Have you found yourself in a situation where you suddenly need some cash? If so, you may feel lost trying to figure out what you need to do to get through this situation. Thankfully, there are several options available to you that can get you cash immediately. Consider these two ways to get a loan.
Vehicle Title Loan
Is your vehicle completely paid off? That means you can use the title to get a loan for some fast cash. It does not matter if you have an expensive SUV or a cheaper motorcycle, since owning a vehicle gives you the option of a vehicle title loan.
The way it works is that the title of the vehicle is used as collateral for your loan. The size of the loan will depend on what kind of vehicle you have, and you'll be given the money immediately once it is approved. The lender will retain the title to your vehicle until the loan has been paid back in full, with additional money in interest of course.
If you fail to make payments, be aware that your vehicle can be repossessed since it is being used as collateral. Since the vehicle is more than the value of the loan, it's possible that not paying back the loan can put you in a worse financial situation. So keep that in mind before going to car or motorcycle title loan services.
Payday Advance Loans
Another option is to use a payday advance loan. This option can work if you are short on cash and need it immediately, yet know you will have it by your next payday. You'll essentially be borrowing an amount of money that is equal to your next paycheck, and it will be paid back when that paycheck arrives. This means the terms of the loan are about two weeks. Qualifying for a payday advance loan only requires proving your income history and having a bank account that the money is deposited into.
The biggest downside to using a payday loan is that the fees will be very high. Even though you are only borrowing the money for a couple weeks, the APR can be about 400%. A $100 loan can can result in paying anywhere between $10 and $30 in fees. This is because the default rate for these loans is so high, which makes it a higher risk for the lender to provide the loan.
Hopefully, you'll be able to find the right short-term loan solution that will work best for your needs.
Hello, my name is Sigmond Jenner. Welcome. I am here to talk to you all about acquiring personal loans for emergency expenses. Although everyone should have an emergency fund in a savings account, there are many barriers to achieving that goal. In the meantime, you can look into acquiring a loan to cover emergency expenses that may come up. You should be prepared ahead of time, so you can act fast when unexpected financial expenses arise. I will provide information you can use to prepare yourself for this process. Please come back again anytime to learn more about acquiring loans as needed.