Loans help a lot of people acquire extra cash. However, most loan applicants find it hard to qualify for loan options available in the market. Hence, a personal loan is the most common loan type that consumers apply for.
If you’re anxious about getting a personal loan, you might want to explore other options first. Almost every state offers personal loans. For example, if you live in Texas, you can check out Amarillo Personal Loans by CreditNinja. Remember that you can apply for a personal loan no matter where you are.
That said, check out these personal loans that are easy to qualify for and see if they fit your needs.
An emergency loan is a personal loan you should get if you need extra cash quickly. It’s a loan made available for individuals who require extra money to cover unexpected medical bills, and as the name suggests, other emergencies.
This loan usually has a fast approval rate because the money is dedicated for emergency purposes. Commonly, lenders will deposit the money you borrowed to your account the same day of your application.
Emergency loans can be a great option if you have a good credit score as that will give you a low-interest rate. However, if your credit score isn’t looking too good, expect to pay higher interest rates and fees.
Bad credit loans are designed for individuals with a bad credit score. Each bad credit lender has its respective requirements, which is why you must learn about each of them first.
Bad credit loans will require you to have a minimum credit score of 580 before lenders consider your application. While this is a bad credit loan, lenders still have the right to impose a minimum credit score as a qualification.
No Credit Check Loan
If you are not eligible for a bad credit loan because you have a credit score lower than 580, then the no credit check loan would be ideal for you. However, as the name suggests, a no credit check loan will not carry out any credit check on your credit history.
So, it means that no matter what your credit score is, the lender doesn’t care. However, you must be aware of the disadvantages of a no credit check loan. This type of loan often comes with high interest rates and fees.
Secured Personal Loan
A secured personal loan is another great loan option for anyone who needs money fast. To qualify, you need to gather all the information the lender will need, like household expenses, monthly income, existing debts, and the likes.
You’ll also need to secure collateral as a secured loan needs one. This collateral will serve as a security for the lender in case you default. During default, the lender will seize your collateral as a payment to your loan.
Easy Loan Alternatives to Personal Loan
If you find the easy-to-acquire personal loan still not good for you, then it’s time to explore your other options. Some alternatives you can check for include the following:
A payday loan is the most popular alternative to a personal loan. It’s a type of short-term loan that you’ll pay on your next payday schedule. You need to pay the principal amount plus the interest rate on your nearest payday schedule.
A payday loan is avoided by many as it’s known to have a high-interest rate. Although payday loans can be rolled over or renewed by paying a lending fee, this might put you in financial trouble over time.
If you constantly renew your payday loan, it can put you into a cycle of debt that’ll be hard to escape. In addition, this decision will make the overall cost of your loan increase, and your debt will balloon.
Cash Advance Loan
If you have a credit card, a cash advance loan is an option for you. A cash advance is another type of short-term loan where you’ll use your credit card to withdraw money from an ATM.
Yes, you read it right. A cash advance is borrowing money against your credit card’s credit line. To avail of a cash advance loan, use your credit card the way you use your debit card when you want to withdraw money from an ATM.
But be aware. Cash advance loans have high interest and fees, which is why it’s best to familiarize yourself with this option before you even try to do it. This way, you won’t get surprised when you receive your account statement.
If you have valuable items such as designer watches, jewelry, or antique collections, you might want to consider a pawn shop loan. Acquiring extra cash through a pawnshop loan is pretty quick and easy.
Pawnshops are more than willing to lend you money in exchange for your valuables as collateral. However, terms and interest rates vary from one pawnshop to the other, so better do your research first.
The amount you’ll get will depend on the appraisal value of the item you’re using as collateral. Hence, if you need a huge amount of money, it’s best to bring the most expensive item you have.
The Choice is Yours
Study all your options and choose what you think can provide you with what you need and fit your situation. As long as you have a good credit score, whatever loan you’ll apply for will surely be fast and easy. Therefore, take care of your credit score. The choice is yours, so choose wisely.