A person that is able to go to a bank, request a loan, and actually be approved, typically has very good credit and a good relationship with that bank. This could be due to the fact that they have a banking account there, perhaps a few money market accounts, and even a mortgage.
However, for a person that is trying to get an unsecured loan, one that is simply a cash loan that they need to take out to pay bills that have unexpectedly come up, it's very difficult to get one of these loans because it is personal, and since it is unsecured, they are very difficult to obtain.
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There are actually a couple different types of loans that are regarded as personal. They fall under the category of secured and unsecured. If you are going to have a chance at getting a loan, even if it is with a bank that you have never been to before, you need to go with a secured loan that is personal. These loans are going to use things that you have as collateral such as a boat or a car that you own.
If it is a house that is used for the collateral, this might be regarded as a home equity loan, where you can take advantage of the equity that you have built up into your home over the years. For an unsecured loan, the odds of getting one or not very good, unless you are working with a lending institution that does this every day. There are companies called payday loan businesses that are in the business of lending money to people that simply need a small personal loan.
Please Note – Obtaining too much credit can be dangerous, however if you have already done this you are far from alone. The following article explores just how many people are using credit as a safety net - http://money.aol.co.uk/2016/02/28/four-million-britons-using-credit-as-safety-net/
These businesses are very different from a traditional bank because of how they decide on who they will lend money to. They are not concerned about whether or not you have a home, existing mortgages, or even if you have bad credit. They are only concerned about a pay check that you have coming in the next few weeks.
These loans are very short-term, no more than 30 days, and you will pay this loan off with the interest that you will owe upon receiving your next pay check. This is the best way that you can qualify for a loan even if you have bad credit, and although the interest rate is higher, it is your best bet for getting an unsecured loan that can be approved and delivered to you in usually less than 24 hours.
After you have talked with your bank about getting a personal loan, and if you are denied, you can always turn to the payday loan businesses that will almost guarantee that you will have the cash that you need in a period of one or two days. If you do have some form of collateral that the bank will consider such as a vehicle that is free and clear, it's easy to get a few thousand pounds if that is what you need, so that you can spend this money in the way that you need to, and not have to worry about whether you will be approved.
Many people have very strong views on the concept of the payday loan as the following video explores –