A quick personal loan is secured by your signature and the paperwork you provide the establishment, so there is no collateral such as your home or automobile. There are numerous ways to obtain a personal loan, some of which are listed below.
With everything being accessible via the internet these days, you can sometimes get a quick personal loan just by sitting at your computer and typing in the information. The internet loan company can confirm all of your information either online or by using the telephone. If you have a fax machine it will speed up the process and, if approved, you may receive a check in a matter of days.
It may be possible to have the money automatically deposited into your checking account which would make the process even faster. The disadvantages with this type of quick personal loan is that the interest and processing rates are very high, so it is to your benefit to do some comparing of companies on the internet to try and find the one with the lowest interest rates before making the decision as to what online company you'll use.
If you decide to try to get a quick personal loan through your bank, it will be a slower process. With the bank, there are two types of personal loans: 1) the installment plan where you will receive a one time lump sum and pay the lender back on designated dates until paid in full; and 2) the line of credit where you can borrow different amounts at different times and be permitted to write a check that is provided to you. Once you reach the maximum limit of the line of credit you must start to pay down the loan. As you do that, you can borrow back up to that same limit unless something changes. Just remember, the interest is building up from the beginning date.
Payday lenders are not considered to be providing a quick personal loan because the money has to be paid back the next payday along with the interest. If you cannot pay back the loan on your next payday, you can turn over the loan and they will extend it until your next payday, along with more interest. They do provide unsecured loans to people with little or no credit who are in need of financial assistance on an emergency basis. All they need from you is proof of employment. To do this, you fill out their application at the counter, give them your last paycheck stub and a blank check from your checking account to copy for their records, and then they may or may not call your employer to confirm employment, depending on their regulations. Unless something is unusual about your situation, you will most likely walk out of the establishment with a check for your quick personal loan in hand.
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