Getting a loan can be a stressful thing. The process can sometimes be lengthy and there is a chance that you might not be approved for the loan.
It’s essential that you repay the loan on time each month with the correct repayment amount.
Not all loans are made equal and some of them are far easier to obtain than others.
Below we will take a peek at some of the easier loans to get approved for. Know here all about in details.
1. Emergency Loan
Getting a loan alone is stressful but couple that with bad credit and you could find yourself in a desperate situation.
Fortunately, there are credit providers who will help you.
Emergency loans are one of the easiest fast cash loans to get approved for. They are generally taken out to cover an unforeseen expenditure that has arisen.
The one thing to note here is that the interest rates charged are higher than usual due to the fact that the credit borrowers know you might not have many options.
If you are in a tight spot you can get a personal loan up to $15000 from an institution such as Jacaranda Finance.
These loans are also short-term so be prepared to pay them back fairly quickly.
2. Payday Loan
These types of loans are short-term and have a high-interest rate attached to them. This is one of the reasons why people try to avoid taking out a loan of this type if possible.
The loan functions as credit given to you by the credit provider in accordance with your paycheck. This means that you will be given money in accordance with what you earn each month.
It is common for people to have issues paying back this type of loan due to the high interest charged.
3. Bad-Credit or No-Credit-Check Loan
You might be surprised to find that you can still be approved for a loan with bad credit.
There are specific bad credit borrowers who specialise
So we’d not be sitting there announcing that we could assist you in obtaining bad loans. Read your loan agreement closely because it contains the necessary costs.
Personal Loan Calculators offer many tools to help you determine what personal loans will cost you.
Most people have a bad credit score and they fear that their credit will stop them from applying for a new loan.
The way it works is your application will be assessed by credit check and the credit provider will check with lenders that will analyse the income, spending habits, budget, and financial commitment of the customer. Obviously, bad credit history is not the be-all-end-all!
Alternative Options to Easy Loans
Local Banks and Credit Unions
If you have a bank account with a local bank it might be worthwhile to check in with them and see if you qualify for a personal loan.
Due to your relationship with the bank, you might be able to obtain a much more reasonable interest rate and repayment term.
If you can’t afford to pay for a phone bill, medical bill or another bill in full, ask the company if you can set up a payment plan.
Although you’ll probably be charged an additional fee or interest, it might cost less than getting a loan.
This is a fantastic alternative to taking a loan. If you find yourself struggling to pay back a bill of sorts, request that you enter a repayment plan with the company you are in arrears with.
This does not always work but it is a great way to avoid high-interest rates and further financial reprimanding.
Borrow Money from Family or Friends
This might seem somewhat obvious but it needs to be said that asking for help is OK.
Paying back a person close to you can be much simpler and cost-effective, granted that they have the excess cash to give to you in the first place.
If you do use this method then ensure that you make payments on time to avoid causing any disputes.
A quick and easy solution to financial issues could be to ask your employer for an advance on your paycheck.
This is not the easiest thing to ask for but it offers an easy way to get cash to cover expenses without having to repay any credit provider or suffer any interest on the money received.
Easiest Loans and Their Risks
When you want money for unexpected expenses, you might consider applying for a loan that can be secured via cash, unsecured, or bad credit.
While these types of loans can be obtained easily, each comes with risks. The main risk associated is the high interest which can make repayment challenges.