LOS ANGELES, July 12, 2021 (Newswire.com) - When you need money quickly, taking out a loan might be a good option. Loans can help tide you over when you need to pay an unexpected bill or cover expenses until your next paycheck. Need to apply for a loan? There are several loan types that are easy to apply for and could get you the money you need as quickly as that same day. Here are 3 fast loans you can apply for today.
Title loans are secured loans that use the title of your car as collateral. That means to be eligible for a title loan, you need to own a car and have access to its clean title in your name. A clean title means the vehicle is paid off, and there are no liens or existing loans tied to it.
The amount you'll receive for a title loan is based on the value of your vehicle. But in general, you may be able to receive more money than you would for other types of loans, like cash advances. Also, many loans are processed quickly when you go to a lender in person.
Before you consider a title loan, it's important to know how quickly you can repay the cash. Since fees and interest rates are often high, taking out a title loan makes sense when you can quickly repay the loan amount (within 30 days is standard).
Ultimately, if you fail to repay the title loan according to the terms outlined, the lender can repossess your car. It's critical to fully understand the terms and repayment expectations before you sign on the dotted line.
A cash advance allows you to borrow money from a future paycheck. Cash advances are often easily accessible, with many locations providing loans. And they provide cash fast, sometimes in less than an hour.
To get a cash advance, borrowers can write a check to the lender for the amount of the loan plus any associated fees. The check is dated for when you'll get your next paycheck. If the lender goes to cash the check and it doesn't clear, they'll typically tack on additional fees until you can pay up. But you may be able to get an extended repayment plan with certain lenders.
When you apply for a cash advance, you may also have the option to set up a direct transfer from your bank account.
The downside of a cash advance is that you'll often end up paying a lot in fees. And fees increase the more you borrow. So, consider only taking out a cash advance when you'll be able to repay it on your next payday.
Out of the three options presented, personal loans tend to have more favorable interest rates. A personal loan is unsecured, meaning the bank or lender takes no collateral as repayment. Because of this, lenders will look at your credit history and income when deciding whether or not to approve you.
If you're deemed an acceptable credit risk and your application is approved, you can get access to funds quickly, sometimes even the same day you apply.
The nice part about personal loans is that most of them are installment loans. That means when you borrow, you'll have a set amount and period to repay the loan. And unlike title or cash advances, you can often pay off a personal loan over years instead of weeks.
The Bottom Line
When you're in a pinch and need fast cash, title loans, cash advances, and personal loans are all viable options. The loan you choose could depend heavily on your income, credit score, and ability to repay the loan amount quickly. If you have the time to shop around, you can end up saving a bundle by finding the most favorable loan terms for interest and fees.
Source: iQuanti, Inc.