Simple Fast Loans is an online lender that offers installment loans for a range of credit scores. There are lots of other lenders that are similar to Simple Fast Loans such as us at CreditNinja, Opploans, and Big Picture Loans, all of these lenders including CreditNinja offer installment loan options for a wide range of credit scores, even on the lower end of the scale.
Are you looking for information on finding the best fast online loans? Great news, you’ve come to the right place! Here, we’ll explore lenders like Simple Fast Loans, how they work, and what your other options are.
What Are Installment Loans?
Simple Fast Loans is a direct lender that offers installment loans online, you’ll apply online and if approved, the funds will be available in your bank account. Installment loans are any loan option that is repaid in equal monthly payments until payoff. Many people prefer this kind of steady repayment because it’s predictable and easy to fit into their finances.
A Guide To Finding the Right Personal Loans
According to the United States Chamber of Commerce, there are currently over 21 million outstanding personal loans in the U.S.!1 With so many online lenders available, how do you know which personal loan is the right one?
Well, the first step to finding the right kind of loan is preparing your finances a bit. To prep your finances for a loan, you can go through the following steps:
- Check Your Credit Score: Your credit score will play a huge role in determining what types of lenders and financial products are available to you. By becoming familiar with your current credit score you can weed out ones that automatically wouldn’t be a good fit, leaving just the options that may work better for you.
- Calculate Your Debt: Go through your outstanding loans and credit cards and add up the balances. After you’ve calculated your debt, ask yourself if you can handle an additional balance. Remember that adding another loan to your debt means another set of interest rate charges and fees. If your debt is already quite high, you may want to consider paying some of it down before applying for another loan.
- Review Your Existing Budget: Once you have an idea of how much debt you owe, add in the rest of your recurring expenses. These expenses should include any relevant rent/mortgage payments, insurance, car payments, gas/transportation costs, groceries, and any other recurring expenses you are responsible for. Will a new loan fit into your budget? Before applying, make sure your current budget can handle another monthly payment.
If you decide that applying for a loan is the best decision for you, it’s time to research lenders and compare offers.
You can compare fast cash loans from financial institutions like:
- Direct lenders
- Federal credit unions
- Banks
When comparing offers from different lenders, such as loans like Crane Finance, be sure to compare and contrast details such as:
- Qualification requirements
- Monthly payments
- Interest rates
- Repayment terms
- Additional fees/charges (origination fees, etc.)
Loans Like Simple Fast Loans: What You Need To Know
Simple Fast Loans advertises loan amounts ranging from $200 – $3,000. However, keep in mind that higher loan amounts are usually reserved for applicants with higher credit scores. Bad credit borrowers may only be eligible for lower loan amounts.
Simple Fast Loans requires the following for their installment loans:
- Government-issued photo ID
- Active checking account
- Phone number
- Social security number
Along with the above requirements, Simple Fast Loans also require that their applicants not be a regular or reserve member of the military, serving on active duty, or be a dependent of an active duty member of the Armed Forces.
Consumers from the following states are eligible to apply for funding with Simple Fast Loans:
- Alabama
- Alaska
- Arkansas
- Arizona
- California
- Delaware
- Florida
- Idaho
- Indiana
- Kansas
- Kentucky
- Louisiana
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nevada
- Ohio
- Oklahoma
- South Carolina
- Tennessee
- Texas
- Utah
- Washington
- Wisconsin
- Wyoming
Simple Fast Loans advertises personal loans and installment loans. These types of loans were designed to meet a variety of financial needs, unlike other types of loans (like a mortgage) that are designed to pay for a specific expense.
How Does Simple Fast Loans Work?
Let’s take a look at each step of how Simple Fast Loans works, from application to repayment:
- Step 1: Apply — You’ll begin the application process by applying for a loan online. The application will ask you some basic personal information along with loan specific questions.
- Step 2: Wait for a Decision — Once you submit your application, they will let you know about approval. Along with that, you’ll get specifics like your loan such as:
- Loan Amount and terms — The loan amount is how much you get approved for, while terms encompass all the legal terms of the loan such as payment due dates, other repayment terms, and default terms.
- Interest Rates — Interest is the cost to borrow the funds and is usually the highest cost with a loan, however, it is not the total cost.
- Fees — Loans usually have standard fees built in such as orgination fees and late fees.
- Repayment Terms and Options — These terms outline the repayment schedule and terms, as well as how you can repay the loan.
- APR — APR is the total cost of the loan.
From here, you’ll have to review things and s-sign.
- Step 3: Get Funding — Next, you’ll get the funds, sent electronically to your checking account.
- Step 4: Begin Repayment — The last step with Simple Fast Loans is to begin repayment with your loan. With Simple Fast Loans, most of their loans are set up for automatic payments, however, you can create an account online on their website and make extra payments through there.
What Do Most People Use Same-Day Loans For?
Same-day loans like the loans that Simple Fast Loans provide relief for emergency expenses that cannot wait. For example, if your car breaks down and it’s your main mode of transportation, you may need to have it fixed right away. Here are some other examples of why a person may need fast cash:
- Rent or Mortgage Payment — Rent and mortgage payments are essential and are usually the highest expense most people have each month. if you don’t have the funds to make ends meet emergency loans can help with same-day funding, so you can get things together before the next month.
- Home Repair — Some home repairs like a damaged roof or broken refrigerator cannot wait, these kinds of loans make it possible to get fast cash.
- Medical Bills — Medical bills are another reason why people seek out emergency loans. Whether its for you or a loved one, the funds can help a person get the medical care or medicine they need.
- Utility Bills — Utilities are also essential, especially if you live in a very hot or cold environment, a loan can help you pay for all kinds of utilities.
- Avoiding Fees — If you have existing debt that you know that you cannot pay on time then an emergency loan can help you avoid fees.
Personal Loans vs. Payday Loans
Two common ways bad credit borrowers can access emergency cash are through personal loans and payday loans. But which option is better? Payday loans are a type of quick cash loan designed to provide consumers with funding until they reach their next payday. According to the Consumer Financial Protection Bureau, over 12 million followers take out payday loans every year.2
While these loans may seem extremely convenient on the surface, they can also come with a lot of obstacles that might end up making your financial situation worse. For example, payday loans have extremely short repayment terms, lasting approximately two weeks. Borrowers who don’t repay their entire loan within this brief period are then usually stuck with extremely high-interest rates. And so unless you can fully repay your loan balance within about fourteen days, a payday loan probably won’t work out well for you.
Personal loans, on the other hand, can be a much more versatile financial product. Many personal loan lenders offer competitive interest rates and flexible loan terms, allowing consumers to affordably pay off their loan balance at a pace that works for them.
CreditNinja: How Does It Compare?
CreditNinja has been a lender since 2018. Since then, we have helped more than 275,000 people.
With CreditNinja personal installment loans, borrowers can enjoy benefits like:
- Flexible repayment schedules — short-term loan or long-term loan options
- Approved funds are available as soon as the same or the next business day*
- Bad credit scores OK
- Easy application process
- Helpful customer service
- Competitive rates
- No prepayment penalty with early repayment
CreditNinja Installment Loans
CreditNinja wants to set you up for success, which is why our installment loans come with fixed interest rates. Fixed interest allows borrowers to easily predict and plan for their loan repayment, so there are no unexpected surprises. Besides fixed interest, CreditNinja loans also come in higher or low loan amounts, making them great for just about any financial need!
How Will the Process Work for CreditNinja Online Loans?
- Start online with the easy CreditNinja application and answer a few questions. Once we have your information we’ll be able to give you a final approval decision.
- Before we send your approved funds, you’ll receive a loan contract. This loan agreement will have all the information regarding the interest rates, terms, and other aspects of your loan. Read your contract before you sign it. If you have any questions, feel free to reach out and have a loan agent explain anything you need to know!
- Receive your money via direct deposit!
Why Do I Have To Give My Bank Information?
Why does CreditNinja ask for your bank account information? During the application process, we will ask for your bank account and routing number so we can send your approved funds directly to your checking account via direct deposit. Having your bank account information also allows us to perform Instant Bank Verification (IBV) which can help us confirm your income and potentially approve your application faster!
Loans Like Simple Fast Loans: FAQs
Your credit history plays a crucial role in loan approval. Lenders use it to assess your past financial behavior and repayment reliability. A strong credit history usually leads to better loan terms and interest rates, while a poor history may result in higher rates or even loan denial.
To ensure online loans are safe, choose lenders with a strong reputation and secure websites (look for “https” in the URL). Read reviews, verify their licensing, and understand their data privacy policies. Avoid lenders who request upfront fees or guarantee approval without a credit check.
The speed of obtaining a personal loan, often referred to as “quick loans,” varies by lender. Some online lenders offer approval and fund disbursement within a few business days, sometimes even on the same or the next business day after approval.
Besides interest rates, consider factors like loan repayment terms, fees (like origination or late payment fees), the flexibility of payment schedules, and the lender’s customer service reputation. It’s also important to assess how the loan fits into your overall financial plan.
Who Should Pick CreditNinja?
CreditNinja personal installment loans are for just about anybody going through a financial emergency. Although we specialize in bad credit loans for people looking for an affordable alternative to payday loans, everyone is welcome to apply. Anyone looking for online short term loans should consider a CreditNinja loan.
Instead of stressing out when you come across some unexpected expenses, take the pressure off and come to CreditNinja for help. Check out our quick and simple online application to see how much cash you could get today!
References:
- Personal Loan Statistics | Chamber Of Commerce
- CFPB Finds Payday Borrowers Continue to Pay Significant Rollover Fees | Consumer Financial Protection Bureau
- Website | SimpleFastLoans
Additional Loan Options
