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Oct 07

Loan Options For Quick and Easy Funding

Reading Time: 3 mins

Loans are an integral part of our lives. While we try to avoid getting loans as much as possible, some instances happen at the wrong time. And as such, we resort to taking loans. However, loans in traditional banks may not always be as responsive as they should be, and it is often a gruelling task to pass documents and process papers to get the much-needed funds. 

Fortunately, the concept of borrowing loans has branched away from the gruelling brick and mortar banks. If you require a quick loan for any reason, you may want to consider these alternatives. 


Local Nonprofits and Charity: To Get You Started or Go Through The Week

Charity organizations and local nonprofits offer quick loans to people dealing with emergencies while balancing their daily expenses. The amount of funding provided may vary per charity and state. Getting loans from these organizations is usually quick and doesn’t require many documents. However, in some cases, some groups might request your recent payslip to see if you’re really in need of a loan.

Repayment terms from nonprofits also vary. That is why you must provide information that you need an emergency loan. These nonprofits will help you balance the right loanable amount related to your capacity to pay.


For Medical Emergencies: Payment Plans and Medical Advocates

One of the common reasons people look for instant loans is medical emergencies. Medical emergencies are often expensive and give you less to no time to prepare for funds. 

Many people experience this. Despite having good insurance, they can only cover a particular portion of the total costs of your medical expenses. And depending on your coverage, some may only cover the operation, but not the medications or therapy, which makes the whole problem an enormous financial burden.

Fortunately, hospitals offer payment plans, and you can work with medical advocates to help you sort out this problem. Medical payment plans are offered at the doctor’s clinic. Instead of paying the whole cost upfront, they divide your expenses, much like an installment plan. Although this does not directly give you funding or a loan, this option is as good as taking an actual loan. 

Think of it this way: if your doctor can set up a payment plan, you can pay it in installments with their billing schedules and possibly a shallow interest rate. It’s like the doctor covered the total costs, and you have to pay it accordingly.

On the other hand, medical advocates are specialized professionals who assist patients in understanding the healthcare process, convince them to lower-cost operation cost reduction and even find errors in your payments and dispute it in a legal battle. 

Often, these advocates also know loan offices that assist patients regarding medical bills. They may not offer you a direct loan, but these advocates can undoubtedly find ways to lower down your costs and lead you to opportunities where you can apply for a medical loan.


Automobile Loans: For Faster Approval and Bigger Offers

If you possess a vehicle, you might be able to use that in applying for a loan. Automobile loans are secured loans that offer decent loanable funds with favorable interest rates by using your vehicle as collateral. 

Simply put, you are using your possession as leverage to convince lenders to take your offer. The better your vehicle is, the more offers you can explore. Automobile loans are typically available in most traditional banks and car dealerships. 

Be mindful of this loan and make sure that you can pay your loans on time. Putting your vehicle in line gives lenders the right to repossess it, legally taking it out of your name and selling it on their auction sites. So if you’re planning to take an automobile loan, make sure the offer is fair, payable, and you understand the risks behind it.


Online Lending: Instant Funding for Anything In Between

Lending has evolved that it takes a few clicks on the internet to get a loan instantly. Online lending websites like creditninja.com are prime examples of online lending. 

These websites offer quick loans that require no credit score, only some valid IDs, and a registration process to get a loan. Because of this, loans are instantly approved, and transfers are made a day after approval at most. Take note that you can only loan a small amount at first, but these websites often offer bigger loans with favorable interest rates if you’re consistent with payments.


Final Note

In facing financial circumstances, we must know where to go for quick funding. The options above are part of an umbrella of alternatives that offer easy and possibly better loans than traditional banks. Nevertheless, we must know how to pay before setting up a loan to avoid any problems in the future.


Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.


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