
9 Steps to Follow When You Need a Quick Loan
You need money for a specific reason and it just can’t wait until you can save up extra funds from your paychecks. It’s understandable—sometimes an issue comes up that you didn’t anticipate, and you’re left figuring out how in the world you’re going to pay for it. You rear-end another driver, your ceiling starts to leak, you get the bill from the hospital stay, or a relative calls you up, desperate for help.
So you need a quick loan. Even making that decision can take a load off your shoulders. You have a plan!
But unless you’re a frequent borrower, you may still have questions. In fact, you may have no idea where to begin. Let us help. This blog post covers the nine steps that lead from plan to fulfillment.
9 Crucial Steps on Your Quick Loan Journey
When you need a quick loan, start here. Lightning Money Loans is always ready to help.
1. Determine How Much You Need
It can be tempting to overborrow or get a little extra to ensure you’re covered, but that might not be in your best interest. Since you’ll be paying everything back with interest, we recommend calculating exactly how much you need so you don’t end up paying more in the long run.
2. Evaluate Your Monthly Cash Flow

The next step is figuring out how much you need, but don’t forget to calculate how much you can afford to repay. If there’s a disconnect, you may need to lower your sights a bit so you aren’t struggling to make your monthly payment as you repay the loan.
If you already operate according to a monthly budget, it should be easy to incorporate your loan repayment into the equation. Otherwise, take the time to add everything up so there are no surprises.
3. Check Your Credit Score
Speaking of no surprises, do you know your credit score? There are several options to acquire it for free. Many financial institutions provide this service for their members, so it may be a feature connected to your bank or credit card.
Some third-party apps provide the same function, or you can go directly through the major credit bureaus. Most lenders look at your credit rating as a factor for determining your creditworthiness, and it usually influences your interest rate, so it’s good to go in with your eyes open.
4. Collect Your Documentation
You’ll probably need some basic documentation to get approved for a loan. While different lenders are likely to look at different criteria, it won’t hurt to have the following items at hand:
- Driver’s license or state ID
- Pay stubs
- Bank statements
- Utility bills or other proof of address
- Tax returns
5. Review Your Lender Options
Where are you going to borrow the money from? If you have an account in good standing with a bank or credit union, it might be your first stop. Other options, like online and payday lenders, installment lenders, or personal loan lenders may suit your needs.
You might be able to shop around for the best rate to a certain extent, but that means filling out a lot of paperwork. If each of those lenders does a hard credit check, your credit score may decrease temporarily from the activity.
Your most efficient option may be to turn to LightningMoneyLoans.com. We don’t lend money directly; we’re a loan connection service that has a network of lenders and financial partners. When you submit your loan request through our quick online form, we take your information and reach out to over 50 lenders and financial partners to try to find you a loan offer. It’s a convenient and effective way to get a quick loan.
6. Submit Your Loan Request
Once you’ve determined your best option, complete the paperwork and submit your loan request. The speed of the response depends on the lender that you chose.
You might get a response within a few hours, or it may take multiple business days. If you submit your request through LightningMoneyLoans.com, you’ll get a response within minutes.
7. Go Over the Loan Terms Carefully
If you’re offered a loan, you’ll receive the full terms and conditions in advance so you can make an educated decision on whether the loan package works for your needs. Make sure you read it carefully. You’ll find information about interest rates, the repayment schedule, whether you can save money by repaying the loan early, and more.
Once you sign the agreement, you’re obligated to follow its terms. Knowing what you’re agreeing to regarding repayment of the funds is essential.
8. Accept the Loan
Does everything look good with the paperwork? Are you ready to get the quick loan you need?
If the repayment terms look good, accept your loan and arrange to receive your funds. Again, the specifics will depend on your lender. With Lightning Money Loans, most borrowers can receive their money via direct deposit as soon as the next business day.
9. Begin Your Repayment Journey

The money is in your account, and you can use it however you need. Breathe a sigh of relief as you pay that outstanding bill, complete the necessary repairs, or simply make ends meet.
Next, it’s time to fulfill your part of the bargain by repaying the loan according to your agreed-upon terms. The lender will make it clear what your options are, but most should provide an online portal where you can make payments. You may be able to set up automatic payments to make the process easier.
Loan Types to Consider
You might consider multiple loan options. We recommend doing your research to determine what works best for you.
Personal Loan
A personal loan can be used for any purpose you choose. While some loan types may have restrictions (think of a mortgage, car loan, or home improvement loan), you can use a personal loan for whatever you need. Medical debt, vacation expenses, car repairs, utilities, or other bills—it’s up to you.
Installment Loan
There’s some overlap between an installment loan and other loan types—including personal loans. You might think of installment loans whenever you think of borrowing money.
All this term means is that you repay the loan in regular installments (usually monthly payments). Each installment is usually the same amount.
Payday Loan
A traditional payday loan is a little different. These loan amounts are usually pretty small—maybe a few hundred dollars—and are designed to be repaid in full at the borrower’s next payday. Payday loans can be extended, although taking this step can add additional fees.
Submit Your Quick Loan Request Through Lightning Money Loans
You know what the journey looks like. When you need a quick loan, you can take the first step. Submit your loan request through Lightning Money Loans so we can send it to our network of 50+ lenders and financial partners. Submit today!
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