Non-traditional lenders provide easy loans to people who may not qualify for bank or credit union loans. Those with a high income to debt ratio, no credit history, or poor credit history can get money within one business day. Applications are available online and can be completed in as little as five or ten minutes. Requirements are minimal.
It is important to note that interest rates will be extremely high so try to avoid this avenue if possible. Make sure payments can be made in full and on time because penalties are high as well. Rolling over a loan to extend it will cost much more money than the original amount.
Each lender, such as Blue Trust Loans, will have their own set of requirements so compare them from site to site. Interest rates, terms, and conditions will also vary. Applicants must be at least eighteen-years of age and either be employed or have a fixed income. The state of residence is also requested because some lenders do not operate in all states.
A valid social security number and an active checking account are also required. Be sure to carefully read the agreement before signing it. It is wise to only borrow what is needed for the financial emergency. Borrowing more will be difficult to pay back.
Types of Loans
Payday loans are the most expensive fast cash loans available. Avoid them at all costs. Installment loans are a bit easier to repay because the terms extend for up to six months, instead of one month. There are limits to the amounts that will be loaned, so borrowing some of what is needed elsewhere may still be an issue.
Title loans are typically available for higher amounts, but the risk is high. Collateral, such as a car of house, is used to secure the loan. Interest rates are slightly lower, but failure to pay will result in the loss of the collateral. Seek a loan from a traditional lender first.
Make a budget and try to save some money for emergencies or unexpected costs. Those actions will help avoid the need for high interest loans.