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How do I get a Quick Personal Loan?

Article Details
  • Written By: Malcolm Tatum
  • Edited By: Bronwyn Harris
  • Last Modified Date: 24 July 2018
  • Copyright Protected:
    2003-2018
    Conjecture Corporation
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When you need money now, applying for a quick personal loan is often a great way to handle the situation. Depending on your current financial status, there are several different ways to go about obtaining this type of personal loan. Fortunately, there are options that will work for just about everyone.

For people who have excellent credit, obtaining a quick personal loan is usually no problem at all. Local banks are more than happy to process unsecured personal loans for bank customers with a high credit rating. In most cases, you can command a great personal loan rate, which means you will have less interest to pay over the life of the loan.

For people who do not have the best credit, obtaining a quick personal loan from a bank may still be an option. Assuming you have a verifiable source of income and something of value to use as collateral, you can obtain secured personal loans from many different types of lending institutions. While the rates of interest are not as good as with unsecured personal loans, there is a good chance that the rate will still be competitive.

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You may also go for a type of quick personal loan that is known as a payday loan. These are short-term loans that provide cash for emergency situations. Generally, you must have been on your current job for at least a year, and make a gross income of a certain amount per month. You must also be able to verify your current address, and meet any other standards the lender may have in place. Most of these types of loans have a duration of two weeks, although some lenders of this type will allow you to roll the loan into a second two-week period if necessary.

There are those who do not qualify for even a high-risk loan. If that is the case, the most promising means of obtaining a quick personal loan may be to turn to family or other loved ones. Assuming that the loved one has the money to spare, and understands the circumstances that have left your credit in a less than desirable state, he or she may be willing to arrange for a loan for you. This may be in the form of co-signing on the loan, or possibly making the personal loan from his or her own resources. In either case, it is extremely important that you repay the loan according to the agreed upon terms, as this will help to avoid any damage to the personal relationship.

When going for any type of quick personal loan, it is important to look for the best deal you can command. This means comparing personal loan rates, repayment terms, and other provisions in the contract agreement. Always make sure you can comply with those terms before actually taking out the loan. Doing so will help to prevent problems later on.

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