All it takes is a medical emergency or car accident to put you out financially. But if you need fast cash, you can look to an alternative lender to get what you need now. Applying is easy, and you could have your money that day.
Your Financial Situation
Your personal situation will determine whether you qualify or not, but there are some things you can do to prepare for applying.
Credit Score
Your credit score tells the bank how risky of an investment you are. The better your credit score, the lower your interest rate. If you have a history of financial trouble, you’ll be socked with a high-interest rate, making it harder to pay back the loan.
Many sites offer a free credit check, and it’s always wise to know where you stand in the event that you need a little extra help. Aim for a score of at least 700. Anything under 650 is considered bad.
Understand that not all personal loan sites lend to 'bad credit borrowers' but all do a soft pull of your credit to pre-approve your application. This means applying on several online lending sites won't hurt your credit and will shop your loan out for better rates.
Debt Ratio
Your debt ratio tells a creditor how well you use your finances. If you use a large majority of the credit available to you, you have likely maxed out all of your cards, which doesn’t look very responsible.
A higher debt ratio also has a negative impact on your credit score, which makes you look like even more of an investment risk.
Getting a Quick Loan
If you have a low credit score and high debt ratio, that doesn’t mean you’re disqualified. It just makes it harder. Be prepared for a high-interest rate and difficult repayment terms. There are many places you can turn to for some fast cash.
Family and Friends
It’s embarrassing to admit when you’re having trouble and it’s even more embarrassing to ask for money from your family or friends. You may not want them to know you’re struggling, but they may be the most willing to help and offer the most favorable terms.
Be sure you have a clear plan for paying them back. Many relationships show strain when money is involved, and it’s a sensitive subject, so if you don’t think you can follow through, don’t ask.
Credit Cards
Applying for more credit cards could help temporarily. You could also look into getting a credit increase on a current credit card. If you have a good payment history, chances are they’d be more than willing to consider it. Cash advances on credit cards are a good option for fast cash, but you’ll pay more interest.
Personal Loans
A lot of lenders offer personal loans. The payback terms are short, so you can get cash fast and pay it back quickly. Often, these loans are instant, but the amount you get depends on your application and credit score.
The interest rates are much lower than credit cards, so it’s easier to pay them back and get out of debt sooner. Alternative lenders can offer some good options for easy applications and fast financing.
Loans to Avoid
Just because you’re desperate doesn’t mean you need to get yourself into further financial trouble. Some loans could cause more problems later on. Don’t look into payday loans. They are high in fees, and it makes ityou hard to meet your expenses next month because the turnaround time for paying these back is very fast.
Quick Loans
Alternative lenders like Quick Loans Direct can offer you the best of both worlds. Fast funding and favorable terms await behind a speedy application process. Apply today.
