If you find that a same-day loan wouldn’t work for you, take a look at these other options available to you. You may not get your loan as immediately, but the rates and terms may be a better fit overall. A personal loan can be found online or at a traditional bank, and can be used for almost anything the borrower needs it for. Most personal loans are unsecured and don’t require collateral, so your approval will depend largely on your credit score. Personal Loan
Getting a personal loan involves a relatively straightforward application process, which includes prequalification along with a soft and hard credit check. The approval and disbursal process typically takes 1 – 7 business days, and your funds should deposit right into your bank account.
Some personal loan providers, like Rocket Loans℠, can even offer same-day funding in certain cases, so you may be able to get your funds on the same day after all.*
0% APR Credit Card
Some credit card companies offer a 0% APR introductory period when you sign up for a new card. You can use your new card as a loan and then make interest-free payments toward the balance for about 12 – 18 months. If you can pay off the full balance in that time, you can save yourself in interest payments. Otherwise, you’ll be hit with high interest charges as soon as the period ends.
Home Equity Loan Or HELOC
A home equity loan, like a personal loan, gives you a lump sum of cash that you can use for large purchases or other expenses. The biggest difference is that you’re borrowing against your home’s equity, and in doing so using your home as collateral for the loan. If you can’t keep up with your monthly payments or default, your lender can take your home through the foreclosure process.
Similarly, a home equity line of credit (HELOC) borrows against your home’s equity in the form of a credit line you can borrow from and repay over time. This type of loan also uses your home as collateral, and carries the same risk of losing your home if you can’t make your payments.
Borrow From Others
If you have friends or family who can spare the expense, consider asking them for a loan. You can set up your own rates and terms, and draw up a contract if necessary. This way you can avoid a complex approval process, and possibly work with lower rates and APR than with a traditional lender. However, if you find you can’t repay your friend or family member, you can risk straining that personal relationship.
