Sometimes people need money right away, whether they get an unexpected medical bill or need to cover expenses before their next paycheck. Thankfully, there are many types of loans available online that can get borrowers quick funds. Here are some instant online loans to compare so that borrowers can choose the right loan for their needs.
Cash advances
A cash advance is a short-term, small dollar loan that gives borrowers cash to cover expenses until their next payday. Borrowers can apply for them online and usually get the money in their bank accounts either that day or within 24 hours. Better yet, they don't need good credit to get approved.
Cash advances are easy to get, and the money is available quickly. On the other hand, they can come with higher interest rates. Shop around and compare several online lenders before agreeing to take out a loan.
Installment loans
With installment loans, borrowers can borrow a lump sum of money that they'll pay back in monthly installments, plus interest. Installment loans can typically get people higher loan amounts than cash advances.
Installment loans often come with a quick application process that borrowers can complete in a few minutes from the comfort of their home. Many lenders have instant or quick approval decisions, so borrowers may be able to get funds the same day they apply.
Title loans
Borrowers who own a vehicle may be able to get a title loan using their car's title as collateral. Many lenders give borrowers funds worth up to 50% of their vehicle's appraised value. People can start their application for a title loan online, and don't need good credit to get approved. If approved, they can keep driving their vehicle as they pay off the loan.
Like cash advances, interest rates on title loans can be higher. Borrowers also put themselves at risk of losing the vehicle if they default on their payments, so they should make sure they can pay off a title loan before applying.
How to apply for an online instant loan
Before applying for an online instant loan, borrowers will want to put together a few important items. The first is their photo identification. They may need a state ID, driver's license, or passport. The second is proof of income. Borrowers should gather several recent paystubs and their most recent W2.
Online loan applications are typically easy to fill out and may only take borrowers a few minutes. Fill them out completely and attach any identification form where requested. Borrowers applying for a title loan may have to scan their title and be prepared to send that also.
The bottom line
There are many instant online loans borrowers can apply for from the comfort of their home when they need cash fast. Cash advances, installment loans, and title loans are just a few options that can get people instant funds. Borrowers should make sure to do research and compare lenders to find the right loan for their needs.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
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Original Source: Advance America: 3 Instant Loans Borrowers Can Apply for Online
