and you can borrow as much as $100,000 if needed. Be aware of lenders who practice predatory lending. Predatory lending is when a lender provides their borrowers with a nearly impossible loan to keep up with and pay back. 

Fast Loans for Bad Credit

Some lenders offer fast loans for those who have credit scores of around 629 or lower. If you have bad credit, you will have to show that you have a stable and steady income and a low debt to income ratio. 

Because you have a lower credit score, you most likely will have a higher APR than most other borrowers, which can increase how much you pay monthly. Keep in mind that having a lower credit score means you won’t have access to higher loan amounts. Though most online lenders can provide their borrowers with quick access to capital, you may want to still take the time to compare loans before you just take any deal. 

How Fast Can I Get a Loan?

The speed at which when you will receive your loan depends on your lender. Some lenders provide you with instant cash the same day if you apply on a business day. Others may take a little more time to evaluate your finances before releasing the money. 

Even after the lender releases the funds, your bank may hold the money for another few days. In total, it may take between three to five days before you release your funds, depending on who you work with. Some companies have same-day cash, whereas others don’t.

Will a Fast Loan Affect My Credit?

Some types of loans affect your credit, whereas others don’t. Unless the lender reports your account to any of the three major credit bureaus, the loan most likely won’t affect your credit score.

However, if they share your information with the bureaus, make sure that you pay back your loan on time. If you don’t, you can risk damaging your credit score. 

Get the Best Fast Loan Today

Regardless of the reason why you need to get a fast loan, you should still be sure to weigh out all of your options. Review the lender’s reviews to ensure that they don’t practice predatory tactics, and be sure to pay back your loan on time so that it doesn’t damage your credit.

If you need a fast loan and have bad credit, there is no need to worry. Contact us to learn more about your loan options and receive your funds the next day.