Instant loans are hard to come by if you only rely on banks. There’s a lot of paperwork to fill up and there’s no guarantee you’ll be getting the money. However, if you only need some cash to tide you over until your next payday, then consider these loan apps. These apps are often covered by angel investors and it’s like a crowdsource type where multiple people pool money to loan to you. Here are some of the best apps out there for quick loans.
Best Instant Cash Loan Apps to Choose for 2019
Borrow up to $2,500 online with PockBox. You can create an online loan request and the app will connect you to online and offline lenders for the best deal. What’s great with the app is that you can still get a loan even if your credit score is not that good. There are great reviews with the app with many users getting the amount they loaned in just a day.
If you have a credit score of at least 600, then Avant can connect you to people that will loan you up to $35,000 at an affordable interest rate. Unlike other cash loan apps out there, Avant is the lender. Though approval might take a couple of days, you’re still going to get a great deal.
Great for larger loans, Prosper allows people with better credit scores to loan up to $35,000 with terms as long as 5 years at 5.99% APR. Money is pooled from investors such as yourself so there are funds always to fund loans. The credit score might prevent a lot of people from loaning but if you’re an investor then you know the credit score requirement will be for your safety.
One of the best loan apps for larger amounts, SoFi can give you loans up to $100,000. However, you might need a very good credit score to qualify for said amounts. Don’t worry though, you can still get other loan amounts at varying APR to as low as 5%. There’s a good community at SoFi with events and privileges so you can be guided with your loan.
Unlike the previous apps, LendUp is more of a payday loan app. Unlike a personal loan app, payday loans have larger APRs. Only use this loan service if you have to quickly pay off something to avoid closures, penalties or more. The amount that LendUp can offer you is up to $1,000 only though they’re more lenient when it comes to credit scores.
Managing Loans and Avoiding Debt Trap
The most important thing you have to consider is that you’re not getting a windfall with any loans. These are amounts you’ve borrowed against your earning potential. If you’re trying to fix your credit history to qualify for a home mortgage loan, then avoid any of the apps mentioned. However, if you really need the money then get the smallest loan possible and pay it off immediately.
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