When you say “I need money now”, you are most likely dealing with a sort of emergency. You start asking your family for help or consider selling some of your belongings. If none of those work, you refer to online loans. This has become a popular way to solve financial problems in a short and long-term perspective.
In fact, 56% of Americans experience a difficulty covering a $1,000 emergency expense. If you are one of them, feel free to submit an application with a direct lender.
Take a Loan after Saying “I Need Money Now”
Now that you say “I need fast money”, you are about to take a loan from a direct lender. Is it risky? Yes, it is. Borrowing money from a financial organization is always a risky affair. In a critical situation, it is all you have. Here are some benefits of using an online loan:
- Quick and easy application – Applying for loans takes a few minutes. So you can get your request processed by making several clicks.
- Flexibility – You are free to choose a lender to work with and a loan to request. Moreover, you can submit an application on your desktop computer or mobile device, which doesn’t need you to leave the comfort of your home.
- No need for perfect credit – Depending on the lender and loan you’re requesting, you aren’t obliged to have good credit to get approved. Simply, a credit score isn’t the only aspect to be taken into consideration by direct lenders.
Types of Loans to Consider for Emergency Needs
Before sending an “I need money now” request to a direct lender, you should decide on the most suitable type of loan. If you need money immediately, you will have the following options to choose from:
Payday loan
It gives you a few hundred bucks when you need money urgently to cover an expense before your next paycheck. It usually comes with a fee for every $100 borrowed from a lender. The size of the fee depends on the lender’s policies and the legislation of the state you live in.
Installment loan
It offers you a sum of money to be paid back in a series of payments over a certain period of time https://www.usacashexpress.com/ . It usually covers a period from 3 to 36 months and can be covered without any penalties. The online application can be completed in minutes, with a loan decision and cash funding as soon as 24 hours.
Title loan
You are expected to use the value of your car to secure a cash loan. After inspecting and estimating the value of your driving vehicle, a lender will offer you a certain amount of money to borrow. Are you fine with the offer? You will get your money for a pre-agreed period of time.
What if Your Credit Score Is Too Low?
Having a bad credit score is worse than having no credit history at all. But it shouldn’t be viewed as the end of the world. Borrowers with bad credit still have high chances of approval as long as they can prove their financial sustainability. However, higher interest rates and stricter repayment terms are about to be imposed.
Feel free to estimate your credit score https://filld.com/no-phone-call-loans/ by using one of the major credit bureaus like Experian, Equifax, and TransUnion. What does your credit score consist of:
- Payment history takes 35% of your credit score
- Credit utilization makes up 30% of your credit score
- Credit history is 15% of the score
- Type of credit determines 10% of your score score
- Inquiries cover the last 10% of your credit score
Knowing how the credit bureaus estimate your credit score aims to give you a better understanding of how a personal loan works. Consequently, you will make a better decision on the loan to take and a lender to rely on.
When “I need money now”, taking a loan from a direct lender should be a last resort. Make sure you realize all the risks before going for this affair. With this understanding of the deal, you will make a loan be on your side.
