Best Personal Loans - What is the Best Loan For Your Situation?
By Gressly Stevens
There are many different types of personal loans that could be considered the best personal loans and it all depends on your specific situation. If you need some fast cash and you can pay the loan off quickly, then your situation is different than someone that can wait a few days for the money and needs longer to pay it back. Also, if you have good credit, then your best loan will be different than someone with bad credit. Here are some options to consider.
1. For the person that needs between $100 and $1,500 in a hurry
If you need money and you need it fast for a car repair, medical emergency, or just to get by, then the best personal loan for you is probably a payday cash advance. This will be a short term loan with not credit check that will give you cash within an hour or two. It will have to be paid back within 30 days or if you extend it within 60 days. It is primarily for emergency cash flow and not meant for purchases or anything that is considered not a need.
2. For the person looking to make a purchase
If you are looking for the best personal loans for a purchase, then the only thing that will change your decision is going to be your credit. If you have good to great credit, then it is as simple as going to your bank to get your loan. If you have bad or poor credit, then you can either go with the option of using a person to person network for your loan or you can go to a non conforming lender that does bad credit loans for you. If you have good credit you can expect a good rate and bad credit people better expect the rate to be high.
3. For the person that needs more than $1,500 and fast
There are only two ways to get more than $1,500 and do it within the same day or within a few hours. First, you will have to have great credit to go to your bank and get a loan of this amount the same day, but it can be done if you have a good reason. Second, if you have bad credit you are going to have to take out multiple payday loans or put up some collateral at a pawn shop.
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