Published in: Personal Loans | Aug. 28, 2019
How to Get a Quick and Easy Loan Online
By: Christy Bieber
What should you do if you need to borrow money fast? Find out how you can quickly get a loan online.
Sometimes you need to borrow money quickly. In these situations, you likely don’t want to deal with a lot of hassle, especially as you may be coping with an emergency situation or surprise unexpected expense that you need to pay right away.
The good news is, it’s simpler than ever to get a quick, easy loan online. You just need to follow a few key steps, including:
- Research online lenders. Some online lenders provide loan funding in as little as 24 to 48 hours after you apply for a loan, while others take much longer. If fast funding is what you’re looking for, look for a lender offering quick loans.
- Get your documents together. In most cases, you can submit an application for a loan with very little financial paperwork, but you should get a few key documents together, including pay stubs, tax returns, and a recent bank statement in case you need them.
- Compare rates and fees. Unfortunately, some online lenders offering quick loans charge high origination fees or high interest rates. Compare total loan costs carefully to find a loan that’s affordable.
- Apply for a loan. You can submit an application online within minutes with most lenders.
- Provide bank details for the funds transfer. Having money you borrow directly deposited is typically the quickest way to get your hands on the cash, so make sure you provide the details necessary to complete the transaction.
Let’s take a look at each of these steps in more detail so you can learn more about how to get a quick and easy loan online.
Which online lenders provide quick loans?
Many different online lenders provide loans very quickly. You can check out our selection of the best personal loan lenders to find lenders that offer fast funding. You can also use online tools that allow you to apply with multiple lenders to see which ones fund their loans the fastest, or you can visit lender websites directly to find out how long it takes to fund loans.
Most lenders that provide same-day or next-day funding advertise this on their websites because they know it is a popular feature. Be careful of just putting "quick loans" into a search engine, though, as you may be routed to unscrupulous lenders that target people desperate for fast cash. You’ll always want to check the lender’s Better Business Bureau rating or other customer reviews to ensure you’re dealing with a reputable lender.
What do you need to apply for an easy online loan?
Most lenders have streamlined the loan application process and allow you to complete it entirely online.
You’ll usually need to provide your contact details, your Social Security number, and some information about your income. Depending how much you’re borrowing and what your credit score is, providing this information may be sufficient to get approved for a loan.
However, some lenders will ask for documentation such as bank statements, pay stubs, or tax returns to verify income. Get this paperwork together in case you need it so there are no delays in submitting and processing your application. You can usually download bank statements from your online account and can obtain past tax returns from your electronic tax filing software or your tax preparer if you don’t have electronic copies saved on your computer.
If you have this paperwork ready to go, you can promptly submit it if a lender requests it, giving the lender the necessary tools to approve your loan quickly.
What interest rate and fee will you pay for a quick and easy online loan?
Unfortunately, it is not uncommon for lenders offering quick and easy loans to charge exorbitant interest rates, high loan origination fees, application fees, or other large fees. Lenders often feel they can do this because they know people who need to borrow money fast can be desperate to get their hands on cash right away.
Not all online lenders offering fast access to funds do this, though. You’ll want to look carefully at rates the lenders advertise on their websites to see how they compare to good personal loan rates. While you may pay a slightly higher interest rate for a loan offering same day or next day funding, there is no reason to pay a rate upwards of 20% if you have good credit and are applying for a fast loan.
How to apply for a quick and easy loan online
When you’ve found a reputable lender with a good reputation offering a reasonable rate, you can submit your loan application.
Many lenders let you first get pre-approved for a loan with a soft credit check so no hard inquiry goes on your credit report. You can get pre-approvals from several lenders during the loan comparison process -- but should ideally narrow your lender list down to the one you submit an actual application with. This lender will do a full credit check and a hard inquiry will be listed on your credit report. You don’t want too many hard inquiries because this would lower your credit score.
The application process can typically be completed entirely online, sometimes within a few minutes when lenders promise fast funding. If you’re asked to submit documentation to provide proof of employment or income, you can also usually upload these documents and send them to the lender for review.
How can you get money from an online loan?
The final stage in the process is actually receiving your funds when your loan has been approved. You’ll need to sign the loan documents before funds can be released, and can often do this electronically.
Once you’ve signed your documents, your lender will release your loan funds. While you may be able to get the borrowed money via check, it is usually faster to provide your bank details so the money can be sent to you electronically. Once the money is in your account, you can use it for anything you’d like.
Now you know how to get a quick and easy loan online
The steps to getting a quick and easy online loan are pretty straightforward. Once you’ve found the right lender offering a loan at an affordable rate, just submit your application, provide requested documentation, sign your loan documents after approval, and provide your bank information for funding. With the right lender, you’ll have your money ASAP and can use it for pressing financial expenses.
Our Picks of the Best Personal Loans for 2019
We've vetted the market to bring you our shortlist of the best personal loan providers. Whether you're looking to pay off debt faster by slashing your interest rate or needing some extra money to tackle a big purchase, these best-in-class picks can help you reach your financial goals. Click here to get the full rundown on our top picks.