Sometimes you need funding quickly. A quick loan is a loan that you can apply for to do so. These loans have very speedy application and approval processes. Here are five types of quick loans, from express to pawn shop, to personal or online lenders.
1. Personal Loans
Personal loans can be utilized as quick loans if you need emergency funding, but keep in mind that, of the quick loans, personal loans still tend to take the longest period of time to be approved, often up to a week. For example, MaxLend offers personal loans that you can apply for and be approved for quite quickly if needed. Always remember to seek out information on loans and lenders before you apply for them. If you were seeking an emergency personal loan, then you would look for MaxLend reviews to see what other users have to say about their experiences.
2. Express Loans
You’re not limited to personal loans, either. If you’re a small business owner who needs a quick loan, you may benefit from the SBA Express loan program. This is part of the federal government’s Small Business Association lending initiative. The Express program ensures your application’s processing time is faster than average, typically one to two days.
3. Pawn Shop Loans
A pawn shop loan is one of the fastest quick loans because you aren’t required to submit an application. Instead, you must bring a piece of property you can give to the pawn shop as collateral in exchange for cash. Remember that you aren’t going to be given the item’s total worth in cash, but a percentage of the item’s worth. If you choose a pawn shop loan, you’ll need to pay the shop back plus interest within a certain amount of time, typically a period of months, or else the shop will keep your property to sell it.
4. Payday Loans
Payday loans require applications but, like pawn shops, can get you the funding you need within a single day. These loans are quite small. They typically don’t exceed one thousand dollars. You must also pay them back quite quickly. Most payday loans must be repaid out of the next paycheck you receive. You may not need to get a credit check done for these loans but their rates can be extremely high.
5. Online Loans
You can apply for many loans online, which speeds up the approval process no matter the type of loan. While some loans, such as student loans, tend not to need fast approval times, it can still be helpful to apply online in case your application is denied and you need to quickly apply with another lends. This speed can be due to any combination of your credit score being available online, being pre-qualified and being able to quickly match with the best loan option for you, among others.
As you should do with all types of loans, do your research regarding quick loans before making a decision on which loan or loans to apply for. Because people who apply for quick loans tend to need funding right away, those people may be at higher risk of being taken advantage of by predatory lenders.