Types of Fast Loans

Do you have unexpected expenses looming, but you're not sure how to pay for them? Different options are available depending on the amount of money you need, what you're using it for and even whether you have good or bad credit. Get money anywhere from two days to two weeks using these six loan options.

Car Equity Loans and Car Title Loans

Auto equity loans and auto title loans have some similarities and some major differences. For both, you can drive your car for the duration of the loan, need to prove that the vehicle is insured, have references and be able to prove that you're receiving income. You can get title loans with any source of income, including unemployment. Some differences between the two options include the following:

  • With car title loans, you can qualify with no credit or bad credit
  • For a car equity loan, you need to show your loan balance and your payment history
  • You'll hand over your car's title for the loan
  • For a car equity loan, you can be making car payments
  • For a car title loan, your car's title must be lien-free

Lenders will consider the value of your car based on its age, mileage, make and model. More expensive cars can qualify for more expensive loans. You can get your money in as little as 24 hours. Since you're using your car as collateral, the interest rates are low. Additionally, you can get the loan for a few years, so you can borrow a sizeable amount of money and still be able to make manageable payments.

Online Installment Loans

If you have bad credit, you might consider an installment loan. They're not based on your credit score and they're unsecured loans, so the interest rates are very high, usually between 25% and 50%, although they can be higher.

They're quick and easy. You borrow an established amount of money and pay back the same amount every time. To get one, apply online with the amount of money you're looking to get. When you're approved, the lender direct-deposits the money into your account and you can schedule repayments to come out of your pay checks on the days that work best for you. Another perk is the money can be available in as little as 2 hours, though it could also take up to 24 hours.

Word of warning: If you need a large amount of money, you might consider an alternative with lower interest rates. Installment loans are better for short-term lending because of the high interest rates. Also, consider several different lenders. Banks and other institutions tend to offer lower interest rates.

If the other options don't work for you, consider breaking up the payment and paying it twice per month instead of just once a month. Each time, pay half of what you would in month. That way, you're paying the same amount, but you'll pay it down faster because installment loans take out more interest in the early part of the loan to protect the lender.

Payday loans

Payday loans are usually same-day loans, but they have several serious cons, including high interest rates and swift repayment dates. You can only get a limited amount of money, usually between $100 and $1,500. The money comes from your future paychecks. So, if you're borrowing $1,000, you'll write a post-dated check for your next payday to the tune of $1,000 + interest, usually in the 15%-25% range, so about $200. Some lenders will also take out money directly from your account using direct deposit. Either way, this could leave you short.

Payday loans don't require credit checks and they're fast, so if you don't have something you can use as collateral and you do have pressing bills or other things that need to be paid immediately, it could still be your best choice. The danger is when you can't pay it back and have to renew the loan, which will add additional interest and fees.

Student Loans

There are two types of student loans: fast student loans, which are privatized and available in 24-48 hours and government student loans, which usually take only a few weeks to get. When you're in college or starting college and need to pay bills, tuition, have emergency expenses or need to cover school supplies, like textbooks both can be beneficial. However, just like with every other loan type, you need to be aware of the differences to determine which option will be best for you.

There are two types of fast loans. One sends the money directly to the student and the student can use it as he or she wishes. Those are called direct-to-consumer loans. School channel loans are paid to the college or university on behalf of the student. The money isn't available for personal needs, it usually only covers tuition. Make sure you know which fast loan you're getting. Typically, for fast loans, you:

  • Need good credit history or a good credit score (could be family history, as well)
  • Will get high interest rates
  • Could receive money in as little as a day
  • May need to repay the loans before you graduate

Fast federal student loans that can take a little longer include Perkins student loans and Stafford loans. For both of these options, you can qualify even with poor credit. People who come from low-income families are usually more likely to qualify, but no matter your situation, you're doing yourself a disservice if you don't at least try. These loans have another benefit as well: the payments are deferred until after graduation. Like with channel loans, these don't go to you, but to your tuition, room and board.

Home Equity Loans

If you need to borrow a large sum of money and you have a mortgage on your home and you have equity in your home, you might be able to take out a home equity loan.

What is equity? Essentially, it's the difference between what your home is worth and what you owe on it. So, if you have a $150,000 home and you owe $100,000 on it, you have $50,000 worth of equity. However, most banks don't want to go above 80% of the home's value, so in this example you probably wouldn't be able to get more than $20,000.

Although home equity loans used to be used only for home improvement projects, they're now also used for emergencies. You do have to wait a little while to get funds - about two weeks from when you apply - but you can get a sizeable amount of money. There are several other advantages, including:

  • A quick application process
  • Qualifying even with a bad credit score
  • Interest rates are relatively low (less than credit card rates)
  • Getting up to 30 years to repay the loan
  • The interest can be tax deductible, just like the interest for your mortgage payments

While a home equity loan may not be ideal for everyone, you can get the money fairly quickly and there are several pros, so it might be worth the wait.

There are no hard and fast rules for getting a quick loan. What's right for you won't be right for someone else in a similar situation. Consider all of your options to determine what will work best for you. Take interest rates, the length of time to pay off the loan, the amount of money you need and your credit score into consideration and talk to a loan advisor to get the best options for you.



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