Back in the old days, getting a loan was much simpler than it is today. You could head into a bank, talk to a loan officer, fill out one or two papers, and then your loan was approved basically on the spot. Nowadays, it seems to be much more involved than that. If you plan on getting a loan in a half an hour anymore, you are going to be sorely disappointed.
Ask Your Bank First
It is extremely difficult to get a loan from a bank that you have never done business with before. If you don’t have a checking account or savings account there, they are not going to be as likely to just hand you some money. This is why you should always ask your bank first for that loan you need. They will take a look at home much money you have in your accounts presently and the amount you have had in years past. They just might hook you up with a loan pretty quickly and not make you wait a couple of days while they decide. If they trust you as a valued customer, they will feel much better about your ability to repay the loan down the road.
If you just need an immediate loan to get you through the next week or two, you might want to consider a payday loan as your very last option. And if you don’t need the money right away, stay far away from payday loans altogether. Why should you avoid them? The interest rate is ridiculously high. You could be looking at having to pay back four times the amount you borrowed for a short-term loan. That means if you borrowed $1,000 and have to pay it back in a month, you will be paying $4,000 back. You would get better rates from a loan shark.
Consider Other Lenders
Even if you have bad credit, there could be other banks that just might loan you the money. Not all of them will turn their backs on you. Perhaps you think that you should not get a loan with poor credit because it could cause you further damage. You may be asking just why you need a loan with bad credit in the first place? These loans will help get your credit score headed into the right direction. A few loans paid off on time will right the ship. If you would like to find money elsewhere, you can always borrow from your retirement account, ask for a cash advance, or visit a credit union.