Life doesn’t always adhere to the 9-5 schedule. Sometimes, you can’t afford to wait until the next business day to apply for a loan. If you need emergency cash, consider applying for a personal loan. In some cases, you can apply and get approved in the same day!
And, since personal loans usually have a lower interest rate than credit cards, the quick turnaround time makes them a great alternative, depending on your situation.
The process to apply for a personal loan is relatively simple and straightforward. For most loans, you will usually complete the following steps:
- Fill out a personal loans online form. You can apply to multiple lenders at once to compare terms or just apply through one specific lender if you know who you want to borrow from.
- Check what terms you prequalify for. Before you get a loan, check out the kind of interest rates, fees and total amounts you qualify for. You may qualify for very low interest personal loans that are easy to pay back.
- Apply for a loan that meets your specific needs. Once you’ve settled on the right deal, send your application in for quick approval.
By following these steps, you could get loan approval today and get the cash you need within the week. So if you are sure that you need the loan, it is best not to wait too long to submit your application. Checking out your options early will mean having more time to make a decision.
When applying for a personal loan (or almost any type of loan, for that matter), it is usually a good idea to compare terms from different lenders. You can use a third-party site to compare loans side-by-side, taking into account the following:
- Interest rates
- Loan amounts
- Credit score requirements
Even if you have a great to excellent credit score, you may get quite different terms depending on the lender you go with. Additionally, make sure that the rate on your loan will be fixed to avoid any surprises in the future.
When you are choosing a term for your loan, keep in mind that a shorter time period means a higher monthly payment. At the same time, a longer term means that you end up paying more overall even though your monthly payments will be lower.
The key when choosing a personal loan term is to review your budget and opt for the shortest term you think you can reasonably handle.
