Loans can be a lifesaver in many different situations, such as if you need to consolidate your debt, cover an emergency expense, or pay for a huge purchase. In truth, getting easy cash loans is one of the most common ways to meet various kinds of financial requirements. However, not all loans are the same. Some loans are more difficult to qualify for than others.
Typically, the easiest loans to obtain come with competitive interest rates, more lenient requirements on credit score, a variety of loan amounts and repayment terms, and easy online application processes. If you are currently in need of quick cash to cover some unplanned expenses, read on for some of the easiest types of loans with relatively fast loan approval.
1. Emergency loan
An emergency loan is a type of personal loan that is often used to cover unplanned expenses, such as car repair bills or medical bills. Money lenders usually allow you to borrow $1,000 or more when it comes to an emergency loan. Some money lenders even have the funds deposited into your account within the same day that you sign the loan agreement.
The interest rate on an emergency loan is often dependent on a variety of factors, such as your income, debt-to-income ratio, and credit score. For emergency loans, you should expect to pay around 5.99% to 39.99% in interest. Most of the time, the interest rate depends on your credit score. If you have a low credit score, you are likely to pay a higher interest rate. Moreover, if the money lender charges origination fees, you might be required to pay between 1% and 8% of the loan amount.
2. Payday loan
As its name implies, a payday loan is a short-term loan that you need to pay back within two weeks of getting the loan or by your next pay period. Most money lenders of payday loans do not check your credit score. As such, these are relatively easy loans to obtain – one of the many benefits that come with payday loans. However, sometimes, payday loans come with steep fees or interest rates.
As a matter of fact, the average interest rate on a two-week $300 payday loan can be over 650% for some money lenders. If you are not able to pay back the loan by the due date, you are likely to incur the ‘rollover fees’. Essentially, rolling over your payday loan means that you will pay fees for delaying the repayment of the loan. That being said, the interest rate on a payday loan is still typically dependent on various factors, including the money lender you are trying to borrow money from.
3. Bad credit or no–credit–check loan
A bad credit loan is another type of personal loan that is suitable for borrowers with minimal credit history or a poor credit score. While minimum credit score requirements differ from lender to lender, you will commonly need at least a 580 credit score to get approved for a loan. If your current credit score falls short of the minimum requirement, getting a bad credit loan is an option for you.
Aside from a bad credit loan, another possible alternative for you if you do not meet the money lender’s minimum credit score requirement is a no-credit-check loan. However, the disadvantage to a no-credit-check loan is the same as a payday loan – it usually comes with high fees and annual percentage rates (APRs). Some money lenders have high maximum rates of interest, as high as 35.99%, but of course, this depends on your chosen lender.
Conclusion
It is possible to get approved for a loan whenever you need instant cash, even if you do not have a steady source of income or the best credit score. There are some money lenders who specifically cater to borrowers who cannot get loan approval from a bank or elsewhere with bad-credit or no-credit-check loans, payday loans, and emergency loans. These types of loans are relatively easier to access. Hence, if you are faced with a sudden financial problem, these loans are what you should consider applying for.
For the most reliable and valuable instant cash loans, you can count on Orange Credit as the best licensed money lender in Singapore! We offer a variety of easy and flexible loans with a hassle-free loan approval process, such as personal loans and payday loans. If you are looking to streamline your debt repayment, we also provide the most trusted debt consolidation loans in Singapore. Feel free to get in touch with us today to learn more about our services.
