If you find yourself in need of fast cash, you may soon find yourself pulled in the direction of a payday lender or loan shark.

With both these options, you know you can get the money you need without delay. And while you may have some reservations about getting involved with a less than reputable lender, you continue down this path because you’re in a hurry.

Before you make this decision it would be in your best interest to learn more about a personal loan. There are many reasons why this is a better option than a payday lender or loan shark, including but not limited to:

  • The ability to borrow money from a reputable lender. With a personal loan, you’re borrowing from an FDIC insured lender that has your best interests in mind. This is in stark contrast to a loan shark, who is only interested in charging you the highest interest rate possible.
  • Fast funding. It’s a myth that it takes weeks on end to secure a personal loan. Get this: once you receive approval, which can happen as quickly as one day, you’re in position to immediately request the funds. Depending on your lender, you can get your hands on the money within one business day.
  • Competitive interest rate. Your rate is based largely on your credit score, but remember this: it will almost always be lower than what you can get from a payday lender or loan shark. Subsequently, you don’t pay nearly as much in interest over the life of your loan.

A personal loan is not always the right choice either, but it’s definitely better than turning to a payday lender or loan shark.

If you find yourself in need of money – such as to pay medical debt or for another type of emergency – don’t hesitate to learn more about a personal loan. You may come to find a lender that offers the term, rate, and other conditions that suit your financial situation.

What do you know about personal loans? Do you have any experience with this financial product? Share your feedback in the comment section below.

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