Need a lot of cash now but you can’t wait to apply for government benefits? You can apply for a personal loan. Banks and other lenders like credit unions give personal loans to people who need cash fast. You can use personal loan cash on whatever you want, like your house, your car or clothes.
The difference between loans and government benefits is that you have to pay back loans.
Personal loans work like credit cards do. But personal loans are better in 3 ways:
- Interest rates are lower for personal loans, so you pay back less than with credit cards.
- More money can be borrowed with a loan than with a credit card.
- Personal loans usually don’t have to be paid back in full until two to five years later.
Need cash but have bad credit? There are lenders who will give you a personal loan even if you have a low credit score. Just keep in mind that you might have to pay more in interest.
