If you're needing some extra cash, you can apply for a personal loan at a bank, credit union or reputable online lender. Here's how to get a loan fast!

Around 40 percent of Americans do not have $1,000 saved in case of an emergency? Are you need of money fast? Life happens and sometimes you need some extra cash.

If you're needing some extra cash, you can apply for a personal loan at a bank, credit union or reputable online lender. Here's how to get a loan fast! 

Personal Lenders with Fast Approval 

If you need a loan fast, a personal lender may be an option. They would have the best interest rates and fees. It may not be the quickest option, as it can take up to three days to process an application and get approval.

You will need to have good credit to secure a personal loan. The application is similar to other loans and you will need to have proof of income and identification to apply. Your rate will depend on your credit, and the loan fee can run about 1-5 percent of your balance.

Most personal loans are unsecured so you will not need collateral like a car or house. These rates work the same as structured loans meaning you make a payment over a set period of time. Your payment will include the amount you borrowed plus interest.

If your credit is bad, you may not have a choice of loans. You probably also have to pay higher interest rates. 

Cash Advance or Credit Card

You could use your line of credit to help you get cash if you have a credit card. You could either charge your card for the money you need or take a cash advance.

To get a cash advance, go to an ATM or bank. They will charge your credit card and give you cash. You may even be able to do a transfer into your checking account.

The interest rates will be higher, with the typical interest rate on credit card being 24 percent APR. You will also get charged a fee to borrow this money, ranging somewhere between 3-5 percent.

Payday Loans

If you are looking for another loan that is short-term and does not require collateral, you could look into a payday loan. You should make sure you read the terms and understand how soon you have to pay back the loan. Some payday loans require repayment within 2-4 weeks, so they are very short-term.

You can search for online payday loans for convenience. They are quick to request, and you can typically get paid by the next business day. You may even get loans within an hour or two depending on the time you apply.

These loans can be much more private. The process may also be easier than going to a bank and filling out an application for a loan. You will need identification and proof of income to apply.

Final Thoughts on How to Get a Loan Fast

If you are in a pinch and you need to get a loan fast, you can ask a family member for money or use one of the above options. Life happens, and you can find ways to get money to cover unexpected expenses.

If you are looking for ways to save money to build up your emergency fund, take a look at these tips to save money without feeling a pinch.