How to Get Quick Loans Which Are Actually Legit

by credit bazzar Instant payday loan in as short as 15 minutes

If at any time you get into an emergency where you are in quick need for money and the amount you have saved for such emergencies doesn't meet the requirement, there are options to get quick loans for the time being.

Some lenders are generous enough to offer a loan at fair interest when you are in need. But others take advantage of the hasty situations and robs you with very high fees and too much interest rates. Hence to save yourself from such situations you should know the legit way to get quick loans.

3 Legit Ways To Get A Loan Quickly

When there is an emergency need for money, you may not get a lot of time for comparing the interest rates or finding a suitable loan. Although you should think about the consequences and make sure that you are not indulging yourself into predatory loan.

1. Search for personal lenders who can approve your loan fast

A personal lender can be better than any loan organisation for getting the best rates. The personal lenders take only two or three days to process an application, approve your loan request and provide you the money. What is important to note here is that you need a good credit to get the quick loan.

The personal loan interest rates range between 10% and 15% but that also depends on your credit goodwill. It is also seen that many lenders charge a kind of origination fee, which usually stands as 1% to 5% of the loan balance.

2. Borrow the money you need from friends or family members

If you know people who are close to you and can help you in your times of need, it is always better to ask help from them first. Better ask a friend or family member who is in the position of lending you some quick money.

It is very important to not rush into things and discuss things slowly taking time. You both need to agree on certain terms as by how much time the money would be returned, how often you are expected to pay the interest, or if you have to pay any interest at all. It is advisable to prepare a promissory note for the loan. If you go through the process with a clear vision and expectation, you can help protect the finances as well as the relationship.

Another thing which you can do is apply for a loan and until the time your loan is getting issued, lend the money from a friend. Once you get the loan money you can repay the person with that money.

3. Opt for a cash advance or use your credit card.

If you are someone who has a credit card, you can put emergency expense on credit card or you can take the card with you to an ATM or Bank so that you can get cash in return for your credit card. What they do in charge the credit card and provide you with cash. But one downfall of this is you will be charged 3 to 5% interest for the cash advance, added with 24% credit card interest.

Desperate need give rise to desperate measures. So, you need to be very careful in the times of emergency. You should not get into something from which you cannot get out later. Most importantly don't fall for scams. Take some time before you reach any decision.