4 Loans That Can Get You Fast Cash
LOS ANGELES, August 11, 2021 (Newswire.com) - You may find yourself in certain situations where you may need fast cash to cover expenses like an unexpected car repair or medical bill. And if you're short on money, you may be considering taking out a loan. Loans can be a great way to quickly get you the money you need, and you may not need good credit to get approved. Here are four fast cash loans that can get you funding when you need it most.
Cash advance
If you have a job with a steady paycheck, you may be eligible for a cash advance. These loans can give you funds to cover expenses before your next payday. You'll typically repay the loan within two to four weeks, and you can use your upcoming paycheck to cover it.
You can apply for a cash advance online or in-store. If you're approved in-store, you can often get cash in hand immediately. For online loans, you can generally receive a direct deposit within a business day.
Title loan
If you have a car with a clean title in your name, a title loan is a quick way to get money. With a title loan, you can turn over the title to the lender in exchange for a short-term loan. Because you're providing your car's title as collateral, the loan is considered secured. And that means many lenders have more lenient requirements, so you may not need a good credit score to get a title loan.
Most title loan lenders can get you cash for your car's title the same day you apply or within 24 hours. Better yet, you can continue to drive your car as you repay the loan. But be cautious and make sure that you understand the loan terms before you apply. If you end up being unable to repay it, the lender could repossess your car.
Personal loan
Unlike a title loan, which is secured by your car, a personal loan is unsecured. That means you won't need to provide any collateral. But it also means lenders may consider your credit score as a more important factor when deciding whether to approve you. So, if you're working on improving your credit score, lenders may still be willing to offer a personal loan, but with a slightly higher interest rate.
You can apply for a personal loan online and may receive funds as quickly as the next business day after approval. Since personal loans are installment loans, you'll have a set monthly amount to pay back until the amount you borrowed plus interest is paid in full.
Pawn shop loan
Pawn shops allow you to trade an item of value, like jewelry or electronics, for a short-term loan. The amount you can get for a loan is based on the value of the item you pawn and may be as much as 60% of the resale value. Since the pawned item acts as collateral, you can often get a pawn shop loan without needing a good credit score.
Pawn shop loans are some of the fastest types of loans available, since you can generally walk out with cash on the spot. To get back the item you pawned, you'll need to repay the loan in full plus interest.
The bottom line
If you need quick access to cash to cover an emergency, title loans, cash advances, personal loans, and pawnshop loans are all viable options. Before you decide on which type to use, it's important to consider how much money you need, your credit score, and how long until you can repay the loan. With those factors in mind, you can make a smart decision and choose the right loan for you.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
Source: iQuanti, Inc.