Unforeseen financial needs can arise any time in one’s life. This could be due to urgent home repairs, unexpected hospital bills, or various personal reasons. In such cases, loans are useful financial tools to help individuals fulfill these sudden and significant expenses. While most types of loans involve a lengthy approval process, some options are available that offer immediate loans with quick approval for those who require instant financial help.

Quick loans
This type of loan is one of the most convenient options for those who need immediate access to funds . Quick loans are designed to meet the urgent financial needs of individuals, which is why they have fast processing times and minimal eligibility requirements. In fact, most lenders even offer same-day approvals and disbursals for quick loans. Along with basic eligibility requirements, this type of loan also involves minimal documentation, making it easy for many to apply for these loans online. One can simply access the website or app of a particular bank or lender and submit an application . The only drawback of quick loans is that they have substantially high interest rates compared to other traditional loans.

In some cases, quick loans can also have very short repayment periods. For example, payday loans are a type of quick loan with similar features —minimal requirements, streamlined documentation process, and quick (mostly same-day) disbursals. But, the key aspect to consider with these loans is their brief repayment time. Most payday loans typically require the borrower to repay the full amount of the loan, with interest and fees, on their next payday.

Personal loans with instant approval
This type of loan is most common among individuals, as they are more flexible in terms of repayment. To begin with, they have comparatively lower interest rates and provide a longer repayment period – usually between 6 months and 120 months. In some cases, individuals can even extend their personal loan repayment period to 150 months. Many banks and lending institutions offer personal loans with quick approvals, which individuals can consider in times of urgent financial needs. Most lending institutions even allow individuals to apply for quick personal loans online. The online application process only takes a few minutes to complete, adding to the convenience and speed of the process. Also, the money borrowed via instant personal loans is immediately credited to the account upon disbursal.

Revolving credit
Besides traditional loans, revolving credit has become a highly popular option, especially for urgent financial needs. Revolving credit is essentially a type of pre-approved loan with a fixed credit limit that always remains available to the borrower. The borrower can leave this credit untouched until they are required to fulfill a financial obligation. During crucial times, the borrower can easily withdraw the required amount from the available credit as long as it is within the limit. The borrowed amount will have to be repaid with interest. If this concept seems too familiar, that is because the majority of the world uses a common type of revolving credit – credit cards. They are also a great financial tool to keep handy. This is because, with these cards, individuals can have instant access to funds when in need. Additionally , credit cards are not only useful for swiping online bills but are also used for cash payments. They allow cardholders to withdraw money from their credit limit to meet their urgent financial requirements. Apart from this, there are several benefits of using a credit card,  including earning rewards (travel and shopping), building credit history, and extended warranty protection .

Approach a credit union
If an individual is a member of a credit union , they can also approach that institution – instead of a bank or a private lender – for an instant loan. Credit unions are known for offering lower interest rates on their loans than other institutions, which could benefit budding entrepreneurs or established businesses . The members of these credit unions are business owners, and the funds they obtain are provided to those who require funds to set up a business or need extra capital for expansion. They provide loans ranging from €50,000 to €250,000 or more with a repayment period of one to ten years.

Ask family or friends
When one is facing a financial need, the daunting tasks of finding documents, comparing interest rates, and filling out forms can seem overwhelming. Fortunately, one can simply avoid these hassles and approach family members or friends for a loan. These trusted individuals often reach out and are willing to lend money without charging interest rates. Plus, from family members and friends, one can also get a loan without the need for BKR (Bureau Krediet Registratie) assessment. Borrowers can also come to a mutual decision with the lending individual and establish repayment terms and monthly payment amounts. This will not only keep both parties in the clear but will also ensure a smooth and transparent financial agreement between the parties involved.