Personal loans that don’t make speed their only selling point are often a better option than those advertised as “quick loans.” Generally, these personal loans offer a lower interest rate, high loan limit, and longer repayment terms, which can make managing the repayments easier. And this doesn’t mean they’ll take weeks and months to process. LendingClub, for example, offers funds in as little as a few days. 1
Online personals loans may also require a better credit profile than advertised quick loans – which might be payday loan in Addyston OH scary to people with less-than-ideal credit. However, online lenders often let you pre-check your offer, which won’t impact your credit score. Within a few minutes, you can find out your chances of being approved and review your options.
Reputable lenders won’t necessarily advertise their borrowing options as “quick loans” given the negative connotation, but some still offer fast loans or funding with more reasonable terms. Here are six options to consider.
1. Reach out to family and friends.
Friends and family members may be able to quickly send you money using an online service, such as PayPal, Venmo, or Zelle. But make sure you’ll be able to repay the loan in a reasonable time or make it clear that you’re requesting a gift. In either case, repeatedly turning to friends or family members could strain relationships.
2. Consider payday alternative loans.
Some credit unions offer payday alternative loans (PALs). As the name implies, PALs are intended to be better alternatives to traditional payday loans, though they may still charge relatively high interest rates.
Some credit unions offer two types of PALs: one-called PAL I-can be for up to $1,000 and only available to members who have been a part of the credit union for at least a month; and the other-called PAL II-can be for up to $2,000 and doesn’t require borrowers to be an existing member, which could make it a good option if you need a small, loan quickly.
3. Look into wage access programs.
Wage access programs are an increasingly popular way to access the money you’ve earned before payday arrives. Some programs, like Earnin and Branch, allow you to sign up and request part of your pay early.
For example, if you’ve worked an entire week but your payday isn’t until the following Friday, you could request some of the money you already earned this week. Because you aren’t taking out a loan, you won’t be charged interest, but there may be a fee for expedited payments.
Most services require your employer to sign up first, or are offered as an optional feature through payroll providers. Ask your employer if it uses a wage access program. Or, alternatively, ask if they have an employee emergency loan program.
4. Your current financial institution
Many banks and credit unions don’t offer personal loans, but you can look online or call to see if they offer fast loans or financing. If so, you may be able to get the money quickly deposited into your account and won’t have to wait for an electronic transfer.
5. Online lenders and marketplaces
There are many online-only lenders, banks, and credit unions that enable you to get a loan online in a short amount of time. Often these are unsecured personal loans, although a few banks and credit unions also offer secured personal loans that use your savings account as collateral.
Here are a few lenders to consider. Each ounts, interest rates, origination fees, eligibility requirements, and funding and verification times. The funding times often vary depending on when you submit your application and where you bank.