What is a Fast Loan - Features, Interest Rates and How to Apply Online? (2024)

FAQs

What is a fast loan? ›

Fast loans are short-term loans that anyone can apply for. However, compare different lenders based on interest rate and other fees and charges before applying. Also, read the fine print carefully to avoid unpleasant surprises. Save yourself from the hassle of arduous documentation and time consuming process.

Online loans may come with better terms, which can mean lower interest rates and fees. However, applying online for a mortgage does mean there's less personalized help available. If your financial situation is complex, applying in person could be a better option.

The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

Payday loans are designed to be short-term and provide the borrower with fast access to a small amount of funds. The loan amounts are generally for $500 or less and are often available from online lenders. Payday loan repayment is typically due on your next payday, which is often two to four weeks after borrowing.

Determining the legitimacy of a specific fast loan advance service requires careful consideration and research. While some fast loan advance providers operate within the bounds of financial regulations and offer transparent terms, others may engage in predatory practices or operate outside legal parameters.

HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it.

If you're already struggling to afford your existing monthly payments, now is not the time to take on additional debt. While it's tempting to use a personal loan to help pay off high-interest debt such as credit cards, it still comes with the risk that your monthly payments will remain unaffordable.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

‌LightStream offers unsecured personal loans of up to $100,000, with low rates for borrowers with excellent credit. It's one of the fastest overall in terms of loan funding speed, with borrowers able to obtain funds as quickly as the same day they're approved.

How can I get an instant loan immediately? ›

Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.

Interest rates tend to be high

Fast cash loan rates are typically higher than the rate offered by a traditional lender. Some payday lenders charge a transaction or finance fee instead, which can be costly. Fees may range from $10-$30 per $100 borrowed, according to the CFPB.

A good personal loan interest rate is typically one that's lower than the national average rate, which is 12.17% as of Q3 2023. Because interest rates can vary based on a number of factors, including economic conditions, that average can fluctuate over time.

Unsecured Loan

This is a quick loan with a turnaround time of less than 48 hours.

Because payday lenders often don't run a credit check, applying for a payday loan doesn't affect your credit score or appear on your credit report. Also, payday loans won't show up on your credit report after you've accepted the loan. As a result, they don't help you improve your credit score.

Also called payday loans, cash advances, and instant loans, a fast cash loan can serve as a bridge in a tough time and help you cover unexpected costs—but only if they're used properly. If used irresponsibly, fast cash loans can send you spiraling into more and more debt.