Wondering where to borrow money online?
There are a few places that most people go to online to borrow money.
It is important to know what you plan to spend the money on before you borrow money, because you will have to repay the money back some day, and different types of loans have different rates of interest.
So you want to choose the type of online loan from the start.
Below, I will tell you the 2 popular ways to borrow money online, and also recommend some places to get these types of loans.
Pay Day Loans
Pay day loans are meant to help you in the short term. The “short term” should be 2 weeks are less. The whole idea of payday loans is that you will be able to pay them back by your next pay period.
You are able to take out payday loans beyond 2 weeks, but you will be paying an extra cost to do this. This cost is usually high and you should try to avoid this.
Basically, choose a payday loan option if you are able to repay the loan back within 2 weeks, and you don’t have any other option as far as borrowing money. Payday loans typically have the highest interest rates and should be used if you just need money right now and can’t get it anywhere else, and you are able to pay it back 2 weeks or less.
How do you get an online payday loan?
Online payday loans are very simple. You apply for a loan and once you are approved, the loan company will deposit money directly into your bank account. And once the agreed upon time to repay the loan back date comes, the loan company will automatically take the loaned money plus interest out of your bank account with an automatic debit. That’s usually how it works. Simple and straight forward.
Payday loans are great if you need to borrow money right now and get it fast – but if you qualify for other options, then explore those other options first.
Here are payday lenders you can borrow money from
Instant Loan Express – Good for bad credit or no credit
cashadvance.com – Good for bad credit or no credit
Viva Loans – Great for emergencies, simple 2 page application
Instalment loans are your typical loans you probably already know. For example, A lender lends you $5,000 dollars, and you agree to pay back $200 every month until you have paid it all back. Great.
Instalment loans are a better way to borrow money in general over payday loans, because instalment loans have lower interest rates. Not only that, you can borrow larger amounts of money with instalment loans – compared to payday loans.
You can use instalment loans to pay for just about anything, like your bills, for emergencies, home improvements, for a car, etc.
Instalment loans are good for short term or long term reasons. For example if your hours at work have been severely cut and you need cash to help you for the next 2 months, then instalment loans are great for that. Instalment loans are also great for long term reasons, like if you need a loan to buy a care, and you want to pay it back over 6 years – instalment loans will help you get your car.
How to get an instalment loan online
Borrowing money this way is pretty straight forward. You’ll need to visit a online lending company and apply for a loan. You’ll fill out an application and if you are approved, you’ll get the terms and conditions of the loan, and once you accept it, you will get your loan.
Borrowing money this way usually means you’ll get your money fast – sometimes as fast as the next day. This is because the money will typically be direct deposited into your bank account – which is of course faster than getting a check in the mail. After you get your borrowed funds, it will be up to you to stay on track and pay back the loan!
Where to get an instalment loan online?
Below are a few places to borrow money online
Zippy Loans – borrow $100 – $15,000 as quick as tomorrow
Personalloans.com – Borrow up to $35,000 – great for bigger loans
Dollar Loan Club – Borrow up to $5,000 – takes less than 5 mins, get money as quick as tomorrow
Where To Borrow Money Online If You Have Bad Credit
If you have bad credit, it really hurts your chances of getting a loan at reasonable rates.
There are many factors that goes into a lenders decision of giving you a loan or not. One of them is your credit rating. If you have a low credit score, or in other words, bad credit, you will very likely get loans at higher interest rates compared to someone with good credit.
Companies know that people with bad credit are less likely to pay back their loans. This doesn’t mean that YOU won’t pay back your loan, it just means that on average, a person with lower credit score is more likely to not pay back a loan, and they need to compensate for this by giving out loans to people with bad credit at higher interest rates.
What to do if you have bad credit?
Well, you will be able to get a payday loan with bad credit. Payday loans typically don’t consider your credit score at all. This is why they are so popular with people with bad credit. If you have bad credit and have been denied at regular loan, and you don’t have anywhere else to get the money you need, then you may need to go the payday loan route.
If you have bad credit, it doesn’t necessarily mean companies will not borrow you money. You can still get instalment loans. They will just come at higher interest rates. This is where you should start first. Visit the online instalment loan companies I’ve listed above and fill out an application with one of them. If you don’t get accepted by one, you can try another. But be careful to not apply for too many as every time you apply for a loan, your credit score drops a little.
What If Nobody Will Lend To You?
If you have really really bad credit and can’t get a loan anywhere, then you may have to go the payday loan route for now to get you the funds you need. But you don’t want to make payday loans a continual habit. You will need to work on raising your credit score. This will take time but you have to do it – or you’ll never get a loan at reasonable rates ever again if you don’t – if you can ever get a loan at all.