Raising funds for emergencies or times of great need may prove problematic. There’s a lot of ways to earn money but doing so under a due date, or with a short amount of time minimizes those options. However, like instant business loans, there are quick personal loans that could help someone receive the emergency funds they need!
But how does someone get started? Luckily, quick personal loans online are rising in popularity, and people are able to easily find one. But before searching for one, a person may have to prepare first.
With quick personal loans, they boil down to two different kinds. There are some loans that require good credit to qualify for emergency funds. Then there are other loans that allow people with varying credit or no credit to apply!
For the quick personal loans that require minimal credit or no credit qualifications, there may be other requirements needed. These requirements include the following:
- Government-issued photo I.D.
- Social Security Number
- Financial history
- Employment history
- Proof of residence
- Proof of income
With that in mind, let’s look at whether someone should even consider quick personal loans as a means for emergency funds.
Why Someone Would Need a Quick Personal Loan
There are plenty of reasons why someone might need a quick personal loan. Look over some of these situations to see if they match up!
Hospital Emergency: There may be unexpected times when an individual or their family member may fall ill or acquire an injury and must go to the hospital. Hospital bills and proper medical care is not cheap; they could leave someone with few options, as well as impending due dates. For those unexpected hospitalization fees, a quick personal loan may be an option.
Court or Legal Fees: A car accident, dispute, or other kinds of legal justification may prompt lawsuits or charges! That means an individual must come up with money for the lawyer, court fees, and filing all those legal documents! Whether someone is the defendant or the plaintiff, money will likely be involved on both sides. A quick personal loan may be able to catch up with all those legal costs.
Damages: Mother nature and chance are all it takes to receive damages. Car accidents, floods, storms, and other causes of damage to property means paying money for repairs or maintenance. When unexpected damages occur, and a person can’t pay repairs right this second, further damage could be caused if left unchecked. That’s why a quick personal loan could be a good idea when emergency funds are needed.
Auto Repairs: A car is one of the main modes of transportation for many people. Damage or unforeseen failure in the engine or another vital mechanical part of the vehicle could make traveling impossible. Not to mention the cost of part replacements and other services at auto shops. When someone can’t wait for repairs to be done or they can’t hold off missing work, then obtaining emergency funds with a quick personal loan may be considered.
House Payments: Paying for a home is important. Missing house payments could mean losing electricity, water, or the home itself. For those that might need money as soon as possible, a quick personal loan might be the answer.
Avoiding Debt: There are times when someone would want to avoid debt as much as they can. Missing payments or defaulting on debt could impact someone’s credit score negatively and leave them in financial ruin. When times are tough, a quick personal loan may be the only answer available in a hurry. This is especially true if the loan could help someone avoid further debt.
Other Fees: Maybe there are other fees that need to be paid as soon as possible. The wait for funding may be soon, and not having it on time could be bad! This is what makes quick personal loans very convenient for some, especially if they can accept the responsibility of paying off the loan on time!
After looking at some of the reasons why someone might need a quick personal loan, here’s a few types and how to obtain them!
Types of Quick Personal Loans and How to Get Them
Although this is a handful of well-known quick personal loans, always be sure to research and check out other options that may have been overlooked on this list. After all, looking for the right emergency funds is just as important as looking at the options!
Auto Title Loans
Also known as auto equity loans or simply title loans, this type of emergency funding is one of the more competitively growing loans out there. Title loans provide almost immediate funding due to their online loan options, open communication, and quick process. There are some companies that act as gatekeepers for huge networks of title loan lenders, which minimizes time searching!
Personal Line of Credit
A form of revolving credit, these act more like credit cards than most personal loans. A person acquires access to a credit line, in which someone can borrow on an as-needed basis. A person will only have to pay interest on what they borrow. All these perks make having a personal line of credit great for emergencies. Obtaining one may depend on one’s credit though.
Those with no credit history may consider a co-sign loan, especially if they have a friend or family member with good credit. A co-signer is someone that promises to repay the loan if the borrower cannot, and acts as a form of insurance for the lender.
Payday loans may require certain qualifications, such as: a good credit score to apply. But payday loans are almost immediate in payment. However, the borrower must be able to repay the loan with their next paycheck, as the name suggests.
Whatever quick personal loan someone decides to obtain, know that there is always an option for those looking for emergency funds.