Instant online loans are great for solving immediate financial problems. They can help you cover any expense, from an unexpected car repair or medical bill to pay your rent. But before getting an instant online loan, it’s important to understand how they work and some types at your disposal so you can choose the right option for your unique financial situation. Here are four things you may not know about instant online loans:
1. They come with easy applications
You can often fill out an application for an instant online loan in just a few minutes online from the comfort of your home. You’ll just need to provide personal and financial details, like your name, government-issued ID, address, proof of income, and bank account number.
2. They offer same-day funding
Unlike traditional banks and credit unions, instant online loans offer same-day funding to the loan applicant upon approval. This is because online lenders have lower overhead and operate under different regulations and guidelines than your local bank. That gives them more flexibility in the approval process.
Same-day funding means you can get the funds you need as soon as the same day you apply. This makes instant online loans a great way to meet your immediate financial needs.
3. They have lenient credit score requirements
With many instant online loans, the lender will likely check your credit score before approving you. Thankfully, online lenders usually have lower credit score requirements than traditional lenders and will consider additional factors like your income, employment history, and current debts. So, don’t be afraid to apply even if you have fair or poor credit.
4. There are a variety of loan choices
With instant online loans, you have plenty of options to choose from, including:
- Cash advances: Cash advances are short-term, small-dollar loans that can give you a few hundred dollars to tide you over until your next payday. You’ll typically repay this loan in two to four weeks when you get your next paycheck.
- Installment loans: Installment loans are short-term loans that give you a lump sum of money upfront. Then, you’ll repay this loan over time in fixed monthly payments, or installments.
- Title loans: Title loans are secured loans that let you use your car title as collateral. You can receive a loan amount worth a percentage of your vehicle’s value and can keep driving your car as you repay the loan.
- Lines of credit: Lines of credit are flexible loans that let you draw on funds as needed, up to your set credit limit. You can repay this loan all at once or over time, and will only pay interest on the amount you borrow.
The bottom line
Instant online loans make getting the funds you need easier than ever. These loans often come with easy applications, same-day funding, and lenient credit score requirements. Better yet, there are plenty of options at your disposal, including cash advances, installment loans, title loans, and lines of credit. Make sure to do your research and compare lenders and loans to find the right option for your needs. Then, fill out an application and get cash to cover expenses today.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.