How to Secure Fast Personal Loans

For someone who is in dire need of some quick cash, life takes on a certain urgency and focus. One can think of nothing but trying to figure out a way to get his hands on some extra money, often no matter what the cost. Luckily, there are several different sources of fast personal loans for people who may not have the means of otherwise coming up with the emergency funds.

The first solution is to go to a local bank or credit union to secure a loan. If you have a checking or a savings account at a bank, you might start at that particular bank, as banks tend to respond better to loan requests made by people who are current customers. If you do not have an account with a bank, that's ok, because you can still hit up some different banks in the area. The only stipulation with asking for a loan from a bank is that you will usually need some sort of collateral. If you have equity in your house or a business, or some other sort of personal property that is worth as much as the amount you would like to borrow, you will have to offer it up to the bank so that they have some security in case you fail to pay back the loan. If that situation does occur, the bank can take possession of your property and sell it to recoup the money.

Another way to get fast personal loans is to apply for an unsecured loan through a bank or credit card issuer. These types of loans are usually in smaller amounts than those that require collateral, but they can often be approved in a matter of minutes. If you have good credit, this is definitely a viable option, but be forewarned that these types of loans often carry extremely high interest rates. They can also be subject to advance fees, where the bank can tack on a percentage, often 3%, of the amount borrowed onto the loan. So in this case, if you borrow $20,000 from one of these companies, the total amount due on the loan is $20,600, which is the original amount plus the 3% advance fee of $600.

A final option is a retail "cash for titles" store. At these establishments, loan seekers can walk in with the title of their car and put it up as collateral for fast personal loans equaling the car's value. This is a very fast way of securing fast personal loans, and is readily available in many cities across the US. Just make sure that if you go this route, that you pay the loan back in time. Otherwise you may be walking to work when the lending institution takes your car.

In summary, there are several ways to come up with fast cash when you need it. Traditional bank loans are available if you have some real estate or other interest for collateral, or you can apply for an unsecured loan from a lending institution. The final way is to put up your car in exchange for a quick loan. All three methods have their advantages and disadvantages, and it's up to you to decide which solution is right for you.