Top 5 Loans You Can Get In Less Than 5 Minutes

Everyone intends to maintain financial stability when they become independent. No one plans to go into debt, get bad credit, or have to delay important payments due to low funds. Unfortunately, life happens regardless of your financial reality, and expenses often come up when you can least afford them. You might be faced with an emergency when you’ve just put a deposit on a new house. Or you could find yourself requiring expensive surgery while you’re starting a new job, putting your career at risk before you've had time to save money.

What do you do when you’re faced with an urgent financial situation? Many Americans turn to loans, both short-term and long-term. The problem is that predatory companies take advantage of people in their times of need, and you can end up paying more in interest than what you originally borrowed.

You need to be prepared to get an instant loan that won’t leave you in an endless debt cycle, so that an emergency does not bankrupt you.

These are the top 5 loans you can get in less than 5 minutes.

1. Medical loans

One of the most common types of emergencies that get people into debt is the medical variety. We cannot determine in advance when we will get sick or injured, and even the best insurance plan doesn’t cover everything. However, you cannot delay urgent health care without risking dangerous consequences, even if you’re not in a position to afford it.

Medical loans provide you with a good way to pay for your health care, no matter how financially solvent you currently are. Technically, medical loans are personal installment loans. You can take out these loans for any reason, and as long as your credit score isn’t too weak, you’ll get a relatively low interest rate. A medical loan is not a fast-track to debt. It provides an alternative when you most need it.

You can get medical loans online from reputable loan companies with just a quick online application.

2. Peer-to-peer lending

An increasingly popular form of loan is the peer-to-peer loan. Peer-to-peer loans popped up over the past decade-and-a-half, made possible by the online community. Peer-to-peer lending gives individuals an easy way to make money from lending their spare cash while providing borrowers with a low-interest means of borrowing from a person rather than a corporation.

Peer-to-peer loans can be found online and you can apply with ease. You'll get the money you need in no time at all, and you won’t have to worry about being overrun with interest.

3. Credit card

While you may not consider a credit card a type of loan, it’s essentially the same thing in certain cases. Money is being made available to you to use however you want. You do, however, have more freedom, in that you don’t need to pay it off with the same big installments and can, on the contrary, borrow from what you've already paid back.

The best thing about going with a credit card is that you may already be preapproved for one by your bank. If so, they may make it possible to apply from their online platform, giving you access to the money immediately. You'll have to wait for the card to make payments in person, but you should be able to pay via EFT in the meantime.

The downsides are the typical credit card problems – high-interest rates and the ease with which you can fall into a debt cycle, and especially if you already have other credit cards with outstanding balances.

4. Credit union loans

Credit unions are nonprofit lenders who take into account your financial circumstances while providing the best possible rates. They offer short-term loans and payday alternatives. There are qualifying factors, and you will need to live, work, or study in a particular area, or be associated with a particular group.

5. Short-term loans

Short-term loans are when you need to start paying very careful attention. Short-term loans are made specifically for those who need money right now or who can use a small cash advance. The lender knows that you’re in an urgent situation and will take advantage of that. You’ll find that they ask for high-interest rates, which are particularly extreme for those with bad credit.

There are good short-term loan options but you should look at other types of loans before settling on one.

Emergencies don’t strike at convenient times. Be prepared with the necessary information so that you don’t find yourself stuck in debt.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.