Outstanding consumer debt in the US sits at $14.88 trillion, or about $93,000 per person. While the older generations hold the bulk of this debt, Gen Zers now average over $16,000 in debt themselves.
Regardless of your financial situation, let’s face it: Sometimes the unexpected happens. You might get hit with job loss, medical bills, or major car repair work.
What happens if you don’t have enough cash in savings to cover these expenses? You could turn to quick online loans to help you stay afloat.
How do online loans work, exactly? What should you know before you apply? Most importantly, where can you find the best online loan for your needs? We’ll discuss these questions and more, so keep reading below.
When you buy a home, you take out a mortgage loan. If you buy a car from a dealership, you take out an auto loan.
As the name suggests, a personal loan is a loan you take out for personal reasons. Rather than paying for one specific purchase, you can use the funds to pay for anything you need or want.
This might include:
Personal loans are a great alternative to credit cards because they typically offer a lower interest rate (APR). In some cases, you can even qualify if you have bad credit or no credit history.
Depending on the lender you work with and your reasons for getting the loan, you can receive your money in a few different ways. The simplest option is a direct deposit into your bank account so you can use the funds any way you choose. If you’re getting the loan to consolidate debt, you can choose to have the money sent directly to your creditors.
If a personal loan sounds like the best solution for your circumstances, here are some important factors to keep in mind.
First of all, your credit history will play a major role in qualifying for a loan, as well as the interest rate you’ll pay. In general, the better your credit rating, the better loan terms you’ll be offered. If your credit is less than stellar, you’ll likely have to pay a higher interest rate.
Unfortunately, not all companies are legitimate and not all lenders have your best interests at heart. Predatory lenders take advantage of people in need through fraudulent, deceptive, or unfair lending tactics. Beware of any offers with unreasonably high fees or interest rates or, at the other end of the spectrum, offers that seem too good to be true.
After you get your loan, you should be prepared to start repaying it within 30 days. If you get a fixed-rate personal loan, your monthly installments will remain the same until you pay off the loan. With a variable-rate loan, your interest rate will fluctuate over time and the amount you owe each month could change.
If possible, seek preapproval for a loan before you submit a formal application. This results in a “soft” inquiry that doesn’t affect your credit report. Each time you apply for a loan, it will create a “hard” inquiry on your credit report.
Too many hard inquiries will have a negative impact on your credit score, so only apply for loans you feel confident you’ll qualify for. If you’re applying for multiple loans, try to do so in a short window of time rather than spreading out the applications over weeks or months.
When you receive a personal loan and make regular, on-time payments, you help to build a positive credit history. In time, this can help you qualify for other types of loans (i.e., a mortgage loan) and better interest rates.
However, if you make a late payment or miss a payment altogether, this will have a negative effect on your credit. Make sure to do the math before applying to ensure you can make the payments without impacting your ability to pay your other bills.
If you Google “quick online loans,” you’ll find options from hundreds of different lenders. It’s easy to feel overwhelmed as you read the small print and try to determine which company to work with.
Why should you choose FastLoanDirect for your personal loan?
One reason is that we make it incredibly easy to apply for your loan. Simply fill out one basic form and we’ll do the legwork for you. We’ll use the information you provide to connect you to lenders in your state that can provide the quick loan you need.
The lenders we work with can offer:
FastLoanDirect provides all our services free of charge to you. It’s common practice for lenders to charge an application fee and interest, but you’ll be able to review all those details before you sign. In fact, we encourage you to carefully read the entire loan agreement to ensure you understand the APR, loan term, repayment terms, and other important facts.
Since we work with only the best lenders in each state, you can rest assured that you’ll get a loan from a reputable, trustworthy company. You can compare offers from different lenders and decide which one makes the most sense for your financial situation.
When the unexpected happens, quick online loans could be a lifesaver. Regardless of your credit history, you can find the financial help you need online.
If your loan research has brought you to this page, we’re glad you’re here. As our name implies, FastLoanDirect matches you with lenders quickly and easily, with the funds deposited into your bank as soon as the next business day.
Are you ready to start your application for a quick loan online? Click here to see just how easy it can be to get the money you need.