Trying to Get the Money you Need Right Now
For a lot of people, finding a way to afford all your day-to-day and monthly expenses can be easier said than done. After you’re finished accounting for groceries, recurring bills, rent or mortgage payments, and whatever other essential expenses that fill up your budget, you may not have much money left over. So, if an emergency expense creeps into your life unexpectedly, will you have the money to take care of it? If you don’t, what’s your solution? If you’ve prepared for this moment ahead of time by contributing to an emergency fund, the answer may be as simple as drawing from this account to take care of your emergency. But if you haven’t been able to prepare and need money right now, turning to an online personal loan may be a potential solution.
Nowadays, if you need some sort of financial service and you don’t want to leave your house, there’s a good chance that you can find what you’re looking for online. Applying for a personal loan online can be a helpful option for anyone who is having a hard time dealing with any component of the borrowing process for an in-person loan. This can include things like the travel time involved or managing your schedule around a storefront’s business hours. So, if you need money now and want an application process that’s more tailored to your schedule, an online loan may be right for you.
What is an Emergency Loan and Should I Apply for one if I Need Money Right Now?
Like we’ve said, if you’re facing an emergency expense and you feel like you need money now, a personal loan may be an option. Keep in mind that you’ll need to be able to recognize what constitutes an emergency and what doesn’t. While this won’t be the same for everyone, things like unexpected medical expenses, an emergency car repair, or some sort of essential home repair can usually fall into this category. If you’re saying “I need money today” because you want to go shopping at the mall or book a vacation, you may want to reevaluate your stance. You shouldn’t even apply for a loan to pay for recurring bills that you know are upcoming.
Another important part of the process of looking for an emergency loan that shouldn’t fly under the radar is making sure that the financial institutions that you’re considering applying for a loan with are responsible. Browse their sites and make sure that they’re authorized to operate in your state and read through reviews that previous customers have written about the level of service they experienced.
When it comes to applying for an emergency loan, you can choose to do it online or in person. There are some important differences between these two processes, but what are they and why might you feel like you need money now online versus in person?
I Need Money Now Online, but What are the Benefits?
If you’re facing a financial emergency and the overwhelming feeling you’re having is, “I need to borrow money now”, like we said, there are generally two ways you can go when it comes to applying for a personal loan.
The first route is to submit an application for a loan in person at some kind of storefront lender. If you need to borrow money now, this may not always be the fastest option. You’ll need to find the time to visit a storefront, wait in line, speak to an employee, fill out an application, and wait for this application to be processed.
Your second option is to apply for an online loan. But what are the benefits of applying online for anyone who’s thinking, “I need money right now”? Well, if you need money now for an emergency, speed is of the essence. With an online loan, you’ll typically experience a relatively fast borrowing process. It starts with the application, which in many cases, you’ll be able to get through in as fast as just a few minutes. If your application is approved, you may be able to get your funds as soon as the same business day, depending on a few variables. This is good news for you if you need money today.
On top of the speed factor, online loans also offer a relatively high level of convenience. This is because you can apply from wherever you have internet access, and in some cases, you can fill out your application 24/7. All in all, they’re usually a fast and convenient borrowing option.
Details of a Line of Credit Through CreditFresh
If you’re in need of funds and looking for a reliable financial institution to work with, CreditFresh may be able to help! With a Line of Credit from a Bank Lending Partner through CreditFresh, you can expect full transparency, so you’ll know exactly how much your Line of Credit will cost with no unexpected or hidden charges.
Credit Limit: $500 to $5,000
Loan Type: Line of Credit
Funding Time: Same Business Day3
What Types of Short Term Loans May be Available if I Need Money Today?
If you’re looking to apply for a loan, you should have a good idea of what type of borrowing products are out there before you make any decisions. To help you get started, here are some of the more common financial products that may be able to help you when you’re trying to borrow money.
1. Installment Loans
With an installment loan, you’ll submit an application and if you’re approved, you get all your money in a lump sum. You’ll then pay back what you’ve borrowed along with any applicable fees and/or interest over several scheduled payments that will generally be of equal value. The amount of time it takes to pay back your loan can vary. This will be based on the organization offering or servicing the loan and the type of loan you’ve applied for.
2. Lines of Credit
With a line of credit, you won’t get your funds all at once like you would with an installment loan. Instead, if approved, you’ll be able to draw money from a pre-determined credit limit, as long as you have available funds and your account is in good standing. As you pay off what you owe, you can draw funds on a revolving basis. On top of this, instead of paying interest and/or fees on the total amount of your line of credit limit, you’ll only be charged based on the amount of money you draw.
3. Title Loans
A title loan is a kind of loan that requires you to pledge some sort of asset as collateral in order to qualify. Because of this, it’s considered to be a secured loan. One of the most common types of title loans is a car title loan. With these, you’ll need to pledge your car as an asset in order to qualify. If you can’t keep up with your loan payments, the lender may seize your car as payment.
A title loan may be an option when your poor credit is stopping you from getting approved for certain other types of personal loans. Keep in mind that by applying for a title loan, you’re agreeing to risk a big asset like your car. For this reason, they should only be considered as a last resort when you need to borrow money right now to help you take care of an emergency expense.
4. Credit Card Cash Advance
Another potential option when you need money fast to help pay for an emergency expense is to take out a cash advance through your credit card. By doing this, you’ll generally be able to get cash from an ATM through your credit card. Just remember that you’ll likely face some high interest rates on the money you take out, and there could even be some extra fees on top of that. You should also keep in mind that the interest charged to you on a credit card cash advance is going to begin building up right away. This is an important distinction from the normal charges that you put on your credit card.
Benefits of a Personal Line of Credit Through CreditFresh
So, if you’re thinking, “I need money fast”, what do you do? Well, if that’s the case, an online loan may be an option for you. With an online loan through CreditFresh in the form of a line of credit, you can complete a simple application in just a few minutes, and you may be able to get your funds as soon as the same business day if approved3.
Access Credit When You Need It
- Get the financial flexibility you need to handle emergency expenses.
- Get access to credit when you need money by requesting a draw, so long as your account is in good standing and you have available funds.
- Money may be in your bank account the same business day3.
Excellent Customer Service
- Our Customer Service team is available and happy to help!
- We’re here 7 days a week to answer your questions about the loan products offered through the CreditFresh website.
- We’re waiting to help you when you need money for an emergency.
Transparent, Easy-to-Understand Product
- Clear repayment terms and no hidden charges.
- A simple Billing Cycle Charge structure.
- Have access to a secure online platform to review information regarding your account.
What if I Need Money Now but Have Bad Credit?
For some people who feel like they need money now for an emergency, one roadblock they might run into is having a poor credit history. But why does your credit history play an important role in the borrowing process? Well, when you think that you need to borrow money now and decide to apply for a loan, a financial institution is going to want to get a sense of the likelihood that you make all your loan payments, and make them on time. So, to get a better sense of this, they may use your credit score as a determining factor. This is a three-digit number that summarizes your history as a borrower.
Your credit score is a dynamic number that is influenced by all sorts of factors. Having said that, doing things like paying your bills on time, not carrying huge amounts of debt, and keeping a low credit utilization ratio are generally financially healthy things to do. If you need money now and have always kept up with these good habits, your credit score might be in relatively good shape. If not, it may be a different story.
In any case, if you’ve ever found yourself saying, “I need money now but have bad credit”, there still may be options out there for you. There are some financial institutions that have financial products that are meant for people who may not have the strongest credit history. They might put more weight on certain aspects of your financial profile outside of your credit score. If you need money today and have bad credit, do a search online for these types of loans.
I Need Money Now – Can I Get it Through CreditFresh?
When it comes to some of the specifics of short term loans online, you’ll likely find some differences from loan to loan as you look through what different financial institutions have to offer. One of these areas is how long it takes you to borrow funds from start to finish, beginning with the application process to when you finally get your money, assuming your application is approved. This is important when you need to borrow money fast to help you handle an emergency expense.
When it comes to borrowing funds through CreditFresh, the application process is fast and simple. It only takes a few minutes to submit a request for a line of credit. If your application is approved, you can request to draw funds and you may get them in your bank account as soon as the same business day3. If you want to learn more about the specifics regarding the speed of funding, you can click here to see our FAQs page.
How can I get Approved for Online Loans?
Like we mentioned earlier, you’ll find all sorts of differences between various financial institutions. One of these areas of difference is what it takes to qualify for a personal loan. While there’ll likely be some overlap in criteria, like income, employment, and state of residence, financial institutions will have their own criteria. For example, some places may look at:
- your state of residence
- your employment status
- your income
Please note that currently, no credit products offered through CreditFresh have charges that would meet the requirements applicable to lend to covered members of the US Armed Forces and their dependents.
Where are Personal Lines of Credit Offered Through CreditFresh?
The Line of Credit through CreditFresh is currently offered in Alabama, Alaska, Arizona, Arkansas, Delaware, Florida, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Washington, and Wisconsin. Additional states will be operational soon. Check back often to see if the Line of Credit through CreditFresh is available in your state of residence.
How Much Does a Line of Credit Through CreditFresh Cost?
With a Line of Credit through CreditFresh, you can be confident that you’ll always receive clear and transparent disclosures. Your Billing Cycle Charge, which is based on how much principal is outstanding throughout your billing cycle, will be clearly disclosed to you in your Periodic Statement. Click here to find out more.
Will I Need an Appointment to Submit a Request for an Online Loan Through CreditFresh?
No, you will not need to make an appointment. Simply click here to begin the process of submitting a request. This is simple and may only take a few minutes to complete1.
For more information, feel free to give us a call at 1-800-766-2007 and a member of our Customer Service team will be pleased to help you.
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How is a Line of Credit Different Than an Installment Loan?
While they’re both considered to be a type of personal loan, there are some important distinctions between lines of credit and installment loans. One of the biggest ones is that a line of credit is a type of revolving credit. So, if your application is approved, you’ll be able to draw any amount from your available credit, either in small amounts or all at once as needed. As you pay off what you owe, you can continue to borrow money quickly when you need money now from your available credit, as long as your account is in good standing. Being able to request draws, repay and redraw as needed may make emergency loans online useful when you’re faced with an unexpected expense.
Are There Alternate Ways to Get Funds When I Need Some Money Now?
If you need money fast to help you take care of an emergency expense, there may be some avenues you’ll want to explore before you decide to submit a loan application. Let’s take a look at a few of them.
1. Start a Side Hustle
If you need money fast and want to find ways to earn a little extra cash to help you either contribute to an emergency fund or deal with an emergency expense, finding some simple ways to boost your income can help.
If you have some time on your hands, you can seek out small side jobs to help you earn some extra fast cash. This could be anything from babysitting, doing yard work in your community, walking peoples’ dogs, or whatever odd job you can pick up quickly. If you need whatever work you pick up to be flexible, you can consider working for a ride-share or food delivery company. If you have any particular technical skills that you want to put to use for some extra cash, like photography, coding, graphic design or writing, you can try to pick up some freelancing work. Consider any work you can do to get some money now.
2. Sell Unwanted Items
Do you have any functional but unused items lying around the house? If so, put these to use by selling them off when you need money right now. If you’re looking to make some money quickly off your unused things, start by:
- Making a list of the items you want to get rid of.
- Doing some research on these things to see what a reasonable cost would be for them.
- Taking good pictures of them, writing some enticing headlines, and writing thorough descriptions of each item.
- Posting these items on online selling platforms.
Once you start to earn some money from these items, you can put this money towards your emergency expense.
3. Rent Out Your Spare Room
Do you have an extra bedroom in your house? Maybe a live-in basement that doesn’t get much use? Well, start turning these unused spaces into fast cash by renting them out. If you only have a spare bedroom available, you can list it on some online platforms as well. If you have a separate basement with the necessary amenities, you can consider renting it out long-term to earn a consistent source of income.
Create an Emergency Fund so That you Have Cash When You Need Money Fast
One of the most important things you can do to help ward off financial problems that may pop up unexpectedly down the line is to start putting together an emergency fund. This is a savings account that you contribute to for the purposes of helping you deal with emergency expenses. If you have any spare money in your budget at the end of the month, it might be a good idea to put this towards an emergency fund. It should be your first line of defense in these scenarios.
Keep in mind that this shouldn’t be used for things like shopping sprees, cosmetic upgrades to your home, or even for any long-term savings plans.
Consider a Personal Line of Credit when you Need to Borrow Money
Finding a way to handle an emergency expense can be difficult, and things tend to get harder when you’re just trying to make ends meet. If you don’t know what financial options are out there, how can you be expected to take advantage of them?
If you’re in need of some extra funds to help you handle an emergency, a personal line of credit may be able to help. With a Line of Credit through CreditFresh, you may be able to get a line of credit between $500 and $5,000 when an emergency strikes!