Where to go to get a Loan Quickly
If you need money in a hurry, then you may quickly apply for a loan so that you can get the funds that you need. However, some people may not know where they can go to get money in a hurry and they may also wonder which the best route to try is.
If you already have access to lending then it can be wise to start by looking at this option. It may be that you have a credit or overdraft facility that you could use. Take a look at the rates and charges that are associated with these first. If you cannot find out easily then call your bank and speak to customer services or send them an online message to get the information that you need. This can be a starting point to compare other options to. As the loans have already been arranged they will be a very fast way to get money, but there may be better options out there. Also they may not offer you as much money as you need.
The quickest type of loan to organise is a payday loan. These can take just a few hours and you will be able to have the money available in your bank account. This can be extremely convenient but as you would expect, you will pay a high premium for this convenience. This is one of the more expensive ways to borrow money and you will usually only be able to borrow a few hundred pounds and have to repay it within a month, which may not be suitable for all needs.
An overdraft can be convenient and may be fairly easy to organise. There are usually fees when you go overdrawn though, although there are some interest free overdrafts available but you may have to switch current account providers to get these which may take too long if you need money quickly. If you want to organise one on the current account you have now that would be more likely to be a lot quicker and easier. Beware of using an unauthorised overdraft though. This is when you borrow money through your current account without previously arranging it with your bank. These are extremely expensive as you will pay high interest and fees so should only be used if you have no other option.
A credit card can be a convenient way to borrow money and if you only need to borrow it for a short term you may even be able to borrow it for free. You will have to apply for a card though and this process could take some time and so it depends how quickly you need the money. You will need to wait for a card to be sent to you as well a Pin which will come in a separate letter so this will take time. The amount that you can borrow on the card will depend on how much the issuer is prepared to let you have. This is likely to be determined by your credit record. If you spend money on the card, you will need to pay it back by the end of the following month in order to get it free of interest unless you manage to find an interest free card. These are great but the interest rate can be high once the free period is over so you need to try to get it paid back before then.
A personal loan is another option, particularly if you need a lot of money. However, these are not particularly quick to arrange. They may be the only option though if you need thousands of pounds for something.
It is important to make sure that you do research your options and compare lenders before you borrow any money. If you are in a hurry for it, it can be tempting to rush and not think things through properly. It is wise to try not to panic and see what options are available so that you do not end up paying more than necessary. It should not take too long to take a look at your different borrowing options, use some comparison websites to see what is available and then look at what different lenders are prepared to offer you.
