Often, we need money urgently and can’t spare enough time to endure the prolonged loan process. In such instances, a quick loan can offer you respite and help you cover emergency expenses without further ado. Just as the name suggests, a quick loan can offer you the financing needed to cover expenses hastily; sometimes on the exact same day of application. Quick loans can serve as an excellent alternative to a home equity loan or bank loan which might take weeks to months for the funding. If you are pondering over taking a quick loan, then you have come to the right place. Today we are going to take a look at the topic of quick loans, how to apply for them either online or in-store, and the benefits which accrue with this type of loan. 

Working mechanism of quick loans

Quick loans can offer you the funding as early as the day when you apply. You can choose among different types of quick loans ranging from installment loans to payday loans, lines of credit, title loans, etc. Many of them come with quick approval decisions and an easy application process. Lenders who offer quick loans often allow the borrowers to apply for and receive the funds online whether or not they have a good credit score. 

Steps of getting a quick loan

Read on to know about the different steps involved in getting a quick loan either in-store or online:

  • Know about the loan types – With different types of quick loans available, it pays to know your options beforehand:
    • Payday Loans – Known by the name of cash advance loans, this is a form of short-term financing. Borrowers are required to pay back the small-dollar quick loans on getting their upcoming paycheck which is within two to four weeks. 
      • Amount range – Varies from state to state
      • Requirement of high credit score? No
      • Requirement of collateral? No
      • Approximate time to complete the application process – 5 to 10 minutes
      • Decision time span – Minutes
      • Time within which the funds are dispersed from application submission – Might range from immediate payment to the following banking day
    • Title Loans – These quick loans offer quick cash in exchange for the car’s title. You can avail of this loan if you are a vehicle owner. The loan amount will be determined by the borrower’s ability and their car’s value. While paying back the quick loan, you can retain your car’s title. 
      • Amount range – Varies from state to state alongside the value and condition of your car.
      • Requirement of high credit score? No
      • Requirement of collateral? Yes
      • Approximate time to complete the application process – 15 to 30 minutes (requires on-site appraisal)
      • Decision time span – Minutes
      • Time within which the funds are dispersed from application submission – Immediately after appraisal
    • Pawn Shop Loans – These quick loans are disbursed when you keep valuables like jewelry or power tools as collateral in the pawn shop until repayment. 
      • Amount range – Depends on your collateral value
      • Requirement of high credit score? No
      • Requirement of collateral? Yes
      • Approximate time to complete the application process – Minutes
      • Decision time span – 10 to 15 Minutes
      • Time within which the funds are dispersed from application submission – Immediately 
    • Small-Dollar Installment Loans – It becomes easy to borrow a certain amount of money with installment loans which can be repaid through monthly payments over a tenure of 3 to 36 months.
      • Amount range – Varies from state to state but is more than the amount allowed by payday loans. 
      • Requirement of high credit score? No
      • Requirement of collateral? No
      • Approximate time to complete the application process – Less than 10 minutes
      • Decision time span –Minutes
      • Time within which the funds are dispersed from application submission – Within a day
    • Lines Of Credit – These are flexible quick loans that can offer a high degree of flexibility in the amount you wish to borrow up to a certain credit limit. Lines of credit can be repaid all at once or according to scheduled repayments. The interest repaid on this loan depends on the amount withdrawn rather than the full credit limit of the borrower. 
      • Amount range – Varies from state to state 
      • Requirement of high credit score? No
      • Requirement of collateral? No
      • Approximate time to complete the application process – Minutes
      • Decision time span –Minutes
      • Time within which the funds are dispersed from application submission – Within a day
  • Choose the loan type according to your requirements – Among the different available options, you should select a loan type that acts as the best fit for your unique scenario. You should take your income, credit score, amount of financing required, and presence of collateral such as diamond jewelry or a car into consideration to narrow down the quick loan options and take a decision aptly.  
  • Know the requirements while applying for a quick loan – On deciding the quick loan type, you need to sort out the things required to apply for it. You can start by jotting down your routing number and account number to sign up for a direct deposit of the funds in your account. In case of a car title loan, keep your vehicle title handy. For payday loans, it is essential to have the recent paystub ready before starting with the application process. Irrespective of the type of quick loan you select, it is advisable to be prepared beforehand with your driver’s license or other government-issued ID, Social Security number, and recent proof of income. Doing this can add inertia to the application process whether you are applying in-person or online. 
  • Apply for the quick loan – Applying in-store is preferred compared to online mechanisms if you wish to get a quick loan without any delay. If you have previously taken a loan from a certain lender, then it is best to go with them again as your information is already saved making the application process faster. However, if you’ve never taken out a quick loan before or have applied in-store, then you can still get fast funding by applying online. Certain states offer online applications for emergency loans such as lines of credit, installment loans, and payday loans which can deliver instant funding once the loan has been approved. 
  • Review all loan details – Before proceeding with a quick loan, you should read between the lines. You should take a look at the associated fees or penalties for missed or late payments and interest rates. It is also advisable to consider your budget to gauge if you can repay the loan comfortably. 

RadCred Quick Loans

At RadCred we can offer you respite if you are searching for a quick loan. You can choose between the below-mentioned loan options offered by us:

  • Payday Loans – It is easy to apply for an online payday loan with RadCred. You will receive the money within 24 hours of your application once the loan is approved. You can even get a same-day payout if you apply before 10:30 AM EST and get your loan approved. RadCred offers the flexibility of applying for payday loans in-store and you can receive the cash instantaneously if approved. 
  • Title Loans – RadCred offers in-store quick title loans so that you can get money promptly and get back on the road. Before the loan is paid out, your car’s value will be evaluated on visiting RadCred with your vehicle. You can use our convenient location map to find the nearest RadCred location. 
  • Installment Loans – The application process for installment loans at Advance America is very simple. You can cater to your financial requirements by getting larger loans that can be spread over a longer repayment tenure compared to a payday loan. With RadCred, you can complete the quick loan application either online from the comfort of your home or in-store at your convenience. 
  • Lines Of Credit – Once you apply for the line of credit online, we will determine the maximum credit line after considering various factors inclusive of your income. 

How to choose the best quick loan for me?

You should take your budget and financial requirements into account before deciding on a quick loan. A payday loan can serve you well if you require a few hundred dollars to meet essential or emergency expenses before your next paycheck gets credited to your account. For a larger sum of money, you can choose a title loan by using your car title as collateral.

From where can I get a quick loan?

RadCred can offer you different types of quick loans ranging from payday loans to title loans, installment loans, and lines of credit both online and in-store. You might receive the funds as early as the day of application following the approval. 

Is good credit required for getting a quick loan approved?

No, you don’t need to have stellar credit for getting a quick loan. Various lenders like RadCred offer loans to borrowers with varying credit scores. However, a few factors will be considered before loan approval. The factors influencing our approval decision are your employment history, income, and current debts alongside the credit. Thus, you can qualify for a quick loan even when you have fair or poor credit. 

Advantages of quick loans

  • Easy to apply – The easy applications of quick loans can be completed within a few minutes whether online or in-store. You will just have to fill in various financial and personal details like your name, proof of income, address, and bank account number. 
  • No requirement of good credit – Various lenders don’t have stringent credit score requirements and will levy greater importance on other factors like employment history and income. You can get a quick loan approved even with poor or fair credit.
  • Quick approval – Many lenders offer instant approval to your quick loans. Thus, you can find out whether you are eligible for a quick loan within minutes of your application. 

Get a quick loan today

A quick loan can get you out of a cash crunch whether you are thinking of undertaking, surgery, car repair, or other unexpected expenses. Luckily, there are a variety of quick loan options to choose from which can help you get out of a financial soup. RadCred can offer you the funding needed once you fill out the application form either online or at a nearby store location.