You're on your way to work, driving down the highway, when suddenly, your car just starts keeping. As soon as you pull off the road, your engine light comes on and it dies. If you live paycheck to paycheck like most of the people in the country, you need a fast personal loan and do not know what to do. Here are a few suggestions.
Call Your Personal Bank
This may sound a little crazy since they would not even refinance your house two months ago, but lending practices change every day with financial institutions. Perhaps their percentage of lost customers has persuaded them to loosen their purse strings a little. It is worth a try but chances are they will want to know the reason, know why you do not have funds in savings and want to run your credit report then give you a call tomorrow. The bottom line is, most banks will not lend you money when you need it and you need it now.
Call Your Credit Union
Since credit unions are co-ops and owned by their customers, they are a little more lenient in their lending practices. Many times you can get a car loan when a bank does not want to take the chance. Fast personal loans are considered unsecured just like auto loans. The only problem with credit unions is that you usually have to wait until their credit committee meets once a week to see if you are approved for a loan. This is not what you would call a fast personal loan especially when you do not know what the income is going to be.
Visit a Finance Company
There are several finance companies to choose from. Most finance companies are owned by the same businesses that issue credit cards at 21% so do not expect a bargain because they are probably just as high, if not higher. They will also want to run your credit report then try and find a way to get some collateral out of you. Your home will do just fine if your credit is in good standing, which it probably is not since you are visiting them in the first place.
Talk to your Employer
You remember a little 401K plan that you have so you approach your employer about a loan. Most plans do not cover withdrawals for emergencies, you learn, plus the fact that it has to be approved and will probably take at least two weeks to receive by mail. You ask about an advance on your pay as another option for a fast personal loan. Well, that was just a waste of time.
Visit a Payday Loan Store
With just a pay stub, a receipt from your bank, a bank statement and your ID, you can walk out with a fast personal loan for about as much as your weekly pay. These companies typically do not run a credit check on you, and you can usually have your money in as little as a couple hours. You have two weeks to pay it back and can re-borrow for up to six times to help stretch out the payback. Of course, the interest rate is about $ 15 on every $ 100 that you borrow but it takes care of the immediate problem, giving you time to get the money elsewhere or tighten your belt for a few weeks. Payday loans are not for regular use but they sure are hassle-free and quite a lifesaver when you find yourself in financial trouble.