The average American has about $38,000 worth of debt. This isn’t necessarily a bad thing. For many, this debt represents a mortgage, student loans, or a car loan.
If you’re looking to get a loan, you’ll quickly realize that you have several options. The one you choose will depend on the purpose of the loan and your current financial situation.
Use this guide to figure out the easiest way to get a loan.
Online Personal Loan
The fastest way you can get approval for a personal loan is to head online and apply with a lender through their website. Start your search by entering quick loans near me. This will connect you with lenders that are authorized to do business in your state.
Look for a reputable lender that has a strong history of satisfied borrowers. You don’t want to accidentally borrow from a predatory lender that charges hidden fees or high interest rates.
Once you choose your lender, fill out their online application. It should then take a few minutes to receive approval. Then all you need to do is sign your documentation and arrange for payment of funds.
If you own physical assets, then you may want to try to get a loan using them as collateral. This is how car loans work. You borrow the money and give the lender ownership rights should you fail to repay the loan.
The secured loan process can be quick because lenders are more concerned about the value of your property than your credit score and history. You’ll fill out an application; then, the lender will verify the value of your collateral, and approve your loan request. There is a bit more documentation to fill out with this type of loan, which can take longer.
Borrow From a Friend or Family Member
If you have a financially strong support network, you could ask a friend or family member for the loan. Don’t just ask for the money, though. Take the time to work out the amount you wish to borrow and the repayment terms.
It’s even better if you can memorialize your agreement in writing that you then both sign. This will help ensure everyone is on the same page with clear expectations.
These loans can be quick since all it takes is an agreement and the handing over of cash or check.
Credit Card Cash Advance
If you have a credit card, you can tap into your line of credit. You can request a cash advance.
Keep in mind that you’ll pay interest and a fee on your cash advance. These interested rates can be much higher than personal loan interest rates.
Choose the Easiest Way to Get a Loan
If you have a computer and access to the internet, then the easiest way to get a loan is online. There are several loan types and amounts available to you. Look for a reputable website that can offer you a trustworthy source and financial solution.
Check out the managing your finances section of our blog for more useful money advice.