Many borrowers don't have time for the traditional lending process, which may take days or even weeks. They need something fast and simple to cover expenses right away.
These days, the internet makes it quick and easy to get online personal loans from the comfort of home. All borrowers need to get many of these loans are some documents and a few minutes of their time. Here are four quick and easy online personal loans borrowers can get as soon as the same day they apply:
1. Cash advances
Cash advances are short-term loans that give borrowers funds to cover expenses before their next payday. They can repay the loan in two to four weeks, depending on when they get their paycheck.
Many cash advance lenders approve borrowers with various credit score levels, making cash advances great for borrowers with poor or no credit. Lenders will consider factors in addition to the borrower's credit score when deciding whether to approve them, like income, employment history, and current debts.
When the loan comes due, the borrower will pay back the loan plus interest. The borrower may be able to extend it another two to four weeks for an additional finance charge.
2. Installment loans
Installment loans offer borrowers lump sums of money that they can pay back in fixed monthly payments of principal and interest. These loans are great for borrowers that need a larger amount of funds to cover an expense, whether they have to pay an unexpected car repair bill or medical bill.
Installment loans can either be secured or unsecured. Secured loans make the borrower put down an item of value they own as collateral to secure the loan. If the borrower defaults, the lender can take ownership of the collateral to cover losses, engage in debt collection, file negative information on your credit report, and may take legal action. Unsecured loans, on the other hand, don't require any collateral.
3. Title loans
Borrowers that own their vehicles outright can use their titles as collateral to get title loans. Borrowers will have to fill out an application and upload documents proving their name, address, income, car insurance, and title for these types of loans.
Title lenders will then appraise the car to determine how much it's worth and offer the borrower a loan amount equal to 25-50% of the vehicle's value. If the borrower accepts, they may get the funds that same day. One big advantage of title loans is that borrowers can continue driving their car as they pay back the loan.
4. Lines of credit
Lines of credit is a form of revolving credit, meaning the borrower can draw on the line, up to their available limit. They'll only pay interest on the amount they borrow and can pay back through schedule payments or all at once.
To get a line of credit, a borrower will have to fill out an online application and upload all necessary documents, proving their income and other information. Once approved, they'll receive the funds quickly and can pay them back either all at once or over time. They'll only pay interest on the amount they borrow.
Borrowing made quick and easy
Thanks to online lenders, borrowers can get the funds they need without leaving home. Whether they want a cash advance, installment loan, title loan or line of credit, they have more options than ever to get the money they need in a hurry. That said, borrowers should ensure they have a good repayment plan in place to avoid interest, fees or late payments.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
Contact: carolina.darbellesv@iquanti.com
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Original Source: Advance America: 4 Quick and Easy Online Personal Loans
