Despite your best efforts, you’re bound to run into financial trouble with limited options out of the sticky situation. Fortunately, many websites and apps offer you a way out only if you find the right partner.
If you’re in California, we will rescue you when things get tough, and your next paycheck is weeks away. California residents can apply for personal loans online to meet a pressing need.
Visit Money-Wise for more info about our online loans, which provide a suitable solution in different scenarios.
Types Of Online Loans We Offer
We get it; financial challenges come about when you don’t have an excellent credit score and your bank account is virtually empty. Your friends are going through the same hardships, and your payday is weeks away so you can’t depend on those. Also, since banks aren’t so forthcoming with individuals with a bad credit history and their loan application processes take too long, you’re left with limited options. Online personal loans are a lifesaver, offering financial support in those trying times. Here are our personal loans you can apply for online.
You can apply for our online payday loan and receive much-needed help before your next paycheck. As the name suggests, a payday loan is a personal loan you take against your regular income to handle whatever financial emergency you currently face. You’re expected to repay the loan by your next payday. Your paycheck serves as the loan’s guarantee.
Our installment loans online are similar to payday loans, except for the extended loan term. Instead of a one-off repayment, you’ll pay back the loan in installments. An installment loan is larger and ideal for handling a significantly bigger financial emergency. Expect to pay a higher interest rate overall, considering the splitting of the installment repayments.
Debt Consolidation Loans
This loan helps you consolidate debt, thus making it easier and more affordable to repay what you owe. Consolidating debt typically results in the lowest interest rate charge compared to servicing individual debts. While not a pressing emergency, it is nonetheless significant and vital for you to find ways to lower what you pay as interest for all loans you owe.
How Do I Choose An Online Loan?
Access to credit online is a significant asset, but you must know how to use it effectively and appropriately. When applying for personal online loans, you need to consider several vital factors:
Consider The Loan Amount
Determine how much you need to handle the financial challenge. As an online lender, we offer loans from $500, thus availing diverse options, which may tempt you to ask for more than you need. While you may qualify for that amount, limit yourself to borrowing only what you need to avoid further damaging your financial situation.
Consider The Loan Repayment Period
Payday loans have the shortest repayment period, somewhere between days and weeks. Installment loans could last several months. Hardly do our loans last for years. Therefore, determine how long you have to settle the loan repayments for your financial planning.
What Is The Loan’s Interest?
You need to be keen on how much you’ll pay as interest. The interest rate depends on the loan amount, credit score, and loan terms. As such, you’ll enjoy the lowest interest rate if you have an excellent credit score and opt for a short loan repayment period. A good yardstick is the average annual percentage rate, which indicates whether you’re receiving a fair charge.
Can My Income Sustain The Loan Repayment?
Once you know how much you need and the interest rate, you must determine whether your earnings will support the loan repayment. A one-time repayment may be too much to bear, which makes an installment loan perfect for you. While the reduced installments may mean you’ll end up paying more, the reduced monthly payments will be sustainable.
What Are The Online Personal Loan Fees?
Online loan lenders usually charge a sign-up or origination fee and an interest rate charge. Therefore, you need to factor in these charges in your budgeting for the loan regarding what you will receive and will eventually pay for it.
Check Your Credit Score
While your credit score won’t hinder your access to online loans, it will affect the interest rate charged. Therefore, determine your score and how that will affect what you eventually pay for the loan. Fortunately, a personal online loan is a great way to improve your credit score.
What Other Options Exist?
Before committing to the loan, find out what other options you have and how they compare to getting this loan. For example, does the lender accept collateral similar to title loans to help reduce the interest rate charge? Can your employer offer you a cash advance directly, thus saving you from paying an interest rate?
Do I Qualify For An Online Personal Loan?
Each of our online loans may have specific requirements, but they all more or less have the same basics:
- You need to be a US citizen or a lawful resident.
- You should have a regular source of income, along with the necessary proof.
- Contractual age: You need to be at least 18 years old.
- You need to have an active checking account.
- Your address should be in a region where accessing online personal loans is legal.
Should I Apply For An Online Personal Loan?
Online loans are ideal solutions in many bad financial situations, but how well do they serve your needs? Let us look at reasons why you need to turn to them when in need:
Fast and Seamless
Applying for an online loan is simple: going online and filling out the application form. The questions asked are usually simple, and the information gathered is readily available. The processing and approval happen the same day, sometimes within the hour. Therefore, you have the fastest solution out of a financial jam.
In most instances, you won’t need to provide collateral to access the loan. For example, payday loans only need proof of your income, employment, or business to ensure you have the means to repay the loan. This feature works out well for most people who don’t have collateral or are in desperate need that looking for one is impossible.
No Credit Checks
While you may be subjected to a soft credit check, you’ll be spared from the time-consuming comprehensive credit checks. Therefore, you’ll access the loan faster and qualify for one without the intense scrutiny.
No Explanation Of Loan Purpose
Online lenders don’t ask what you intend to do with the loan. Provided you qualify, you can access the funds and use them however you see fit. Such discretion helps you proceed with your development plans or handle your emergency without unwanted scrutiny.
Preserve Social Ties
You could borrow from friends and relatives, but that opens you up to their judgment or embarrassment when they deny your request. Additionally, failure or late repayment could jeopardize your social ties.
Get Your Online Loans Today!
Don’t let a challenging financial situation wear you down. Money-Wise is here for you, ready to help you with our range of personal loans online.
Our excellent customer experience team will help you pick the right loan for your specific needs and guide you through the process. You’re not alone in your time of need.