When you need money, you may feel pressure to find it as quickly as possible to avoid missing an opportunity. Before you rush out to apply, it’s wise to take a moment to evaluate why you need a fast personal loan. Although your need can be legitimate, you may discover it’s an impulse decision best ignored.
Think about the purpose
Because you don’t often wake up and decide to borrow money for no reason, every loan has a distinct purpose. With all loans, you should always carefully weigh the costs of financing against the benefits afforded by your purchase, be it a house, car or new business venture. Needing a fast personal loan for a purchase is no reason to forgo this internal thought process.
In this case, the difference is that you must determine whether the abbreviated time constraints make your purchase as worthwhile as you believe. Do you truly need cash fast or do want speed? A difference between the two exists. The former implies you’ll lose the deal, while the latter speaks to your impatience.
Evaluate your options
By nature, some loan options are quicker than other options. For instance, a borrower in Texas who wants a fast personal loan will not benefit from a home equity application because of the extended cooling off and rescission periods. Once you determine a time constraint affects your purchase, consider only those options available within the appropriate amount of time.
Loans requiring collateral generally take longer to complete than unsecured options. In states where equity lending is a speedy process, you still must wait for an acceptable appraisal and title check. When the amount of money you need is relatively small and you can afford to repay it within a few months, a payday loan is perhaps the fastest personal loan available.
Consider the consequences
Just because you find a fast personal loan option does not mean you should take it. Some lenders prey on people who need money now by charging high interest rates and inflated application fees. You also risk overlooking a solid loan option because of your rush. Make it a habit to evaluate all the variables of how a particular loan will affect your life, not just your ability to make your purchase. If you have enough time to sleep on an offer before making your decision, do it. What seems like an emergency in need of finance one day might seem less dire the next.
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