Loans Options Besides Payday Loans

People can choose to receive several types of personal loans without going to a large bank or resorting to taking out payday loans. If people who only need small amounts of money were to go to a large institution for bank personal loans, they would not receive them because the amount requested would be too low. There is always the option for borrowing from friends, but that can often strain the relationship. Here is a list of loans options for someone who is not in immediate need of money.

Alternative Loan Options

Secured Personal Loans

The better option is to seek one of the many types of personal loans in existence. The secured personal loan requires that people have something to offer as collateral. Generally, a house, an automobile and other qualifying assets will entitle these people to receive low interest rates. They are also loans that are relatively easy to receive, because the asset reduces the lenders’ risk of not receiving their money back.

Unsecured Personal Loans

The unsecured personal loan does not have assets attached to it and for this reason, the interest rate will be higher; lenders are taking a bigger risk when they loan people unsecured funds. It’s also harder to meet the requirements to receive this loan, as lenders will perform a credit check. Those with high credit scores can receive the lowest interest rates, but those with low scores will have higher repayment rates.

Personal Loans for People with Bad Credit

People who have a bankruptcy, foreclosures and collections activity on their credit reports can apply for personal loans that were created with them in mind. These people will not have to submit to a credit check but because of this, the interest rate may be on the high side. These types of loans also eliminate the need for the borrower to have to present any documentation before they can be approved for the loan and receive money.

Prosper.com is one online lending establishment where people can create their own loans. Borrowers will just have to give some personal information on the online form in order for Prosper.com to verify the applicant’s identity. Then they will check their credit reports to obtain the credit score which will be used to determine the interest rate.

Tags: Alternative Loan Options

Getting A Loan Under 1000 Dollars

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

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