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Getting your money fast

By Jakob Jelling
www.cashbazar.com

For most of us there comes a time when we are in need of some extra cash and usually fairly quickly. Perhaps a special occasion is coming up and arrangements are costing more than expected, you are doing some expensive work on your home or car but now are short for regular bills or you have an opportunity that you can not pass up. While we may not always be able to get the cash that we need as quickly as we would like there are several options available such as an unsecured personal loan or a line of credit.

A personal unsecured loan can be very convenient but this convenience comes at a price. If you have good credit your loan may be approved that same day but is usually done with in three banking days. These types of loans for small amounts of money are generally very easy to get approved if you are considered a low risk client.

While an unsecured loan is great for a quick cash solution, the interest rates are the draw back. Good faith loans are loans that are given when you do not offer anything as collateral. By not offering anything as collateral on the loan you decrease the amount of time required to process your loan but you also increase the risk and thus interest rates that you will be paying.

If you have a little time to spare then you should look very closely at the fine print in your loan agreement. You may find that the interest rate you will be paying on an unsecured loan is higher than the interest rate you would pay on a credit card. Perhaps it would be in your best interest to apply for a credit card before seeking an unsecured loan?

If you don not have an exceptional credit rating and good report with your bank you may find that a little leg work on your end will make the loan processing go faster. In the US there are a few common things that you should have on hand before applying for your loan.

1. Obtain and complete a loan application that is signed by both you and your partner.
2. An original W-2 or T-4 form as well as your most recent pay stub that shows year to date totals.
3. Documents showing value and title for major assets.
4. The two most recent account statements for the bank accounts that you use.
5. A detailed accounting of debts other than credit cards.
6. If applicable, a copy of your divorce papers including child support, alimony and maintenance agreements.
7. Documentation for RRSPs, GICs, stocks and any other sources of collateral.

If you find yourself requiring money fast an unsecured loan may be the best option for you. If you have time you will definitely wish to research other lending options that might come with a lower interest rate. If you do decide to proceed with an unsecured loan be sure to have all of your paper work ready before you visit the bank. Having all of you paper work ready will only serve to accelerate the speed of your loan processing.

About the author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

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