Do you need money fast?
There are a lot of reasons why you need cash in the bank today, from emergency medical bills to overdrawn accounts. Whatever reason you need money quick, a personal loan can provide fast cash directly into your bank account.
To expedite the loan application process..
Be prepared with all the documents and information you need to be approved.
This guide on how to get a quick personal loan will outline what you need to know and the necessary information you need to provide to a lender when applying for your loan.
What Is a Personal Loan?
A personal loan is an amount of money borrowed from a lender and paid back, with interest, over as short as one month to as long as five years. Personal loan amounts can vary from $100 to $1,000 or more, depending on your lender, credit, and borrowing history.
*Power Finance Texas offers personal installment loans of up to $1,250 that must be paid back in six months.
As a general rule..
You should only borrow as much as you need and agree to repayment terms that you can keep. Personal loans can be used for any purpose, and are generally intended to provide quick cash in an emergency situation or to fund a project, such as home repairs or travel, that are beyond your budget to pay for all at once.
How to Choose a Lender
Before applying for a personal loan, you need to find a lender to loan you the money. Personal loan lenders include banks, credit unions, and online or other financial institutions.
Investigate your options and read reviews from other borrowers. If you have a poor credit score or bad credit history, choose a lender that specializes in working with people in this situation. Don’t be afraid to ask questions before and after making a choice.
Ask lenders about late payment penalties and grace periods, average interest rates, and your options for applying and pre-qualifying.
Some lenders will let you pre-qualify for a loan, meaning they will take your information and credit history and provide you with information about what kind of loan and interest rates you qualify for.
Once you’ve selected a lender, don’t sign anything until you understand the terms of your personal loan, including how much money you’re getting, how long you have to pay it back, size of monthly payments, and interest rates.
You want to get the money as quickly as possible, but just as important is understanding what you are agreeing to. You can typically apply in person, online, or over the phone and usually have an answer within a day or two, or even within the same day.
How to Get a Quick Personal Loan
Make the loan application process go as quickly as possible by being prepared in advance with all the necessary documentation.
The last thing you want is to start your personal loan application in person and have to go back home to search for documents you didn’t know were required.
In order to apply for a quick personal loan, you generally need to provide the following information:
Most lenders require two forms of government-issued identification. These include a driver license, passport, state ID, birth certificate, military ID, certificate of citizenship, or utility bills. These documents will prove your identity and address.
Proof of income:
Lenders want to know that you can afford to pay them back, especially if you have no or poor credit history, so they ask for proof of employment or income (typically three months’ worth). This can come in the form of bank statements, pay stubs, W-2 forms, or tax returns.
Details about your debts, assets, and liabilities are usually required, so have these documents on hand: credit card and loan statements, additional sources of income, current expenses, and rent or mortgage statement. You may need to provide a social security number so the lender can check your credit score and report.
Before beginning the personal loan application process, your lender may provide you with a list of required and acceptable documentation. Gather up any needed information so you can be prepared to quickly and thoroughly complete your application.
While other lending institutions’ requirements vary, you can find Power Finance Texas’ installment loan requirements here.
Preparation Is Key
If you are wondering how to get a quick personal loan as fast as possible, the key to speed is to be prepared. Understand what a personal loan is and how much money you need to borrow.
When preparing to get a quick personal loan it is important to research lenders, understand your loan terms, and ask questions.
Track down all the documents and information you might need to prepare for the application process. Once you’ve been approved, the cash should be deposited into your bank account within a few business days, ready to help you cover your expenses.