Applying for an emergency loan to get $2000 today might be the only option you have if you have just lost your job and are grappling with the effects of the pandemic. Main benefit of such loans is that you can get approved even if you do not have an excellent credit score. 27 Cash Advance is here to guide you through the borrowing process safely and quickly.
There are two types of unsecured personal loans which you can apply for to get a $2000 loan: a payday loan and an installment loan.
A payday loan or a cash advance is a short-term loan with remarkably high interest rate. These loans are easier to get because of low requirements and high interest rates, but payday loans tend to be extremely expensive if you use them for more than a month. The main benefit of payday loans is that you can get these loans in less than 24 hours and you don't need collateral to secure it.
An installment loan is also an unsecured personal loan, but it has lower interest rates and can be used for periods longer than one month. Installment loans are repaid in fixed monthly installments, whereas a payday loan must be paid back in a lump sum at the end of the period.
Lenders might turn down your loan request for various reasons. Lack of proof of income and bad credit score are the main reasons why loan applications get rejected. The following are the 2000-dollar loan alternatives where you credit score is not important:
Do gig jobs
Gig jobs can give you the quick funding you need to get out of your sticky situation or to get by before you get a viable option. You can join rideshare or begin on-demand delivery. Working as a freelancer will also help.
You can raise quick money by selling something. Look around your house to identify valuables that you do not need. Sell the valuables online or organize a garage sale.
Get help from charitable organizations
Talk to local charitable organizations to get quick help in case of emergency. Charitable organizations might give you the funds you need to overcome your life difficulties and start it all over.
Taking out a personal loan comes with several risks. The following are some of the risks to be aware of:
You might find it hard to repay your loan if you do not have a stable income. Failure to service your loan will damage your credit rating and compound your financial issues further.
Extremely high interest rate
The chances are that your personal loan will come with a higher interest rate due to the associated risks and bad credit.
The lender may take your collateral away if you fail to repay the loan on time, or you might end up paying additional penalty fees besides the accumulated interests.