Before applying for a personal loan, you should do some research on what types of loans are out there and potentially available. To help you get started, below is a list of common types of personal loans online that you’ll likely come across on your search.
Lines of credit function a lot like credit cards do, so if you’re familiar with how credit cards work, you’re already a step ahead. With a line of credit, you’ll be given a credit limit that you can borrow money from. This can only be done assuming your account remains in good standing and you have available credit. If you do, you’ll be able to access funds from your line of credit, pay back what you’ve borrowed, and then draw money again on a continuous basis. It’s also important to remember that instead of paying interest and/or fees on the total amount of your line of credit limit, you’ll only need to pay applicable charges on the amount you’ve drawn.
Installment loans may not be as familiar to you if you’ve only ever borrowed money through your credit card. If you get approved for a personal loan that falls into this category, you’ll get your money in a lump sum instead of being given a credit limit to borrow against. You’ll pay this money back, along with interest and/or fees, in pre-determined, scheduled installments. You’ll generally pay back the same amount at each installment, which may make it easier for you to incorporate these payments into your budget over time.
When we’re talking about personal lines of credit and installment loans for emergency situations, these personal loans will generally be unsecured. That means that you won’t need to provide any collateral to qualify. A title loan on the other hand, is a secured loan. With a title loan, you’ll need to provide the lender issuing the loan with some type of valuable asset that they can seize if you aren’t meeting your scheduled payments.
One of the most common types of title loans out there is a car title loan. What makes these unique is that the asset that you’ll need to pledge as collateral in order to qualify is going to be your car. Keep in mind that while these loans may provide quick funds to help you out of a jam, they come at a cost. The charges you’ll be required to pay will generally be fairly high, and if you aren’t able to pay back what you owe, you could lose your car. Consider these to be a last resort.
If you decide that a personal loan is right for you, you may find yourself wondering what it takes to get a loan today through CreditFresh! CreditFresh offers personal loans in the form of a Line of Credit, and if you submit a request and get approved, you may be able to request a draw and get your funds as soon as the same business day3. Here are some of the potential benefits.
If you want to get qualified for a personal loan, you’ll need to meet the requirements of the financial institution you’re applying with or through. These requirements can be different from one organization to the next. However, there’s a good chance that a lot of financial institutions will be looking at some of the same aspects of your financial profile. This may include things like your income as well as your employment situation. Either way, you should try to educate yourself on what a financial institution is specifically going to look at before you submit a request for a personal loan through them.
If you’re facing an emergency expense and need funds right away, you might be asking yourself, “how can I get a loan today?” The truth is, the speed at which you can get funded assuming you’re approved for a loan is going to vary from one financial institution to the next.
With some financial institutions that offer or service online loans, you may be able to get your funds fairly quickly. On top of the fact that the simple online application only takes a few minutes to complete, you may also receive your funds on the same business day that you submit a request, assuming you’re approved for a loan. This will depend on the financial institution you’re working with as well as your bank’s policies.
Submitting a request only takes a few minutes.
Simply request a credit limit, securely verify your details, and review and sign your agreement.
If approved, and you request a draw, money may be deposited into your bank account the same business day3.
If you’re making ends meet and struggling with the process of dealing with an emergency expense, no one would blame you. When you feel like you’re stuck between a rock and a hard place, it’s easy to despair. But you don’t need to panic! If you need a short-term financial solution, a line of credit may be able to help. Just make sure to do your research beforehand to find the best solution possible for your situation. If you’d like to learn more about line of credit loans, visit our blog for more useful information!
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