If you’re in need of some extra money, whether you’re planning a vacation or have unexpected bills, you have a few options. Here are four excellent ways to get a personal loan online:
Peer-to-peer lending sites
This is a good way to go if you have decent credit. You’ll need to submit a detailed application to prove your identity, your earning ability, and your credit report. You can possibly get a loan through one of these sites if you have average or even bad credit, but might pay a premium to borrow the money.
If you need cash right now, you can apply for an online payday loan. You can usually apply for the loan in under fifteen minutes, and have the money you need by the next business day. The loan terms are fairly short, designed to be paid off on your next payday. So although the interest rate seems high, the total you’ll pay is not much more than you borrowed.
Credit cards with 0% introductory APR
On the other hand, if you can wait a while for the money, you can apply for a credit card with an intro APR of 0%. The APR usually applies to your balance transfers as well, which means you can give yourself a loan from the credit card and only pay a balance transfer fee. However, you need to pay it off before the intro period ends; otherwise you’ll end up paying a fairly high interest rate on the balance.
Bank to person loans
Banks are trying to catch up with the times, and have begun offering personal loans that you apply for and receive completely online. With these types of loans, you will need average credit or better. Since this is a loan from a bank, you’ll be paying interest on the loan from the day you borrow.
With these options, you can certainly find something that will work for you. Consider the term you will need to pay back the money, and how much you’ll really need to borrow, before going with any specific route.