4 Quick Loans That Can Help You Pay the Bills

iQuanti: Sometimes, your rent, utilities, or other bills can come due before you have the cash on hand to pay them. Maybe you usually can afford your bills, but you just haven't received your paycheck yet. Fortunately, you can get several kinds of loans within a day to tide you over in emergencies. That way, you don't risk any late fees or other negative consequences. Here are four quick loan options that can help you pay the bills.

1. Cash advances

Cash advances are short-term, small-dollar loans that can give you extra funds until you get your paycheck. Applying for a cash advance may only take a few minutes, and many lenders let you fill out an application online from the comfort of home.  If approved, you may receive the funds that same day or within 24 hours. 

You'll typically repay a cash advance in two to four weeks, on your next payday. You can also roll over the loan for an additional finance charge to extend it another two to four weeks. Just be sure to pay back the loan as soon as you can to avoid paying more in interest and fees.

Many cash advance lenders approve borrowers with any credit score and will consider additional factors like your income and employment history when deciding whether to approve you.  

2. Title loans

Title loans are short-term, secured loans that use your vehicle title as collateral. To qualify for a title loan, you need to own your car outright. Since these loans are secured by your title, lenders typically don't require borrowers to have a good credit score to get approved. 

After you fill out an application for a title loan, the lender will appraise your car and offer you a loan worth 25 - 50% of its value. If you accept the offer, the lender will give you the loan that same day. You can then continue driving your car while you pay back the loan.

3. Installment loans

Installment loans give you a lump sum of money that you'll pay back in fixed monthly payments of principal and interest. These loans can be secured with collateral or unsecured, and repayment periods can last a few months or years.

Installment lenders will often check your credit score when deciding whether to approve you. Luckily, many lenders offer loans for borrowers with poor credit, so you may not need a good credit score to qualify. 

4. Lines of credit

Lines of credit are flexible loans that let you borrow as much as you need up to a specified credit limit. You can then pay back the loan at your leisure, either all at once or over time. You'll only pay interest on the amount you borrow.

Some lenders can get you approved for a line of credit as quickly as the same day you apply. Once you have a line of credit, you can borrow against it instantly whenever you need to. Many people use lines of credit as an emergency fund or for unpredictable expenses, like home improvement projects.

The bottom line

If you're in a financial bind and need to make up a cash shortfall when the bills are due, you have several options. Cash advances, title loans, installment loans, and lines of credit can all offer fast approvals and funding. That said, make sure you evaluate your financial situation and compare each loan's pros and cons to find the right one for your needs and budget.

Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.

Source: iQuanti, Inc.

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Categories: Personal and Family Finances

Tags: financial services, loans, personal finance