Many of us reach a point in our lives where our financial situation goes bad and we need to find a way to get ourselves out of a financial hardship. Whether it is because we lose a job, have a medical crises or do too much ill-advised shopping, the bottom line is we end up with more bills than cash and need help.

When this occurs, having channels to access to get money quickly is critical. With no savings nor an ability to get an advance from work, our ideas for saving ourselves cannot have us travel down these typical roads. There are however some loan options that are available. Each has its own set of requirements and parameters, but may lead us out of our financial bind. Here are some options for quick and needed cash:

Personal loan

When we think personal loans, we think of going into our local bank, filling out reams of forms, being closely scrutinized for every action we have every performed financially since university, and then having to put up everything we own as collateral for the loan. On top of all of this, it can take a week to find out if we will actually get the money. This is certainly the traditional set-up for a bank provided personal loan. It is difficult, time-consuming and only a few will qualify.

Private personal loan

There are however new types of personal loans that are very different. They are offered by private personal loan lenders and they only require a fraction of the paperwork, headaches and criteria to qualify. These lenders understand the type of client you are and look to make a loan available on terms that make sense for you.

After you fill out an online credit application it is reviewed by a panel who looks at your credit history, job, income status, and current financial situation. There is a lot of weight applied to your credit score with better credit scores having a much better chance at approval, and there is no need for you to provide collateral or a guarantor. If your credit score is not perfect, the panel will seek to make a loan work for you with a higher interest rate and fees to cover the increased risk. For this reason private personal loans fall under the category of unsecured personal loans bad credit no guarantor.

The main difference that a private personal loan offers is that the lender understands that the typical person seeking a loan will have challenges meeting the criteria set by traditional lenders, and that in order to get money into your hands, they will have to be understanding of some financial imperfections and utilize additional standards to judge an applicant’s creditworthiness. For this reason nearly anyone should apply.

Payday loans

Payday loans are loans that are tied to your paycheck. The borrower agrees to sign over their next paycheck for an advance of some of the funds from that paycheck. Payday loans are very quick and can in some cases be completed within a few hours. They also do not require a credit check only confirmed employment at a reputable employer. The loans are however carry the highest legally available interest rates and usually place considerable fees on the loan making them very expensive. Their amounts are also limited to a percentage of your paycheck meaning they are not very large. Payday loans can be an option to consider if you need money fast, but the fees and interest rate make them a last option.

These loans are available to non-traditional borrowers and can help to get you back on financial track should you ever have challenges.