How to Get a Personal Loan Quickly

By Valencia Higuera

  • Overview

    Do you need a personal loan to pay off debts, make home improvements or meet an unexpected expense? Whether you have good credit or no credit history, there are ways to quickly obtain a personal loan. Lenders vary, and they feature different loan requirements. Before applying for a personal loan, it's best to explore all your options and choose the loan that's right for you. Upon submitting your application, lenders generally reply within hours, and you can access funds within a couple of days.
    How to Get a Personal Loan Quickly
    • Step 1

      Repair your credit history. Before approving a personal loan request, lenders take several factors into account. For starters, they'll review your credit report and determine whether you're eligible for a loan. Order a copy of your free report from www.annualcreditreport.com. To obtain the best rate on the loan, attempt to boost a low credit score. You can accomplish this by paying your existing creditors on time and reducing your credit card balances.
    • Step 2

      Learn your options. There are two types of personal loans: secured and unsecured. To qualify for an unsecured loan, you'll need sufficient income and a high credit score, over 750. Unfortunately, unsecured personal loans feature higher interest rates. On the other hand, you can apply for a secured personal loan and present the lender with collateral such as auto title, boat title and home equity.


    • Step 3

      Compare personal loan quotes. You likely want to get the best rate on the personal loan. Therefore, it's ideal to use a broker and request multiple quotes. The process is quick and simple. Complete a loan application, and the broker matches you with potential lenders. You're able to make a side-by-side comparison, and select the personal loan with the best rate and terms.
    • Step 4

      Consider a short-term personal loan. If you can't qualify for a traditional bank loan due to poor credit or no credit history, apply for a payday or cash advance loan. These loans feature high fees. However, they're useful during an emergency. You don't need collateral or credit; and with simple loan requirements, most people qualify. Because loan fees vary, contact at least three cash advance lenders and compare rates.
    • Skill: Moderate
    • Ingredients:
    • Credit report
    • Lender
    • Collateral

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