If you’ve ever run a flat tire on your way to work or come home to a flooding basement, you’re probably familiar with the slow dread that can creep in when you know you’re about to face a hefty emergency expense.
Whatever the emergency is, dealing with a big expense that you haven’t planned for can be a challenge at the best of times, and can feel downright hopeless when your savings are low and you don’t know where you’re going to find the money you need.
Another thing to consider is that when you’re facing an emergency situation, you’ll generally want to take care of it as soon as possible. After all, that’s the nature of emergencies. So, if you need fast funds to help you with an unexpected expense, where do you turn to? Well, a fast personal loan online may be the short-term solution you’re looking for! How can it help you, exactly? Let’s take a look!
Like we’ve already touched on, fast loans are designed to help get money into the hands of people who need cash for emergency expenses. How are they fast? Well, in this instance, we’re primarily referring to the application process, which can take just a few minutes in some cases. When it comes to the speed at which you can get money in your bank account if you get approved, this will vary from one financial institution to the next. Depending on the organization you’re working with and your bank, you might be able to get your money as soon as the same business day.
The fast loans we’re talking about today should only be used when you’re faced with an emergency, but why? Well, with a lot of these types of personal loans, the interest rates and fees that accompany them tend to be fairly high. When that’s the case, you’re going to want to be extra considerate before submitting an application. To do that, you’ll need to make sure that you have a clear understanding of when it’s appropriate to consider applying for fast cash loans, and when you should consider a different route.
What one person sees as an emergency expense may be different to another, but the general rule of thumb is that it should be a thing that affects your life in some sort of essential way. This doesn’t mean that just because you love your gaming console more than the average person, wanting to fix a broken system warrants a personal loan.
Let’s take a look at an example to understand this a little better. Let’s imagine that every day, you ride your bike to and from work. On your way home, you hear a loud noise and realize that your bike chain has broken. You walk your bike back the rest of the way and think about your next move. If public transportation isn’t an option for you and walking to work is out of the question, it’s probably fair to say that your bike is essential to your ability to get to work. This is even more true when not having a bike means missing shifts at work, and subsequently having to manage your usual expenses on a lighter paycheck.
In a situation like this, a quick online loan might be able to give you a hand. But this isn’t the only scenario where a personal loan could come in handy for an emergency situation. This could also include:
You should always remember that even if you’re facing a situation like the one we outlined above, this doesn’t give you the green light to apply for a loan when you don’t think you’ll be able to pay it back. Before you accept an offer for a personal loan, you should be able to see what your payment schedule is going to look like, depending on the type of loan. Try to get an understanding of how much your payments would be and compare them against your budget. If it doesn’t look like it’s going to fit, see if there are certain other areas you can cut back for the time being. If you ignore any warning signs telling you that you won’t be able to pay back what you’ve borrowed, you could end up in a seemingly endless loop of debt that could damage your financial outlook moving forward.
It’s also important to remember that there are plenty of instances that don’t constitute an emergency. This could be things like:
Now that we’ve taken a look at what a fast loan is and when you might consider applying for one, it’s time to tackle the meaning “online” in this context. When we’re discussing online loans, we’re simply referring to personal loans that you would apply for online. In fact, the entire borrowing process in most cases will take place online with these loans.
So, why apply for fast personal loans online versus in person? Let’s take a look at some of their potential benefits.
Like we said, when we’re discussing how fast a personal loan is, we’re mainly referring to the application process. When you’re looking for some extra funds in an emergency, the online borrowing process may provide you with the speedy experience you’re looking for. In a lot of cases, you can get through the application in a few short minutes, depending on the financial organization that you’re working with.
On the flip side, in-person loans can sometimes throw up a few hurdles for you to overcome that may slow the process down. For one thing, you’ll need to account for travel time. This could be substantial depending on where you live. You’ll also need to account for whatever wait time you come up against once you get there, and the time it takes to speak to an associate and fill out an application. When you need money quickly, every minute counts.
On top of being fast, online loans also tend to provide you with a convenient experience. If you’re having issues with things like travel time, location, and fitting a trip to a storefront lender into your schedule, online loans can help you to avoid these problems in the first place. To apply, you just need to make sure you have internet access and a few spare minutes, and with that, you’ll be able to submit an application from your home, your workplace, or on the go! You can even apply 24/7 depending on the financial institution you’re working with.
Research is key to making any big financial decision, especially one as potentially impactful as applying for a loan. The more informed you are, the better position you put yourself in to make the right choice for your situation.
When you’re looking for fast cash loans online, doing this research is fairly simple. A responsible financial institution is going to list out all the important loan details on their website, so all you need to do is search for online loans that are offered to people who live in your area, pull up your options, and compare the details in front of you. You can then assess your potential options and apply for something that suits your situation.
Installment loans online provide you with funds that are deposited into your bank account in a lump sum, assuming you’re approved. You’ll then need to pay back what you owe in a series of scheduled installments, usually of equal value. The number of payments you need to make can vary, but they could span anywhere from a few months to many years. This will depend on the type of loan, the financial institution that’s offering or servicing the loan, as well as a few other factors.
Fast payday loans online have certain overlapping qualities with installments loans, with the main one being that they both provide you with funds in a lump sum, assuming you’re approved. But that doesn’t mean they’re identical. In fact, there are some extremely important distinctions between the two. While an installment loan will enable you to spread your payments out over time, payday loans will require you to pay back what you owe by your next pay date. They also tend to be a very expensive form of credit, so you should treat them as a last resort reserved for emergency situations.
You can see the similar DNA in payday loans and installment loans, but lines of credit are fairly different from these other two types of personal loans. For starters, they’re considered to be a type of revolving credit. This means that they’re a type of open-ended personal loan that will provide you with a credit limit to draw from, if approved. You’ll be able to draw from your line of credit on a continuous basis, assuming you have available credit and your account is in good standing. As you pay down what you’ve borrowed, you can continue to draw funds. You should also remember that you’ll only need to pay interest and/or fees on what you’ve borrowed, not on the total amount of your line of credit limit.
Installment Loans and Lines of Credit are available through MoneyKey. We are a direct online lender in Delaware, Idaho, Kansas, Mississippi, Missouri, Tennessee, Utah and Wisconsin. In Texas, we arrange loans as a Credit Access Business and a Credit Services Organization.
MoneyKey also services Lines of Credit offered by CC Flow. CC Flow is a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC.
MoneyKey will be your single point of contact for all questions and concerns with respect to loan products offered through the MoneyKey website.
Check out the Rates and Terms page to learn more about the loan product available in your state of residence.
Like we mentioned above, there’s a level of stress that comes along with an emergency expense that is difficult to avoid. For a lot of people, dealing with a large expense without being able to plan ahead for it isn’t as simple as tapping into a well-stocked savings fund and getting on with life.
If you’re in a situation where you feel like you’re stuck between a rock and a hard place, fast loans online may be able to give you the hand you need to get you through it. Make sure to assess your situation, see what options may be out there for you, and put yourself in a position to make the best choice for you!