Sometimes, you need money now. If you’re facing unexpected expenses, a personal loan may be the ideal solution when you’re looking for instant cash. Typically, applying for a traditional loan requires having specific qualifications and going through a strict set of procedures. With a personal loan, you may not have to worry so much! We’ve put together a quick guide detailing everything you should know about applying for personal loans through our Arizona and Nevada locations.

Personal loans 101

A personal loan, also known as an unsecured debt, is a general-purpose loan that, unlike home and car loans, requires no collateral. Think of it this way: your credit is a gauge in the personal loan application process, but it’s more critical when you’re applying for a home or car loan. Personal loans also differ from credit card loans, as they have a fixed repayment term—and often have lower interest rates, too. However, personal loans shouldn’t be confused with cash advances. Essentially, when you take out a personal loan, you’ll make set payments over a pre-determined amount of time to ensure that you completely repay your debt. In most cases, you’ll have two to five years to make your scheduled payments.

There are a multitude of ways to make repayments. Depending on the lender you choose, you can pay online, by phone, or by mailing in a check. You may also be able to set up automatic payments.

To receive your funds, a lender or bank will usually send the money to your checking account via direct deposit. They may also send you a check or prepaid debit card, so to avoid any confusion, ask how you’ll receive your funds if you’re approved.

The versatility of personal loans

You can use personal loans for, well, pretty much anything. For example, if you need to finance a big purchase or pay for a large event, such as a wedding, you’re a good candidate for a personal loan. You may even want to apply for a personal loan to move across the country, start your own business, remodel your home, or consolidate your debts into a single loan. When it comes to a personal loan, especially when it’s managed well, the world is your oyster.

As long as you’re borrowing funds legally and responsibly, you can do whatever you want with the money. To avoid stretching yourself too thin, just be sure you know approximately how much you want to borrow before applying for your personal loan. One issue you may run into is asking for a loan that’s too small. This may lead you to continually reapply for more funds; some companies will allow you to borrow again without having to apply again, but some may not. You may also ask for a loan that’s too large, which can end up costing you a ton in interest.

The approval process is quicker and easier than you think

Often, the personal loan approval process is straightforward. It’s so effortless that you can shop around and compare lenders without much hassle. Companies understand that you want to shop carefully—just be sure to choose a reputable lender and fully review the payment options available to you before signing any paperwork.

The benefit of working with CASH 1 is that there’s no middleman; when you work with a direct short-term loan lender, you can expect an immediate response. Simply fill out an application, and we’ll provide you with an estimated loan approval amount and interest rate.

But what if I have bad credit?

That’s okay! Bad credit shouldn’t discourage you from applying. A higher credit score can help you receive a lower interest rate, but most lenders will accept credit scores as low as 640.

If you have a low credit score, CASH 1 can still give you a short-term cash loan.

Despite your bad credit, if you’re interested in filling out a personal loan application, you need to:

• Be at least 18 years old
• Not be on active duty in the military
• Maintain a checking account
• Show proof of income
• Provide a government-issued ID, as well as two personal references

Bad credit shouldn’t stop you from receiving the cash you need to cover big-ticket expenses or emergency costs. You deserve more!

More quick tips

Of course, like any form of credit, you’ll need to investigate and do your research beforehand. Remember, a loan isn’t “free money”; you still need to pay it back, and paying off any type of loan is a serious responsibility that shouldn’t be taken lightly. For a loan to benefit you, you need to put in the work, tackling your monthly payments on time. Late or missed payments can put your credit score at risk and cause serious problems, so weigh the advantages and disadvantages of a personal loan for your unique financial situation before you decide. 

In addition to setting aside time for a little “homework,” be sure to review your credit score. Whether you have good or bad credit, lenders will still need to examine credit reports and scores. Thus, it’s always a good idea to familiarize yourself with where your credit stands, so you can take any necessary steps to improve it. Checking your score will never lower it, so don’t be afraid to check back regularly.

We hope you found our guide to personal loans helpful. Everyone needs fast access to cash at one point or another, and for some that means seeking help from a lender. If you decide that a personal loan would be a responsible choice for you, consider working with CASH 1.

CASH 1 makes the lending process easy and convenient. If you’re searching for the proper loans for your situation, our knowledgeable Loan Officers can point you in the right direction. We give you more cash and more time to repay, which is why we’re the chosen source for personal loans in Arizona and Nevada. Apply today — call 888-858-9333 to get started. You can also apply online or visit your nearest location.