LOS ANGELES, October 5, 2021 (Newswire.com) - iQuanti: There are times in life when you need money right away, whether you need to cover expenses before your next paycheck or pay an unexpected medical bill. Luckily, there are options that can get you funds when you need cash now and can't afford to wait. Here are three instant loan options you can consider:
1. Cash advances
A cash advance is a short-term, small-dollar loan that can get you funds before your next payday. You'll typically pay these loans back in two to four weeks, depending on when you get your paycheck. Cash advance lenders don't require you to have good credit and will consider factors in addition to your credit score, like your income and employment history when deciding whether to approve you.
Cash advances are an easy way to receive instant cash since many lenders will give you the funds the same day you apply. Just remember that interest rates can be high, so make sure you can pay back a cash advance before applying.
2. Installment loans
Instant installment loans are unsecured short-term loans that give you a lump sum of money you'll pay back in monthly payments, or installments. Installment loans often have longer repayment terms that can range from a few months to several years. The monthly installments you'll pay are fixed, so they can be easy to budget for.
The installment lender may do a credit check before approving you, but many don't require borrowers to have good credit. Installment loans can come with quick approval processes, so there's a chance you can have the funds in your bank account within 24 hours.
3. Title loans
A title loan is a secured loan that lets you borrow money using your vehicle title as collateral. To be eligible for a title loan, you have to own or have equity in your vehicle. After you apply, the lender will conduct an appraisal on your car to determine how much it's worth. Borrowers can typically get funds worth 25 to 50% of their vehicle's value. If approved, the lender will hold on to your title until you've paid the loan back in full.
Title loans are a good option for getting your hands on some instant cash. Just make sure you can pay back this loan before you apply, because defaulting may mean losing the title to your vehicle and taking a negative hit to your credit score.
Which instant loan is right for you?
The right instant loan for you depends on your unique situation and needs. Cash advances are a good option when you need a small sum of funds to cover expenses for a few weeks. If you need a large sum of funds and want the predictability of fixed monthly payments, you can consider getting an installment loan. And if you want to get quick funds using your car as collateral, a title loan may be right for you. Spend some time doing research on lenders and loan options before making a final decision.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
Source: iQuanti, Inc.