Quick loans are types of loans assigned to cater for emergency or short-term needs when you are facing some financial challenges. As the name implies, these loans are disbursed within a few days possibly after some of the hours of application. However, funding varies based on lenders and their requirements.
There are various lenders that offer quick loans in the United States, you can check for the requirements of these lenders and apply online. Below are some lenders that can help you with quick loans online.
- Wells Fargo: Good for loyal and regular customer
- Marcus by Goldman Sachs: Good for individuals with good to excellent credit
- Avant: Good for individuals with fair credit
- Earnin: Good for small cash advances
Wells Fargo: Good for loyal and regular customer
You can usually get an emergency loan from Wells Fargo and the funding is likely to come by the next working day after approval. Wells Fargo offers unsecured personal loans (a type of loan that does not require collateral that ranges from $3,000 to $100,000. To get a quick loan from Wells Fargo, you must be a regular customer and you have to apply online or over the phone. You can even become eligible for a relationship discount on your interest rate if you make your payment through Autopay (direct debit) on your loan from a working Wells Fargo account and if you have an eligible checking account.
- Co-signer is allowed – applying with a cosigner gives you a better chance of getting approval with your cosigner credit history. Plus, this may help you get a loan at a lower rate.
- No prequalification option – Wells Fargo does not offer you prequalification. This means the bank does not provide you with a calculator to draw the estimate of your rate for your repayment terms and credit score.
Marcus by Goldman Sachs: Good for individuals with good to excellent credit
To qualify for a quick loan at Marcus, you need to have an excellent credit score. This gives you a better chance of getting a loan with lower rates. The loan amount of loan you can get at Marcus ranges from $3,500 to $40,000. Funding usually takes between one to four working days after approval and the money will be sent to your bank account.
- No late fees or Any other related Fees: When you apply for quick loans at Marcus, you do not have to pay any prepayment penalty fees, late fees, or origination fees. However, it is important you bear in mind that if you miss your loan payment, your interest rate will accrue.
- Autopay discounts: if you sign up for an automatic payment system to pay your loan on monthly basis, you get a discount rate of 0.25%.
- On-time payment rewards: you are entitled to a one-time payment deferment if you made your 12-month payment consecutively.
Avant: Good for individuals with fair credit
This type of emergency loan is for borrowers with fair credit but it comes with a higher rate when compared to its other lenders. If you qualify for a quick loan at Avant, you are likely to get funded to your bank account on the next working day after approval. Avant offers unsecured personal loans which range from $2,000 to $35,000.
- Fees can accumulate: loans you get from Avant have an administrative fee, late fees, and prepayment fees.
- Prequalification application: you can check your prequalification to find out your rate without affecting your credit scores. This will help you to check your estimated repayment terms before you can apply online officially. Keep in mind that this does not guarantee your approval. Avant can lower your credit scores with a few points by performing a hard credit check if you apply online.
Earnin: Good for small cash advances
If you are in need of emergency small money, you can turn to Earnin. According to Earnin, you may get your loan immediately especially if you are a past customer having met the required requirements. Verifying your account at Earnin may take 48 to 72 hours when you apply. You can get a minimum amount of $100 and may increase up to $500. Funding may usually take one to two working days to get money credited to your bank account.
- Balance alerts: One of the features of Earnin is getting a notification of your balance when you are below a level you state.
- Important Tips: Earnin offers customers free tips and tells them what they think to make the service better.
- Only some jobs become eligible: you will have to meet some important basic requirements to use the mobile app. In this case, at least half of your paycheck must be sent as a direct deposit to a checking account, you have to be on a regular pay cycle, and you need to have a fixed work location or electronic time-keeping system.
How can I get Quick Loans Fast?
If you are experiencing financial hardship, there might be no assurance that you will get your loan approved as quickly as possible.
You can, however, get some loan options from some lenders but they may come in form of payday loans, auto title loans, and other short-time debts. But keep in mind that these types of loans come with high interest and are expensive.
Payday Loans
A payday loan is a type of quick personal loan that offers $500 or less and funding is on the next working day.
The interest rate of payday loans usually comes with higher rates usually around 400% in most cases and a high APR of over 260%.
Car Titles Loans
This is a secured personal loan that is usually expensive and it requires collateral which includes your vehicle. When getting a car title loan, you will be required to leave your car title or registration with your lender. You must make your loan repayment with your interest rates and fees within 15 and 30 days.
Pawn shop Loans
When you apply for a pawn shop loan, you will be required to drop off some valuable items to secure a loan. Some of the pawnshop loans include jewelry, electronics, and other highly valuable items.
How to Pick the Best Quick Loans Online
There are several things you have to consider when you want to apply for Quick personal loans, they include the following;
- Loan amount
- Repayment terms
- Compare various lenders and their offers
- Interest rates
- Lender fees – origination fees, prepayment penalty fees, and late fees.