How to Get Instant Unsecured Personal Loans

It's human nature to want instant gratification in everything we do - and our financial situation is no exception. Whether it's earning money, spending money, or even borrowing money we want it right now. That's why instant unsecured personal loans are starting to become more popular.

It's probably worthwhile to clarify what I mean by personal loans in the first place - there was a time that I wondered if personal loans meant the lending of money by one individual to another (like a family member or a friend), but that's not really it at all. A personal loan is usually defined as a short-term cash loan meant to help people get though the week to their next paycheck. Many people just call them payday loans.

Unsecured personal loans refer to loans where the bank or lender isn't requiring any type of collateral to secure the debt. This is a riskier situation for the lender, which means they need to cover their assets in other ways - like with high interest rates and up front fees.

It's also possible to get an instant unsecured personal loan, but it won't come cheap. Often times the lending institution will mandate that you pay 8% to 12% of the loan amount as an up front fee, and on top of that you're probably going to be paying 20% to 25% interest on the loans. That's why you should think long and hard before going into this type of debt.

The amounts of these loans can vary - sometimes you will only be able to borrow a couple of hundred dollars and other times the lender may be willing to give up to $1500. As with any type of personal financing, you'd be wise to borrow no more than you absolutely need to float to your next pay day.

Of course, we wouldn't want to end this article without addressing the fact that you needed an instant unsecured personal loan in the first place. More likely than not you're in this bind because you haven't been a diligent budgeter or saver in the past. Decide today that you're going to set aside at least $50 from every paycheck in an emergency fund so you don't have to borrow these high interest loans in the future.

About the Author
Rick knows that people with damaged credit still might need some quick cash, and he's an expert on unsecured personal loans for bad credit. He can show you how to qualify fast for instant online personal loan approval to get the money you need.