Where Can I Get a Personal Loan Fast?
Personal loans are usually unsecured by collateral and rely on your credit and income for approval. If you have good credit, you will have an easier time obtaining a personal loan, which is usually available within three days. If you have poor credit, there are other options, but they will cost you more. Regardless of your credit, there is usually a lender available who will give you funds quickly.
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Banks
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Banks and credit unions are the first resource for personal loans if you have good to excellent credit. Credit unions might also grant credit to long-term customers with a weaker credit score, depending on your income and financial history. Funding can take from one to three days.
Finance Companies
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Finance companies generally have quick turnaround times from approval to funding. If you have fair to good credit, apply with CitiFinancial or American General Finance (AGF). If you have a lower credit score, look for local finance companies that typically loan $100 to $500 without collateral. Finance companies structure the loan so that you have a set amount of months to pay it back with fixed payments. Companies like Citi or AGF might also offer a revolving personal loan that is more like a credit card but with a lower interest rate. Finance companies usually fund loans on the same day, although a few companies might take up to three days.
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Installment Loans
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Installment loans are available for everyone, even those with bad credit. The caveat is that many of these loans come with high interest rates. CashCall, ThinkCash and First Bank of Delaware all provide installment loans with fixed payments and interest rates. The interest can be as high as 95% of the principal, depending on your credit score. After you have signed all the paperwork (if requested), funding usually happens overnight.
Payday Loans
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Payday loans are convenient and easy to obtain. A lender accepts your postdated check and your promise to pay without a credit check. If you borrow $300, you would write them a check for your next payday for $300 plus the interest--$390 for example. Interest rates can be as high as 800% annually. Payday loans should be reserved for true emergencies, and you shouldn't borrow more than you can afford to repay on your next payday. If you apply in person, you can have your funds the same day; expect overnight delivery for online loans.
Title Loans
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Title loans are secured by the title to your vehicle. The lender usually records a lien and holds the title, but you keep driving the car. When you pay off the loan, the company returns your title. Title loans have high interest rates, like payday loans, and are usually written for 30 days. You can renew a title loan, but it will cost you the amount of the interest to do so each month, and you will still owe the principal and full interest when you pay off the loan. Like payday loans, title loans should be reserved for emergencies, and you should pay them off as quickly as possible. Funding is provided the same day.
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