Struggling with payments, having late nights going over and over our budget, losing sleep over our lack of finances, and generally, living under constant stress. That is the reality for many people these days. And if you are reading this, this is probably a glimpse of your reality as well. In such situation, it is easy for a person to give up and lose hope. However, you should know that there are many others feeling just like you do and are looking for the same answer that you are looking for. The truth is that even those who have good jobs and who are working hard and earning good incomes are also experiencing financial difficulties. Often, it is not the regular monthly bills that take a person’s finances over the edge. Many people are also confronted by unexpected emergency expenses.
What is an unexpected emergency expense
An emergency expense can be anything from a sagging roof, a car problem, to a major health issue. Whatever the emergency expense is, most people are usually not well prepared for dealing with such expenses. Unless you have a safety fund that is big enough to enable you to pay for your emergency expense, you will most likely need some help. There are different ways to get financial help. The most common one is to take out a loan.
Different loan options for dealing with emergency situations
When you think about a personal loan, you normally think about your bank. However, taking out a standard personal loan from a conventional loan lender such as a bank, is quite difficult these days. On one hand, you need to go through a very slow application process, meaning that you will most likely have to wait for weeks or even months before you get hold of the money you need. On the other hand, in order to qualify for such loan, you would need to have a perfect credit score. The reality is that many borrowers do not have perfect or even good credit scores. Not having a stellar credit score, of course, does not mean that you are out of options. Nowadays, there are many different loan types available to borrowers to choose from, and so obtaining an unsecured personal loan, even with bad credit, is quite an achievable task.
What is an unsecured personal loan?
Unsecured personal loans are loans that you take out without using any property as a collateral. And because of that, unsecured personal loans have higher interest rates and fees compared to secured personal loans. This is because, when you are using your property as a collateral for your personal loan, whether you are applying for a car title loan and using your vehicle as a collateral, or applying for a mortgage loan, your property serves as some sort of guarantee for the loan provider. Even if you fail to repay the money you have taken out, the loan lender would still be able to get back that money by selling your property. So without that guarantee, unsecured personal loan lenders take a bigger risk when giving personal loans to their customers. Therefore, the terms of the loans that they offer are worse.
Applying for an online unsecured personal loan
If you are thinking of applying for an unsecured personal loan online, you should know that choosing this option can bring you different benefits. Unsecured online personal loans have the following advantages:
With online unsecured cash advances, you have the option to go through the whole process of applying for the loan and receiving your money, all without having to leave the comfort of your home. Applying online definitely has its benefits as it enables you to choose from numerous loan lenders without having to drive around town to visit different loan lenders physical stores. This is great because that way, you are able to compare the different terms that different loan lending companies offer, and easily pick the one that is best suited for your unique financial situation. Choosing the right loan provider is something very important and should not be overlooked.
Fast, secure and easy application process
The application process for an unsecured online personal loan is quick, safe and very simple. You can normally go through the whole unsecured personal loan application process within a couple of minutes. You will usually get a response on your unsecured personal cash advance application shortly after you have submitted it. By using online unsecured personal loans as your choice for financial assistance service, once you are approved for your loan, you will receive your money within a few days, usually by the end of the following business day of your application.
Unsecured online personal loans eligibility requirements
Unlike with traditional personal loans from standard loan lending institutions such as banks, when applying for an unsecured personal loan online, you will only need to meet some basic eligibility criteria.
- You need to be at least 18 years of age
- Have a steady source of monthly income
- Be a citizen of the United States or a permanent resident of your state
To complete your unsecured personal loan application, you will need to provide the following information:
- Your birth name, address and phone number
- You will need to provide your social security number
- You will also need to provide a valid form of ID
- Some online personal loan lenders may require you to provide details of your employment and income