Whether you’re looking for a loan for the holiday season or to catch up on bills, understanding the quickest ways to get a loan is imperative. There are several loan processes you can go through, even if you have bad or no credit established. Most of these take no longer than a week to get approved, giving you the financial relief you need.
Same-Day Services – Payday Loans
Dire circumstances arise and an answer is needed immediately. Financially, it isn’t easy to find a quick solution. However, if you’re in a bind and don’t mind taking on high-interest rates, you could consider a payday loan.
Payday loans are the fastest type of loan. Most companies have a deadline throughout the day to provide same-day services. If you don’t fall within the designated time, it will automatically default for next-day delivery.
Be cautious when proceeding with a payday loan. It’s not unusual for these fast loans to have interest rates that exceed over 300%. So, it’s only for when you are in a bind and have no other options for borrowing money.
Same-Day Approval – Bank Loans
Excluding credit unions from the list, going through most nationally-known banks such as Bank of America, Wells Fargo, or TD Bank can give you same-day approval for your small personal loan. Most institutions ask only small details, such as income, pay stubs, and license information. These loans tend to be under $2,500 and can be great for people with a credit score above 630.
Anything lower can be a high-risk personal loan. This may not make a bank loan a feasible option for you, depending on your credit factors. However, if you have a loan or credit card with the bank already, it could increase your odds. Calling the 1-800 number or going into a local branch could help get you the answers you need.
3-to-5 Day Services – Credit Union Small Personal Loan
Often, credit unions offer you a better chance of being approved for a small personal loan (usually under $2,500). If you have bad credit or no credit, this is a feasible option for getting accepted. These institutions are locally owned, so they believe in helping the community.
Go inside a credit union and speak with a representative to go over your options. The loan process can even be approved same-day if you’re able to get approved by a local agent.
Credit unions also offer lower APR rates than traditional, nationwide banks. It’s part of the community, so they try to create a more pleasant, personalized atmosphere with all their services and products.
Up to a Week – Peer-to-Peer Loans
There are a few online peer-to-peer loan companies. Essentially, someone is investing in you and willing to loan you money. Most times, the potential lender puts up a loan offer, where they specify how much they are willing to loan and what they want to invest in.
People looking for a business loan could find this to be a suitable option. Most of the people ask for lower interest rates than traditional banks. Plus, they review your credit score and worthiness. So, if something small is significantly impacting your credit score, they could potentially overlook it. It’s a win-win if you need someone to back you for a project but don’t have the credit worthiness for a bank loan.
These Loans Are the Fastest Ways to Getting Approval
Getting approval for a loan shouldn’t take long for most companies. Credit unions and peer-to-peer loans take a while longer since the applications aren’t processed automatically. It could take a few days for an agent or lender to look at your application and credit report before reaching a final verdict.