How long does it take to get money from a Happy Money 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.

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:

• Lightsteam 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.

A quick loan is a loan that offers both approval and funding within a few days of application, as fast as the same day in some cases. In contrast, many personal loans take 7 business days or more to get approved and funded.

Much like all loans aren’t quick, not all quick loans are the same. There are several main types – personal loans, payday loans, auto title loans and pawn shop loans. But personal loans are the only quick loans that are really worth considering because the other types are too expensive.… read full answer

TYPES OF QUICK LOANS:

Personal Loans: It’s possible to get some personal loans as soon as the same day you apply, but usually it takes up to a week. A personal loan is an unsecured loan (meaning there’s no collateral) that you can use for anything. They usually last for 12 to 84 months, offer amounts of $1,000 to $100,000, and have APRs of 6% to 36%. Major personal loans set their credit score minimums at 585 or higher, and you’ll need a score of 660+ to avoid an origination fee.

Payday Loans: You can get a payday loan the same day you apply. A payday loan offers a small amount (usually less than $1,000), which you pay back from your next paycheck in 2 - 4 weeks. You’ll also owe a fee that is equal to having a very expensive APR, often over 400%. Payday loans may not require a credit check.

Auto Title Loans: You can get an auto title loan the same day you apply. Auto title loans are secured by your car, so if you can’t pay them back, the lender will take ownership of your vehicle. They let you borrow 25% to 50% of your car’s worth for 15 to 30 days, in return for finance charges totaling up to a quarter of what you borrow. Auto title loans may not require a credit check.

Pawn Shop Loans: Pawn shops don’t require you to apply and will give you money for your valuable items the same day. You won’t get the item’s full worth, only 20% to 60%. But if you pay that amount back within a certain number of months, along with 2% to 25% interest per month, you’ll get your item back. If not, the shop will sell it.

FINAL THOUGHTS

Another way people get quick loans is by borrowing from friends and family. To get a loan from an individual, you will have to agree upon the terms of lending, such as the APR and payoff timeline. You might be able to get money faster than by submitting an application with a traditional lender. But you should still take time to draw up an agreement and sign it.

Moving forward, you should also start building an emergency fund by setting aside some money each month. That way, you can give yourself a quick loan the next time unforeseen expenses come up.