Need Money Quick? What Are Some Options If Your Credit Is Less Than Perfect ?
Have you found yourself facing an urgent issue in which you need money in your account right away? If so, it can be a troubling feeling that can leave you searching for answers. Your first response may be to call your bank and ask for a loan. This may be a good option if you don’t mind waiting a few days to get your money. And even then there is no guarantee of approval, especially if you have less than perfect credit. Here are a few reasons why an installment loan might be the best thing for you.
Quick Funding Deposit
With an online installment loan, one of the biggest advantages is that once approved, you’ll get your money by the end of the business day. This is beneficial in an emergency situation in which you’ll need super fast access to your cash. The best news about an installment loan is that you don’t have to come up with the entire lump sum of the balance on a specific date. This makes it less likely you will need to take out additional loans—a trap that many payday loan customers get stuck in. After you apply, you’ll know exactly how much you’re pre-approved for. Once all of your information is verified, you’ll get your funds deposited into your account. From there, you’ll be able to print off your payment schedule, and look over the terms of the loan.
Do you have a credit history that is less than perfect? Is your FICO or credit score in the lower range? If so, you probably won’t qualify for a personal loan at your bank. Personal installment loans offer quick approval decisions, and can deposit the money directly into your checking account. While you don’t have to have perfect credit to qualify, you still need to meet some basic approval requirements. These include:
- A valid driver’s license or state assigned identification.
- Checking and savings account that is active and in good standing.
- Solid employment background or history of steady income.
- Proof of your current residence, such as a utility bill or rental agreement.
Once you get approved, you can expect your payments to be withdrawn over a six month time frame. You also have the option to pay off your loan at any time without any pre-payment penalty. This type of loan is a great way to get access to quick cash to avoid a financial disaster from either an unforeseen bill, medical emergency or other reason that you may need to cover your personal expenses.
Avoiding Your Local Bank
A big advantage to utilizing an online installment loan to get short term cash is that you don’t have to go in and bank locally. Local banks can have a lot of red tape that you have to go through in order to even apply for a loan. You’ll need an appointment to discuss what type of loan you’ll be getting and then you’ll most likely need to make another appointment to go over all of the loan details. Not only that, your local financial institution probably has strict credit criteria in place for getting final loan approval for a short-term loan. If you lack a high credit score, you have a high debt-to-income ratio or you don’t have a solid borrowing history, you will likely get declined. Online approval is easy, fast and a lot less hassle.
Setting Up For The Future
Did a recent emergency leave you grasping at how to cover not only the funds you need, but your basic recurring bills too? If so, now is the time to plan for a future nest-egg. Avoiding the scramble for cash is sometimes not possible, but paying off your online installment loan and learning how easy it is to quickly acquire cash to get yourself back on track may take away the panic next time. Having your favorite online lender quickly available allows you to take out a short term loan and possible put some of that money aside in savings. Over time, these small amounts will lead to a big savings account that you can use for unforeseen emergencies.
There are many benefits to an online installment loan. If you need cash fast, consider this type of loan for quick, easy processing.