Whether you’re looking to finance your next business idea, purchase a new vehicle, or simply take that vacation you’ve always wanted, you’re going to need to borrow some money. Lending has never been simpler with online lenders and even automated lending. Here are five options to help you secure cash quickly and easily.
Upstart lending was founded by ex-Google employees and has revolutionized the way online lending is practiced. By integrating AI into their lending platform, the company has made almost 90% of its lending completely automated.
The company’s requirements are based on more than just your FICO score. The company’s core beliefs are centered around providing a unique lending experience that considers your education, work history, and other financial histories in addition to your credit score.
We’re all people, after all, and the traditional model of lending has more defaults than the Upstart model. In fact, according to the lender’s website, Upstart has 75% fewer defaults than traditional banks and 173% more approvals.
Upstart was the first company of its kind to integrate AI into their online lending platform and predicts that within a decade, most lending will be done by automated systems. As if revolutionizing an industry wasn’t enough, they’ve also maintained an excellent customer service rating; one of the top-rated lenders in the industry.
Upstart will show you your interest rate in as little as five minutes. All you need to do is fill out a small application with some personal information, and you’ll be on your way to securing the funding you need for your project or expenses. Go here for an Upstart loan review.
2. Lending Tree
If you find yourself in a pinch and need a quick loan, Lending Tree can help. They utilize a soft pull system, meaning the general inquiry will not affect your credit score as inquiries normally do. Sometimes the service can even deliver your money in as little as 24 hours!
Lending Tree offers a variety of loans, from personal loans to business funding and more. Whatever you’re looking for out of a lender, Lending Tree is sure to find it. Lending tree acts as a loan broker, and doesn’t actually loan you any money, but instead connects you to the right lenders in your area.
Lending Tree has been successfully connecting consumers with reliable lenders for years and maintains a great customer service rating due to its excellent outreach and impressive list of potential lenders.
For fast cash, try Lending Tree today and connected to a lender who can meet your financial needs.
3. Cash Advance On Credit Cards
While this is a viable option, exercise caution when taking out a cash advance on your credit cards. Normally they’ll be subject to the same interest rate as the card, meaning you’re going to pay somewhere in the 20-30% range on the advance, depending on the card.
A cash advance can be a good idea if you’re in a pinch and can’t use your card for the expenses that have arisen. Make sure you only take an advance on what you need and have a good plan in place to pay back the balance on time so you avoid late fees.
Most credit cards will also charge an advance fee, of around three to five percent depending on the card. Keep this in mind so you’ll have a good idea of what the final cost of the advance will be (and how you’re going to pay it back).
4. Apply For A Secured Loan
If you’re in a pinch but don’t have the best credit, you can apply for a secured loan. A secured loan is a loan that requires you to provide some form of collateral for the borrowed money. This can be risky, as you may lose that collateral should you default on the loan.
Always use caution with any type of loan, but be especially aware of the terms and conditions of secure loans. Often you’ll have a strict timeline in which the amount needs to be repaid before the collateral is seized.
Some examples of secure loans include 401k loans, car equity loans, or even a pawn shop loan (try to avoid these if possible). If you’re not willing to risk something as serious as your car or your retirement account, you might want to try a different approach to securing your funding.
5. Try Personal Loans With Fast Turnaround
Fast turnarounds can be achieved by certain lenders, but usually, require the applicant to have a good credit score and a verified source of income. The turnaround can be anywhere from 1-3 business days, which in terms of lending can be very quick.
Avant is one such personal loan service that boasts fast turnarounds and low-interest rates. As with anything in the credit world, your credit score is going to take you farther the better it is. The application process is simple, completely online, and a decision can be reached in as little as 24 hours.
Only take a personal loan if you’re sure you can afford the repayment terms and the interest rate, and of course, only borrow what you truly need. Whatever you’re borrowing for, it’s a good idea to do a cost analysis before signing any papers.
Fast cash usually comes with an extra cost, so be aware of any extra fees lenders charge for expedience. Make sure you’re aware of why you’re borrowing, know exactly how much you need, and always research your options before signing any paperwork.