It seems like everyone is experiencing a degree of financial hardship these days. With people experiencing layoffs, cut hours, trying to work from home and other inconveniences, it can cause financial suffering. It can be stressful trying to stay afloat when bills are looming, and unexpected expenses cause debts. If you need money, and you need it fast, you might be wondering how on earth you’ll get it.
One option could be applying for a loan.
Many people assume that they may not be a candidate for a loan, or they could not get approved for the amount they need, due to issues such as fair or bad credit, low pay, or never having applied for a loan before. But the truth is, there are loan types out there for everybody, no matter your financial situation, your credit score or how much money you make. It’s just a matter of knowing which type of loan is best for you, and applying for the right one!
Bank loans, often called “personal loans”, can be a good option if you have a standing relationship with your bank and you need a large sum of money. If your loan request is upwards from a thousand pounds or more, you may want to try this option first. However, bank loans do tend to be more strict than other types of loans, so you’ll need a decent credit score, a solid job AND banking history (this means no overdrafts or negative balances), and may need to offer up collateral. However, if you have all these things in the bag, you’ll likely be approved after filling out your application.
If you can’t boast a great credit score or your work history is a bit uneven, you might consider a payday loan from direct lenders. Payday loans have a looser criteria to qualify, and they work with people who have no credit or even bad credit. So long as you have a bank account and a job with regular pay, you can get approved for smaller loan amounts. While interest rates on payday loans are often higher, you may find that it’s still worth it because of the rate of approval, refinancing options, and the fact that you can apply and receive funds same-day in many cases. If you need money and you can’t wait, this is a good option for you. Apply online in as little as a couple of minutes and get approved easily.
These are just two loan types that are frequently used, and you may want to start here when deciding to apply for a loan. However, with a little research you can find all sorts of loan types that might work for you. Apply for a loan today, whether it’s a personal loan via a bank or a payday loan via direct lender, and get the money you need for those unexpected bills, quickly and easily.
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