Financial emergencies tend to come in a wide range of shapes and sizes, whether it be your car breaking down, a home repair bill, an unexpected trip to the hospital, etc. In such situations, you may find yourself in need of a sizable amount of cash but lack enough savings to deal with the issue at hand.
And while taking a loan is often the most practical solution to resolve the problem, the problem with traditional lenders is that many of them have a tendency to take too long to process your loan request. On top of that, most of them are not open to the idea of granting loan approvals to borrowers with poor credit histories.
However, the good news is that even if your credit score happens to be lower than what is usually required, that doesn’t mean you cannot access the funding you need. In fact, you can successfully obtain quick loans online from a number of direct lenders, many of whom are more interested in your ability to repay the loan than your credit score.
For instance, you can apply for one from US Installment Loans, even if you happen to have a bad credit score, and the benefit of using this service is that you will also be able to review the various loan options available to you, which in turn ensures that you are able to make a well-informed decision.
Furthermore, all the lenders in their network are able to process your loan application and even deposit the funds into your bank account, all within the same day of approval. This is in contrast to most traditional lending institutions which would normally take several days or even weeks to process your application, let alone release your funds.
Things To Consider Before Applying For An Instant Loan
Before you apply for an instant loan, some of the most important factors that you need to take into consideration include:
How much the loan will cost: The total cost of an instant loan tends to be made up of the interest rate and the fees you will end up paying to get the loan, which is commonly referred to as the annual percentage rate (APR). For this reason, you should always evaluate the loan’s APR as you are comparing lenders.
The terms of the loan: It is important that the lender you choose offers the repayment terms that best suit your financial situation; otherwise, you are risking taking on a debt that you cannot repay. In this respect, you should always keep in mind that taking on a shorter repayment term means dealing with higher payments and fewer interest charges over time. As such, you should always aim to find a lender that can offer you the shortest repayment term that you can reasonably afford.
How fast the loan is processed: It is also crucial that you consider how quickly you will be funded, as some lenders can provide you with approval in minutes and even deposit the funds into your account within the same day, while others can end up taking a few days just to process your application. In this respect, it often pays to make use of a credit broker like US Installment Loans, as these services will usually partner with lenders that can process funding quickly and efficiently.
How Does The Process Of Applying For An Instant Loan Work?
Before you apply for an instant loan, you will first need to put together any and all identifiable information, like your income information, credit information, and financial records. This will help to speed up the application process, as you will be required to submit these details in the preliminary application form in order to see if you can actually qualify for a loan or not.
Once you submit the form, the lender will conduct a soft credit check to determine what rates and terms you can receive, and if what they offer is acceptable to you, you can accept the loan offer and proceed with the full application.
At this point, the lender will carry out a hard credit check, and you will also be required to provide additional documentation, like your bank statements. If you are approved for a loan, you simply need to review and e-sign the agreement, then await for the funds to be deposited into your account in the manner that you specified in your application.
Can I Get an Instant Loan With No Credit Check?
While there are some lenders that can provide loans without credit checks, it is advisable that you use caution. And this is because such lenders tend to come with extremely high APRs, origination fees, and late payment penalties that can dig you even further into a debt cycle that is difficult to escape and that compromises your financial health in the long run. Instead, it is best to rely on a credit broker, as most of these companies have already vetted the lenders in their network, in order to ensure that borrowers do not fall victim to any predatory lending practices.
