There are numerous situations that arise when you need to borrow money. Fortunately, there are plenty of loan options available including unsecured personal loans which are popular because they can usually be funded in 48 hours or less, and you can use them for almost anything you want. The three major sources for unsecured personal loans include banks, credit unions and online lenders. If you need money quickly and do not want to place an asset as collateral, an unsecured personal loan can make a lot of sense.

Typically, you will need a credit score in the mid-600s to qualify for most unsecured personal loans and a score of 740 or above to get the best rates. Unsecured personal loan interest rates can vary widely, with a typical range from 5% and 36%, depending on numerous factors, including credit history. Shop around for the best loan terms that meet your needs including loan amount, interest rate, repayment period and fees.

If you belong to a credit union check with them as an unsecured personal loan from a credit union can have several benefits over personal loans from other lenders. Credit union loans typically offer lower interest rates and fees. Also, a credit union can often be more open to lending to borrowers with less-than-perfect credit.

To join a credit union, you need to be a part of that credit union’s field of membership. That means you have a common bond with other members of the credit union such as your employer has established a relationship with a credit union, and all employees are allowed to join. Community-based credit unions allow anybody who lives in a certain community (a city, state, or another geographic region) to become a member.

Payday loans are one of the easiest ways to get fast cash; however, be careful as the interest rates can be extremely high and the terms can force you into rolling over the loan for additional, less than favorable terms. Payday lenders are no longer required to check that a borrower can repay their loan when it comes due, therefore borrowers often get trapped into having to borrow again and again, at interest rates that can be as high as 400%.