How long does it take to get money from a NetCredit personal loan?

Personal loans let you borrow a sum of money from a lender and then pay it back in monthly installments over a set term – usually anywhere from 12 to 84 months. Those monthly payments include equal portions of the original loan amount, plus interest and fees. Personal loans can be used for debt consolidation, home improvements, vacations, big purchases and more. Understanding how things will go, from the time you apply to when you submit your final payment, is the key to making personal loans work for you.… read full answer

How Personal Loans Work

• Lenders Review Applications.

  You will need to provide personal information (such as your address and SSN), financial information (such as your income and employment status) and more. The lender will evaluate and hopefully approve you.

• Applicants Receive Funds After Approval.

  The issuer of the loan will deposit the money into your bank account as a lump sum. You can do whatever you wish with the money, unless the terms of the loan say otherwise.

• Interest Charges Accrue.

  From the day you take out the loan, the amount will begin accruing interest at a rate set by the issuer. So no matter how long it takes you to pay the loan back, you’ll always owe more than you originally took out.

• Borrowers Make Monthly Payments.

  The lender will give you a required amount to pay each month. You can pay more if you’d like, but make sure that there’s no penalty for paying the loan off earlier than the terms of the contract stipulate. Some lenders may charge a fee.

• Loan Payments Build Credit.

  The lender will report to the credit bureaus whether you’ve paid on time each month. Once you’ve paid off the entire balance, including interest and fees, the lender will report your loan as paid in full. Abiding by the terms of your loan can help increase your credit score.

Personal loans are pretty simple. You just have to make sure to submit your payments every month, and setting up automatic monthly payments from a bank account can go a long way in that regard. The most complicated part of the process is probably selecting the correct loan, but WalletHub’s comparison tool makes that easy.

To get a loan quickly, apply online with a personal loan provider that is known for fast approval and funding times, such as LightStream. Applying online will ensure the fastest possible application processing time, assuming that all information on the application is accurate and entered correctly. You could get your loan funded within 2-3 business days, if not the same day.… read full answer

Secured personal loans also tend to provide quick decisions, as the collateral they require greatly reduces the lender’s risk. Even people with bad credit can get approved relatively easily. Other ways to get a quick loan include borrowing from a family member or friend, using a credit card or tapping into home equity. There are also some non-ideal options, such as payday lenders, auto title lenders and pawnshops.

How to get a quick loan in 2023

1. Apply for one of the quickest personal loans.

   The quickest personal loan provider, LightStream, can fund and approve loans as soon as the same day you apply. Many other lenders offer funding within 2 - 3 business days. For the fastest timeline, pre-qualify first, apply online, and fill out the application accurately.

2. Apply for a secured personal loan.

   Secured personal loans require collateral for approval. This ensures that the lender can still recoup its money even if the borrower is unable to repay what they owe. This makes the approval decision easier for the lender.

3. Borrow from family/friends.

   If you ask a family member or friend to borrow money, it’s possible you could get it pretty much instantly, since they won’t be performing a credit check or making you fill out an application. You should still take time to write down and sign a loan agreement, though.

4. Use a credit card.

   If you have a credit card, you may be able to charge your expenses if they add up to less than the card’s credit limit. But credit card APRs are expensive, around 19% on average for new offers and around 15% for all existing accounts.

   You could also withdraw cash against the card’s credit limit at an ATM, as long as you have a PIN. However, cash advances come with high fees and start accruing interest immediately, so they’re not ideal.

5. Use a HELOC.

   It takes weeks to get approved for a home equity line of credit, so normally they’re not a quick way to get money. However, if you already have one open, you can use it to get a quick loan any time during its draw period. Keep in mind that a HELOC is secured by your house, so if you can’t pay, the lender can foreclose.

Things to Avoid When Trying to Get a Loan Quickly

There are a few things you should definitely avoid when trying to get a loan quickly. Don’t go to payday lenders, which lend a small amount of money until your next paycheck comes in. They charge sky-high fees (often a 400%+ APR). Auto title lenders are bad, too, as they charge high fees (up to a quarter of what you borrow) and use your car as collateral. Similarly, avoid pawnshops, as they charge up to 25% interest per month and can keep your items if you’re unable to buy the loan back.

Plenty of lenders offer quick personal loans, including Avant, LightStream by SunTrust Bank, and Marcus by Goldman Sachs. They often give application decisions within minutes and provide funding within 1-2 business days of approval. In rare cases, like with LightStream, you may be able to get your loan funded the same day you apply. But you’ll need to have everything in place by a certain time of day.… read full answer

Examples of quick personal loans:

• LightStream by SunTrust Bank: Can approve loans in minutes and usually takes no longer than 24 hours. Same-day funding if you sign and verify the agreement by 2:30 p.m. EST on a business day.
• Avant: Approval is possible in minutes, and decisions are typically made within 48 hours. Funding 1 business day after approval.
• Marcus by Goldman Sachs: Approval is possible in minutes, and most other decisions are made within 2 business days. Funding 1 - 4 business days after approval.
• Wells Fargo: Approval is possible in minutes, and decisions usually don’t take longer than 3 business days. Funding 1 business day after approval.

Those are just a few examples. But even though many lenders offer the potential for quick personal loans, some people will still get approved more quickly than others.

People who exceed the credit and income requirements for a personal loan usually have the fastest approval times. Those who just barely qualify may take longer to receive a decision. And if you accidentally input any incorrect information on your application, the lender will have to contact you to verify the actual details, which could delay things by a few days.

So try to apply for loans where you believe you exceed the qualifications – if you’re pre-qualified, even better. And make sure to fill out the application accurately and truthfully.