In a world that has commoditized our existence, putting a price tag on each and every breath we draw, loans have become seemingly inescapable. And exigent as they are in the development of our lives, getting a loan tends to have a few hurdles to get over and around. So if you were wondering how to get by easily and quickly, here are 7 ways to get your loan without difficulty.
1. Borrow from your employer
Depending on your type of loan, this particular one has relatively low interest rates and could even be given without interest at all. Taking no more than 3 days, this loan can go up from 1-6 months of pay, which ends up being deducted from your salary over the course of 3-24 months, depending on the amount.
2. Peer-to-peer lending
This method could prove to be expensive due to high interest rates. It removes any financial institution normally involved. Through a third party, you are connected to individual investors that end up giving you the loan.
3. Car title loan
When looking to find a convenient and quick loan, car title loans could pop up to mind. It’s when you have your car’s registration used as collateral for your loan, leaving it with your lender. You get to keep the car throughout, however, it can be repossessed should you fail to make the payments.
4. Cash withdrawal on a credit card
With a typical interest rate of 2-3.5% a month, this kind of loan is quick to get. All you have to do is take yourself, along with your credit card, to the nearest ATM and withdraw. There is a minor snag to it, seeing that there is a daily cap which would end up limiting your cash withdrawals.
5. Probate loans
Sometimes called inheritance loans, this particular loan helps lend you money against real estate you still don’t have access to. That said, estate cash loans are completely free of interest, making them potentially the cheapest form of loan and one everyone should certainly consider. It’s important for you to know the details of why you need to work on these kinds of loans quickly, and research should be able to get you all the information you need.
6. Personal loan
It is one of the quickest types of loan on this list, taking anywhere between a mere 30 minutes and 3 days. It depends on your bank, but they could’ve pre approved your loan, making it a lot faster to receive. However, this type of loan does come with high interest.
7. Loan against property
Lending up to 65% of your property’s value, this loan requires that you have your property insured as it will be used as collateral. It offers low interest rates and a large loan, however, it is relatively long to get, taking anywhere from 3-10 days.
Depending on your situation and the urgency, a lot of factors have to be weighed carefully. Interest rates, the actual amount you need and the duration to which you’ll receive your loan are mainly what you must consider when looking to find which one is more convenient for you.