If you don't have enough.
Payday loansare a type of short-term loan in which the loan is paid off in a few weeks or possibly in a few months. LendingPoint also offers flexible loan terms and no prepayment penalties, making it an attractive option. Repayment terms range from 24 to 60 months, and OneMain Financial also offers borrowers the option of securing the loan with collateral, in order to receive an interest rate at the lower end of the lender's interest range (APRs range from 18.00% to 35.99%).
However, once you accept the loan agreement, a fixed APR will ensure that the interest rate and monthly payment will remain constant throughout the term of the loan. Certain information that LendingClub Bank obtains later as part of the application process (including, but not limited to, information from your consumer report, your income, the amount of the loan you are applying for, the purpose of your loan and the eligible debt) will be taken into account and could affect your ability to obtain a loan. If you don't have enough money in your savings account to cover an unexpected expense, a small personal loan might work for you, but there could be better options. That's why Select has rounded up some personal loan lenders that offer fast financing so you can cover big expenses in the blink of an eye.
To apply for a personal loan with Upgrade, you must submit tax returns for the last two years, IRS tax transcripts, and bank statements for the past 40 days. PenFed doesn't charge an opening fee and also offers a short funding term, so it disburses its funds within one to two business days of loan approval. This type of loan usually involves a monthly funding fee of 25% and a short repayment period of 15 to 30 days, so be careful. While OneMain Financial charges higher rates than the competition, it could be a good option if you've been struggling to get an unsecured loan.
If you don't want to open a new card or need more time to pay off the debt, you might want to apply for a small personal loan. You can even use a personal loan to consolidate credit card debts if you're struggling to pay them off. This can make it easier for people with lower credit scores to qualify, as two people take responsibility for the loan instead of just one. In addition, you should avoid so-called “fast lenders”, who offer small personal loans from your next paycheck and demand immediate payment with interest once you receive the check.