It's almost universal with human beings - we want instant gratification, and we want it now - and the way we think about our money is one of the best examples of that. We want to earn it quickly; we love to spend it quickly; and now we even want to be able to borrow it with no credit check and no waiting period at all. This is how instant unsecured personal loans were born.
First I should more narrowly define what a personal loan is, you see there was a time when I thought a personal loan was what happened when a guy lent $50 to his buddy to get him through the next couple of days, but it's completely different. Personal loans are what most people call payday loans - they're given by banks to help people keep their heads above water until they receive their next paycheck.
Your goal when seeking an unsecured personal loan is to get the bank to lend you funds without any tangible security protecting their money - as in collateral. When they don't have collateral covering their money all they have left is their belief in your ability and willingness to repay the debt, which can be suspect at best. That's why these kinds of loans often come with chunky fees and startling interest rates.
An instant unsecured personal loan is something you can get, but you need to realize you're going to pay for it. In many cases the lender is going to require you to pay up to 10% of the loan amount in a borrowing fee, and then stick you with interest rates approaching or passing 30%.
Your personal circumstances will determine the size of the loan you need - whether that's going to be $100 or $1,000. Loans on both ends of that spectrum are going to be available to you, but be wise and only take enough borrowed money to cover the absolutely emergent situations in your life.
The reality is you don't want to put yourself under the gun like this in the first place. Here's how you can avoid it: each time you get paid take $50 to $75 from your paycheck and put it in a separate interest bearing account where it can accumulate into a nice rainy day fund. After a few months you're going to have enough cash on hand that when emergencies strike you'll have money available, and you won't need the payday loan store.
First I should more narrowly define what a personal loan is, you see there was a time when I thought a personal loan was what happened when a guy lent $50 to his buddy to get him through the next couple of days, but it's completely different. Personal loans are what most people call payday loans - they're given by banks to help people keep their heads above water until they receive their next paycheck.
Your goal when seeking an unsecured personal loan is to get the bank to lend you funds without any tangible security protecting their money - as in collateral. When they don't have collateral covering their money all they have left is their belief in your ability and willingness to repay the debt, which can be suspect at best. That's why these kinds of loans often come with chunky fees and startling interest rates.
An instant unsecured personal loan is something you can get, but you need to realize you're going to pay for it. In many cases the lender is going to require you to pay up to 10% of the loan amount in a borrowing fee, and then stick you with interest rates approaching or passing 30%.
Your personal circumstances will determine the size of the loan you need - whether that's going to be $100 or $1,000. Loans on both ends of that spectrum are going to be available to you, but be wise and only take enough borrowed money to cover the absolutely emergent situations in your life.
The reality is you don't want to put yourself under the gun like this in the first place. Here's how you can avoid it: each time you get paid take $50 to $75 from your paycheck and put it in a separate interest bearing account where it can accumulate into a nice rainy day fund. After a few months you're going to have enough cash on hand that when emergencies strike you'll have money available, and you won't need the payday loan store.
About the Author:
Rick knows you might need to borrow high risk unsecured personal loans or get a personal loan instant approval to keep your bills current. He can show you how that's done.
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