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Finding yourself in a financial squeeze with the need for quick access to extra money? Whether facing an unexpectedly large bill, surprise home repair, medical emergency, or other pressing expenses, online personal loans provide one way to secure fast funding.
What is a Personal Loan?
A personal loan provides lump-sum financing from an online lender or financial institution that you repay in set installment payments over a predetermined repayment timeline, typically spanning 6 months to 7 years. They are unsecured, meaning no collateral is required for approval.
Online lenders now offer personal installment loans entirely over the internet for sheer convenience and exceptionally fast funding potential—as quickly as the next business day in many cases.
Top Ways to Get Cash Fast from a Personal Loan
If you need to get cash quickly, here are some tips for securing funds from an online personal loan in just days or less:
Check eligibility: Personal loan amounts span $1,000 up to $100,000 typically and often require a good credit score for the lowest rates/fees. Sometimes prequalifying will indicate what offers for which you may be approved. Income verification is also required.
Research lenders: Compare interest rates, loan terms, origination fees, credit requirements, and funding speeds offered by online lending companies. Index Loans, Credit Karma, NerdWallet, and LendingTree help compare legitimate options.
Apply online: Select your top pick and complete personal loan applications fully through lender websites for faster processing versus paper applications. Ensure all required documents and verification items get submitted.
E-sign documents: Loan approvals and documents are handled digitally for easier, quicker completion. Review terms closely before adding your e-signature to finalize the loan agreement and paperwork electronically.
Link bank accounts: Supply checking account and routing numbers so approved funds can deposit directly and securely into your linked bank account, available almost instantly.
Meeting eligibility criteria and having all needed documents ready to submit will help streamline approvals. Leverage online processes for applications through disbursement to access money in days rather than weeks once approved.
Advantages of Online Personal Loans
Some top advantages of online personal loans for fast access to emergency money include:
- High approval odds and larger loan amounts with good credit
- Lower interest rates than alternatives like payday and title loans
- Easy prequalification without affecting your credit score
- Submit applications 24/7 from anywhere internet accessible
- Mobile and digital processing shortens wait times
- Direct deposit of funds accelerates access to money
- Fixed payments provide predictable repayment
Just be sure to only borrow what your budget reasonably allows and resist stretching loan terms beyond 60 months. The shorter the term, the less you pay in interest costs over time. Avoid payday loans and auto title loans that charge excessively higher rates.
With quick processing and funding, online personal installment loans deliver faster cash than traditional bank loans and liquidating investments. Just remember, while convenient, loans accrue interest so should be used as responsible, temporary solutions for financial needs exceeding your current means.