Personal Loans: Short Term Approval And Different Amounts

Sometimes it is very difficult to get finance especially if you are in a hurry

. Though there are many options available for you to apply for finance, not all have a speedy approval process. And many of those products that are promoted featuring fast approval may not provide you with the exact amounts that you need. Therefore it is interesting to know where to go to obtain funds fast for the exact amount that you need.

Relatively Fast Approval And High Amounts

If you need high amounts and you have enough time to raise the money, you can resort to your home to obtain the funds. Even if you already have a mortgage on your home, the available equity on your property can be used to secure an additional loan with great terms: a home equity loan can provide you with significant amounts of money, a low interest rate and very flexible repayment programs.

This is probably the cheapest source of funds but due to the paperwork implied in the transaction it takes a bit longer that unsecured loans when it comes to obtaining approval. Thus you need to be prepared to wait several weeks to get approved and get the funds deposited into your account or the check delivered.

Quick Approval And Intermediate Amounts

A faster choice is to apply for an unsecured loan. A personal unsecured loan will provide you lower amounts than a home equity loan but the approval process will be faster. In just a couple of days you can have the money deposited into your account. To get approved for one of these loans you will need to show proof of income and to have a reasonable credit score. Your credit report doesnt have to be impeccable but too many delinquencies on your credit history will conspire against approval.

There are many variables involved in the amount issue. However, risk is the most important one. Since unsecured loans are only based on your credit and the loan is not guaranteed with any property, the amount of money that the lender will be able to offer will depend on the risk implied in the transaction. The best measurement of that risk that lenders have is the credit score. Therefore if your credit is low, dont expect to obtain high loan amounts.

Immediate Approval And Small Fixed Amounts

If you need financing in a rush cash advance loans and payday loans are probably the best choice. These loans can be approved within less than 24 business Hs. There are little requirements for approval but unfortunately, these loans charge rather high interest rates. Though this changes from state to state and from company to company, the interest rate for payday loans can add up to 120% APR or more.

As regards to the amount of money that you can obtain, the total is rather limited. Most of these companies offer fixed amounts such as $500, $1000 or $1500 at most. Therefore, these loans are only meant for emergencies due to the high rates implied and for urgent situations that have only small amount requirements.

by: Devora Witts

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