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So something has come up and you need cash fairly fast. What are your options?

A Few Obvious Answers

  • Pawn shops.
  • Title loans.
  • Payday loans.

You probably have some familiarity with the basics of each of these, but let’s go over them just to be sure it’s clear in your mind.

Pawn Shops

If you have something small and valuable that you can afford to lose if you can’t repay the loan, you can take it to a pawnshop to get quick cash. They will give you a tiny fraction of what it is really worth and hold it. If you don’t come back in time with the money, they will sell it.

Frankly, if you own gold jewelry or the like, it probably makes more sense to simply sell it outright. It will most likely get you more money for less hassle.

If you have something small and valuable that you want to keep, then you should probably just keep it and not risk losing it. Instead, look for a loan option that doesn’t require collateral.

Title Loans

A title loan uses your car as collateral. You may even be able to keep driving the car while paying on the loan. However, the car may be repossessed if you miss a payment.

There’s another catch: You first have to own a car-free and clear. You can’t get a title loan while making car payments.

If you are making car payments, the car is already collateral for the car loan. It cannot be used as collateral for a personal loan at the same time.

The reason is that collateral means the car can be taken from you to help cover the loan obligation. It’s a promise of security for the lender.

You can’t promise it to two lenders. You can only promise one lender at a time that if you fail to pay, they can come get the car and sell it to help cover the loan.

Most people will not have a free-and-clear title to put up for collateral. Whether it is a good idea or bad idea is a moot point if it isn’t an option at all.

Quick Payday Loans

Payday loans often involve getting a fairly small sum of cash the same day. Many payday loans are for an amount between $100 and $500, though they can be higher than that.

Generally speaking, they do not require collateral, nor will the lender make a hard credit check. They also take a minimum of paperwork.

The interest is usually charged as a flat fee and the principal plus interest needs to all be paid back as a lump sum in short order. Most are for anywhere from a few days to one month, depending upon when you get paid again.

You can use a variety of income sources to qualify, such as earnings from a job, freelance work or alimony. You just need to provide proof of income sufficient to cover the loan repayment.

fast loans

Medium-Sized Personal Loans

This is another option for quick cash. Like a payday loan, it typically does not require collateral, the paperwork is relatively minimal and you may be able to get the funds within 24 hours.

Unlike a payday loan, it will typically be paid in installments over a period of one to five years. So you will have a monthly payment plan.

You are usually borrowing a larger amount than you would for a payday loan. The interest rate is generally quite a bit lower, in part because payday loans typically have extremely high-interest rates.

If you need a few thousand dollars to move, cover some medical bills or help you make a career change, a medium-sized personal loan may be the best product for your needs. This is especially true if you don’t have the best credit score and using a credit card is either not an option or doesn’t make sense for you at this time.

Some other reasons people take out personal loans:

  • Wedding expenses.
  • Honeymoon expenses.
  • Travel.
  • Loan consolidation.
  • Redecorating.

Wedding loans

In part because of the high divorce rate these days, some people think a big wedding is a waste of money. But studies show that there is some correlation between having a big wedding surrounded by friends and family and having a healthy, happy, long marriage.

Given the high cost of divorce, starting the marriage off on the right foot, even if money is tight currently, may be an excellent long-term investment. Do keep in mind that a big wedding doesn’t have to be crazy expensive. You can invest in celebrating the start of married life without going overboard.

Honeymoon loans

But maybe you are the type to quietly elope and then spend some quality time together. Maybe you need less than $500 to tie the knot, but you would like to do some serious bonding away from friends and family on a honeymoon.

Even if you aren’t terribly sentimental, from a pure number-crunching perspective, that’s really not a bad idea. A strong marriage is absolutely one of the best things for your bottom line.

A honeymoon often involves travel. There can be other kinds of travel that make sense as a good investment in a better future.

Travel loans

Maybe you are considering moving someplace new. Perhaps you have done a bunch of research online and have narrowed it down to two or three places.

Do you really want to commit to a move without going there in person first? Especially if you expect this to be a long-term commitment, a short trip to do some reconnaissance might be just the ticket.

Or maybe you are considering starting a business of some sort. Sometimes you need to go check out potential business connections or other details in person.

Loan Consolidation

There is an absolutely true saying that “You can’t borrow your way out of debt.” But that doesn’t mean debt consolidation isn’t a great idea.

If you can streamline your payment process by getting it down to one payment per month while at the same time reducing the amount of interest you are paying, this can dramatically improve your cash flow situation. You still have to pay it off with hard-earned cash, but it can make it that much easier to actually get it paid off so your debts aren’t a revolving door.

Redecorating loans

If you own a house and want to add a room or re-do the kitchen or bathroom, you will probably take out some kind of lien on your house. This isn’t the kind of redecorating we are talking about.

We are talking about maybe refurnishing an entire room in a rental. No, this is not just for homeowners with access to second mortgages.

Maybe your kid just moved out on their own. You rent, but you don’t plan to move. Suddenly, you have an empty bedroom.

Perhaps you want to turn it into a home office so you can start making money from home in your spare time. Or maybe you want to turn it into a proper guest bedroom so that your mother doesn’t have to sleep on the couch anymore when she comes to visit.

Or maybe you want to set it up as your personal home gym. This might even allow you to drop a gym membership, freeing up funds to cover the expense.

Redecorating may allow you to stay put and not incur moving expenses. It may allow you to either save money or make money and may be a sensible financial decision.

Quick Advance

Why would you need quick cash for any of those things? Shouldn’t there be some planning involved?

Well, sometimes life happens fast.

Maybe you have been in a relationship for a while, but the love of your life suddenly has a job offer in another town. Plans to get married may get moved up to accommodate life happening.

If you want to have a wedding and invite all your friends and family, it may need to happen fast to make any sense. You may need to fit it in a short window of time before going elsewhere.

Maybe you didn’t expect the kid to move out. Maybe they joined the military without telling you ahead of time because they didn’t want you to stress about them putting their life on the line.

Suddenly, they are gone and you have an empty room. It may just remind you of the hole in your heart to leave the room empty.

It also may deprive you of opportunities, such as the ability to start developing a home-based business. It’s generally better to jump in with both feet than to leave a space languishing and racking up opportunity costs for what might have been, if only you had acted faster.

Good Financial Decisions

For many people, the idea of borrowing money for any reason is painful. It makes them feel like a failure. They may feel it costs too much. They may even feel it is downright immoral.

Sometimes, borrowing is the best financial decision available. There are some basic rules for deciding when borrowing makes sense.

  • Opportunity cost.
  • Saving money.
  • Investing in the future.

Opportunity Cost

A very simple example is that you have the chance to buy something at a bargain price, but you don’t have the cash. It may not simply be a case of saving money by getting it at a great price.

It may be a unique opportunity to do something, one you are unlikely to see again. Maybe it is a one-of-a-kind item at an estate sale, or maybe it has sentimental value because it belonged to your grandmother.

Some things are irreplaceable. Some chances only come once. Sometimes, you need to grab it while you can or regret it forevermore.

Saving Money

If you can buy a big ticket item at a steep discount, the amount you are saving on the item may be more than the amount the interest on the loan will cost. If you know you want or need the item anyway, this can be a slam dunk decision to go ahead and borrow the money to take advantage of the savings.

Alternately, fixing a problem now may save more money than the interest on the loan will cost you. Sometimes, waiting until you have more money just grows the problem. Thus, the longer you wait, the more it costs you.

In such a situation, it may make more sense to just bite the bullet and take out a loan. It may be far cheaper and far better than letting it burn, so to speak.

Investing In The Future

Starting a business, going back to school or purchasing real estate are some common examples of investing in a better future. These are all situations where it is routine to borrow money to cover at least some of the expenses involved.

Obviously, this is a bit of a gamble. It may not pay off. So this may be a more complicated decision than the other two scenarios.

But there are times when it clearly makes sense. You shouldn’t let personal baggage prevent you from doing the right thing to create a brighter tomorrow.

Get Started

If you need a quick loan, it only takes a few minutes to start the application process. The paperwork is minimal and you may be able to get the funds you need the same day or within 24 hours.

You should have a recent bank statement handy, plus a valid photo ID. You also will need your bank codes, such as account number and routing number, so the money can be direct deposited.

What are you waiting for? Get started on your application now by clicking the “GET STARTED” button.