Millennials have a lot of experience when it comes to debt. Between student loans, auto loans and trying to pay rent, there seems to be a bill due almost every week. However, there are many loan options available to those who need help keeping up with those bills or to make it easier to pay them off.
Online Banks Offer Personal Loans
Online banks offer personal loans to those with both good and bad credit. If you need help paying your taxes or making your car payment this month, you can use this type of loan to do so while keeping your borrowing costs to a reasonable level. A personal loan can also be used to take a vacation, pay for a wedding or to start a business.
Get a Title Loan Online
The use of online title loans may make it easier to get the money you need in a hurry. Online lenders may be willing to forego a physical inspection of your vehicle if you are able to send them photos of your car as well as basic information about its mileage and condition. Assuming that your information checks out, it may be possible to get thousands of dollars in your bank account within a day or less. To get a title loan, you must own the vehicle outright or have sufficient equity in it.
Peer Lending Is Done Almost Exclusively Online
Peer loans are similar to personal loans except that are funded by regular people as opposed to banks. The interest rate, repayment period and credit requirements are generally the same as a loan offered by a bank. However, like a title loan or other short-term emergency loans, you can get money in your checking account within a day or two.
Your Own Bank May Offer Online Loans
Your own bank may allow you to borrow money without having to stop by a branch location. Instead, it may be possible to fill out an application online, answer any questions that the bank may have via email and then sign loan documents electronically. Once you have received a loan decision, you will get a check from the bank or have your car or mortgage loan sent directly to the buyer.
Micro-lending Often Takes Place Online
If you are looking for business funding, a microloan is any loan amount under $5,000. However, if you are looking for money to pay bills or other personal expenses, a microloan is any loan under $500. Most sites require that you make loans in addition to borrowing money to show your commitment to the community. While this may seem like a burden, microloan sites generally offer better repayment terms and won’t let you borrow more than you can afford to repay.
Find a Sponsor to Help Pay Off Student Loans
Sites are available that match students looking to pay off their student loans with those looking to sponsor college students. In some cases, students receive cash as a loan that must be repaid over time. However, it is also possible that they receive the money in exchange for a promise to retain a minimum GPA or to enter a certain field after graduation.
If you are between the ages of 25 and 45, you know how hard it can be to manage a large debt in a less than stellar economy. Fortunately, there are plenty of websites out there that offer you the ability to get the cash that you need to stay cash flow positive. This may make it easier to keep your house, stay in school or simply stay in the good graces of the credit agencies.
