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It's hard to account for all the possible expenses you might have, especially given how unpredictable life is. What can you do if a pipe bursts, water covers your floor and you are presented with a $6,500 check to fix everything? In such a situation, many people consider loans.
The good news is that you have more options than you might think regardless of your credit history and current financial situation. When you need a $6,500 loan quickly, ASAP Finance can assist you in finding the option that meets your needs.
Types of $6,500 Loans
Each loan has its unique requirements and specifications. Explore your options below and find out how to get a $6,500 loan.
Traditional Loans
Both banks and non-banking financial companies offer personal loans on various terms. The lender bases its decision on the borrower's creditworthiness. That means that you need at least a 680 credit score to get approved for a $6,500 personal loan and get a good interest rate.
Personal loans are typically given for a period of 12 to 60 months. Depending on the lender, you might pay between 5.99% and 35.99% interest rate. The funding times vary - some lenders might give you the money on the same day while others can make you wait for weeks.
Installment Loans
If your credit score is not great, installment loans are an excellent option for you. This $6,500 loan is meant for bad credit so you have higher chances of approval. The lenders don't pull your credit records via major credit bureaus. Instead, they analyze your income. The good news is that you don't have to be officially employed - freelance work, rent income and even profits from investments can get you approved.
Installment loans come with a fixed interest rate between 16% and 200%. You can typically only get up to $5,000 with some lenders offering up to $20,000. Your loan will be split into 2 to 24 equal monthly payments.
Title Loans
Some people don't have stable income or their paycheck is not sufficient to grant them a loan for 6,500 dollars. If you're in that situation, a title loan can provide you with quick money if you have a vehicle you can provide as collateral. A title loan can give you up to 50% of your car's value.
The interest can be up to 300% and you are obliged to return the money by your next paycheck. Carefully analyze your financial situation to ensure you can return the $6,500 within such a short period of time. Otherwise, your car might be repossessed and your credit score will be harmed.
Where Can You Get $6,500?
There are several institutions that can lend you this amount of money. Here's a brief overview:
Online Lenders
- Possibility to avoid hard credit checks
- Quick processing and option of same-day funding
- $50- $5,000 for bad credit
- No origination fees on some loans
- Flexible repayment schedules
Banks
- Minimum credit score of 680
- Processing can take weeks
- Both secured and unsecured loans
- Limited options due to strict credit requirements
Credit Unions
- Require a membership
- Competitive interest rates
- Flexible repayment
- Can perform hard credit checks
Loan Requirements
The specific requirements depend on the type of loan you request as well as your lender. Below are some common eligibility criteria you need to meet when requesting a loan from ASAP Finance.
Minimum credit score
Most of our loans do not have a set minimum credit score needed to qualify. For other options, you might be looking at the range of 580 to 700. The lower the credit score, the higher the interest.
Income requirements
Loans through ASAP Finance require you to have an income of at least $12,000 a year. The actual criteria for your loan depends on your repayment period and how much you're spending on living expenses and other loans.
Documentation needed
You need to confirm your identity by providing your ID, Driver's License or Passport. Proof of income (pay stubs, tax returns, etc.) and residence (utility bills or lease agreement) are also required. Some lenders could ask for proof of employment.
Personal information
You need to provide your personal details such as your name, date of birth, bank account information. Keep in mind that you need to be at least 18 years old to qualify.
Interest Rates and Fees Comparison
Below are hypothetical examples of how much would payments be on a $6,500 loan. These sums do not include any additional fees and might vary from the offer you get.
$6,500 Loan | ||||
Loan Type | Period (months) | Interest | Monthly Payment | Total |
Personal Loan | 18 | 10% | $390.37 | $7026.66 |
Installment Loan | 6 | 36% | $1199.88 | $7199.28 |
Title Loan | 1 | 300% | $8,125.00 | $8,125.00 |
Pros and Cons of Getting a $6,500 Personal Loan
If you have an emergency, a personal loan can give you the financial relief you need. Here are some considerations to keep in mind:
Advantages
- No credit check
- Same-day or next-day funding
- Almost instant decision
- Fixed monthly payments
Disadvantages
- The decision is based on your income
- Interest rates can be high
- No possibility of building your credit score
How to Get a $6,500 Loan with ASAP Finance
Most online loan applications work similarly. Below is a detailed guide on how you can get $6,500 with ASAP Finance today.
Application Guide
Ensure you meet the eligibility criteria mentioned above.
Visit the official website and click on “Apply Now” to open the application form.
Carefully fill out your personal information including your name, DOB, contact information and bank account details.
Submit the application.
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What to expect during and after the approval process
After submitting the application, you simply have to wait for a couple of minutes. Your form will be reviewed by multiple lenders - the first one to approve you will send you an offer. You might be asked to upload digital copies of your ID and proof of income.
Afterwards, if the terms and conditions look good, you can accept the offer by e-signing the loan agreement. You can expect your funds to reach your bank account within 1-2 business days.
What Can You Use a $6,500 Loan For?
Here are some situations when you might urgently need $6,500:
- Emergency medical expenses.
- Home repairs.
- Car repairs.
- Debt consolidation.
- Travel expenses.
- Major purchases.
Try to only borrow money for a good reason. Getting a loan for unnecessary expenses might not justify the high interest rates and long-term financial commitment.
Other Ways to Borrow Money with Bad Credit
If the loans described above do not fit your needs or expectations, there are alternative options you can look into.
Credit Card Advances
While this isn't specifically catered towards people with bad credit, it's a convenient option for those that already have a credit card. This solution allows you to withdraw a percentage of your card's limit so if you have enough, you might be able to withdraw $6,500. With this option you don't get a grace period, which means you start to incur interest as soon as you withdraw the money. The interest is typically higher between 24.99% and 29.99%.
Home Equity Loans
If you need more than $6,500, you can look into home equity loans. In this case, you'll use your house as collateral but you'll also get lower interest rates in the range of 8% to 10%. You typically need at least a 620 credit score and you can get up to 85% of the home's equity you own with this loan. The repayment period varies between 5 and 15 years.
Secured Personal Loans
Besides your car and home, you can use other possessions as collateral. They may be your savings account balance or a valuable asset. You can get from $1,000 to $50,000 depending on the value of the collateral. The lender will perform a hard credit check, and people with a score over 600 generally have a better chance of approval. These loans come with an interest rate of 10-22.5%.
Friends and Family
If you keep getting rejected or a loan doesn't seem feasible, you can reach out to your close ones or acquaintances for help. Before trying to borrow money, draw up a repayment plan and show it to the potential lender. This will help them understand what they're committing to and make a decision. A responsible approach will help you get interest-free financing and maintain a good relationship with your loved ones.
Financial Tips and Advice
There is a good and bad way to deal with a loan. Take a look at some tips that can help you have a positive experience regardless of the loan you get.
How to compare small loans
To get the best deal, be sure to compare the following:
- The lenders' reputations. Pay special attention to real customer reviews. Check how the company deals with customer complaints. If the lender is responsive and the customers always have their issues fixed, this lender might be a good choice.
- Interest rates. The advertised interest rates are usually not what you actually get. Be sure to check the whole range of the rate to get a better idea of what to expect.
- Repayment flexibility. Choose the loan that provides you with enough time to repay the debt. If the maximum repayment period seems short, it most likely is. To avoid late fees and credit score damage, pick the loan that perfectly suits your budget.
- Late payment terms. Compare late fees and opportunities for extensions. Some companies will not charge penalties for late payments while others can draw up a new repayment schedule for a fee. This means you are protected in case you are unable to pay on the due date.
Managing a $6,500 loan responsibly
Dealing with a loan can either improve your creditworthiness or get you in trouble. It's crucial to always have a plan in mind if you want to avoid the latter. Here are some recommendations:
- Don't borrow more than you can afford. Any loan is a financial burden since it increases your monthly spendings. Realistically estimate your repayment ability and do not get more than you can repay.
- Don't borrow more than you need. Even if you can afford a bigger sum, it might not be worth it due to the interest rate. To repay the loan quickly and decrease the chances of late payments, it's crucial to only get an amount you actually require for your emergency.
- Get the right schedule. If the repayment period is too short for you, you might end up paying late fees due to missed payments. It will also go on your credit report which will lower your credit score. At the same time, if the repayment period is too long, you will overpay more over time, so choose wisely.
- Be careful with the terms. Carefully review the agreement to know exactly what to expect. Ignoring important clauses like late penalties and extension fees can lead to unexpected charges later on.
- Have a monthly financial plan. Calculate your monthly spendings and allocate the necessary sum for the loan. If you don't account for the loan at the beginning of the month, you might not have sufficient funds on the due date.
Budgeting tips to ensure timely repayments
There are several ways that can help you repay your debt quicker. Take a look at some options to improve your spending habits:
- Split your paycheck into separate sums: living expenses, loan payments and extra cash. You can either save money or put it aside for your debt.
- Analyze your living expenses. Write down what you spend money on - it can help you notice recurring unnecessary expenses such as subscriptions you no longer use.
- Cook at home. Most of us spend money on takeout which can account for a hefty sum at the end of the month. Cooking food and making coffee at home can lead to significant savings long-term.
Why Choose ASAP Finance
In an emergency, you want a reliable company that works fast and takes care of everything for you. ASAP Finance does exactly that. Here are more reasons you might love us:
Quick processing
You receive the loan decision almost instantly and, if approved, get access to your funds within up to 2 days.
High approval rates
ASAP Finance works with a big number of licensed direct lenders. That means one application will be reviewed by multiple loan providers, which increases your chances of approval.
No hard credit check
You can get a loan regardless of your credit score. As long as you have a stable source of income, you are eligible for a loan.
Professional employees
Borrowers frequently mention the friendly attitude and quick work of the customer support representatives. That means you’ll always have your questions answered.
Bottom Line
Getting a $6,500 loan is easier than it seems if you choose the right lender. The large number of options we provide ensures that almost anyone can borrow money in an emergency. A good credit score can get you a better deal, however stable income can still get you approved if you provide valid proof.
Before you get a loan, you need to carefully analyze your monthly spendings and ensure you can afford to repay the loan. At ASAP Finance, we do our best to ensure you are properly informed, so you can both deal with the financial emergency you’re facing and have a positive experience along the way.
FAQs about $6,500 Loans
01
How quickly can I receive my money?
If you are approved in the morning on a weekday, you can receive the funds on the same day. Otherwise, you will get a direct deposit the next business day.
02
Is it hard to get approved for a $6,500 loan?
Getting a loan isn’t hard, it’s trickier to get a great deal. A better credit score ensures you have a lower interest rate, while a bad one can lead to fewer offers and less favorable loan terms.
03
Is it possible to get a $6,500 loan with no credit history?
Yes, absolutely. You only need valid proof of income to get a loan with ASAP Finance.
04
Are there $6,500 loans for bad credit?
If you have a poor credit score, you can opt for no credit check loans offered by ASAP Finance or secured loans. They have lower or no credit score requirements which increases your chances of approval.
05
Is a $6,500 loan worth the trouble?
A $6500 loan is worth it if you need this money to cover an actual emergency. Always be careful with the terms to ensure you get a reasonable deal.
06
Can you get a $6,500 loan with a 550 credit score and no cosigner?
Yes, because ASAP Finance analyzes your credit history in general instead of solely focusing on your credit score. Additionally, you can also try using your vehicle or property as collateral. Secured loans have more lenient requirements since the lender is at no risk of losing their money.
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