Getting A Loan Under 1000 Dollars
Filed under Lending Money, PayDay Loans
You blew a tire and have no money until payday, which is a week and a half away? What are you going to do now? If you need a way to get some cash fast, short term personal loans may be the best option for you. Needing some emergency cash happens more often than most people realize and getting a loan under $1000 dollars does not have to be complicated.
Best Ways To Get Quick Loans
What are the best ways to get quick loans for under $1000? You might be surprised to know that it is easier than you think. There are several options available. The first place to start looking is online. You can obtain short term personal loans from several reputable companies using your computer. Getting a loan online allows you to go at your own pace while figuring out what documentation is necessary. Here are two recommended loans depending on your requirements and needs.
Recommended Loans Under 1000 Dollars
- Quick Loans Under 1000 Dollars – Short wait time for someone with poor to fair credit. Now these loans may not be the right situation for you. Although, they are considered quick cash, the interest rates are higher than one would want to pay.
- Low Interest Loans Under 1000 Dollars – Requires a longer wait time but interest rates are lower if you qualify. If you have good to excellent credit, the alternative is to get a low interest loan. You can get a low interest loan for 1000 dollars if you qualify.
Information Required for Small Loans
It is not hard to get loans. You simply fill out an online application and can have your money in a matter of hours. You will need some information before you begin, though. First, you will need to give all of your personal information such as your name, address, social security number, driver’s license number, place of employment. You will also need to tell them how much you take home each paycheck and when your next two paychecks will come. Typically, the loan company will verify your information and approve your loan within a few minutes or hours. Depending on when you apply and the company you apply with, your loan can be deposited into your bank account either within hours through an ACH wire or via direct deposit the next morning.
Paying Back The Loans
How do you pay it back? There are several options when paying back your under $1000 payday loan. First, you can pay it back in full along with the fees on your next payday. This is a great option to use if you are concerned with fees and keeping a loan out longer than you should. However, if you realize you will have trouble paying back the entire amount on your next payday, you can typically extend your loan. To do this, you will pay the loan fee this paycheck and extend the rest of the loan to the next paycheck. A good idea when doing this is to try to pay at least some of the principal balance when you make the fee payment. This will reduce the total you must pay on your next payday.
Tags: Best Ways To Get Quick Loans
Do You Have Enough Personal Money To Lend Others?
Filed under Lending Money, Loans
You feel financially stable and are willing to lend personal money to others. Taking a quick look at your bank account, there is little concern. But have you asked yourself the right questions to find out if you have enough personal money to lend others? Here is a short list of personal lending questions that you should run through your head.
Personal Lending Questions
- Should your friend never repay you, will you be financially secure?
- Are you willing to give up a friendship because of money?
- Do you have a money emergency safety net of at least 6 months of living costs?
- Do you foresee yourself needing this money for a large purchase?
- What kind of liquid assets do you have? How quickly can these assets be sold for cash?
- Do you have a family, children or others you are responsible for?
- Does your wife or husband approve of this loan?
Once you have decided that you will be financially sound, there are some other important things to consider.
Friend Asking For A Loan
If you have a friend asking for a loan, they are probably asking you for a loan for one of two reasons. The first reason would be that they are unable to obtain a loan through normal channels due to credit or income issues. The second reason would be that they are able to obtain a loan through a bank but do not wish to pay interest on the loan. Even though lending money to a friend is a noble act, it may be loaded with consequences if you do not loan properly.
Create a Lending Contract
When loaning your personal money to others, it is important to have a written contract with the other party. This protects you in the event that they default on the loan. It also protects them in the event that something was misunderstood about the loan. If you find yourself in a situation where you must take the other party to court, the deciding factor on receiving a judgment for repayment will usually rest on that written agreement. Many friendships have been dissolved as a result of loaned and borrowed money disagreements.
Deciding to loan personal money to others is a big decision. Deciding on an interest rate, if any, can be an important factor in your decision. If you are lending money, it’s a good idea to try to use these loans as investment opportunities to help your money grow. Investing through personal loans offers one the opportunity to earn interest which tends to be a higher rate than the savings accounts rates and mutual fund rates. As always, investing is a risk. You may find yourself losing money on a personal loan for the simple reason that some may not repay the loan.