When faced with financial emergency, many borrowers turn to cheap cash loans as a means of filling any gaps in their finances. But getting emergency money quickly can be challenging – so it’s essential that you select a lender who offers you the most advantageous deal for your specific circumstances.
Fortunately, there are plenty of loan options to help you find one that meets your needs. These loans typically have low interest rates and provide fast funding.
Payday lenders provide cash-advance loans, check-advance loans and post-dated check loans to consumers in need of immediate funding. Usually without checking credit histories, these loans are popular among borrowers who require ongoing expenses like utility bills or car repairs that must be covered quickly.
These loans must be paid back in one lump sum, usually on the borrower’s next payday. Usually, they write a post-dated check for the entire loan amount including fees or give the lender authorization to withdraw funds from their bank account.
Borrowers may choose to re-finance their loans multiple times, incurring additional fees and interest each time. This cycle can create a debt trap that may be difficult to escape even when you have enough money to pay off your loan in full.
Many states are taking steps to regulate payday lenders. Some have set caps on annual percentage rates at 36% and require them to be located at least 500 feet from your home. These measures aim to protect borrowers from predatory debt collectors and debt cycles that can become very expensive over time.
Credit cards provide a range of loan types, such as cash advances and balance transfers. While they’re popular because they help build credit, make sure to use them wisely.
Credit cards function like lines of credit that you can keep using as long as you make timely payments. They come in many forms and some even provide rewards or perks.
Credit cards are different than other loans in that they don’t require you to put up collateral. Nonetheless, they still base approval on your credit rating and income.
Credit card issuers usually give you a certain period of time to pay off the balance before charging interest. After that, however, you must settle up in full to avoid incurring a late fee or finance charge.
Your credit card can also be used to withdraw cash from an ATM machine. Unfortunately, these transactions usually carry higher interest rates than purchases and may not offer a grace period.
Personal loans are a common type of debt that can be used for home improvements, medical expenses and major purchases. They’re also an effective way to consolidate higher-interest debt due their flexible terms and rates.
Personal loans come in two varieties: unsecured and secured. Unsecured loans don’t require collateral, with lenders deciding if you qualify based on your credit history and financial standing.
Secured personal loans are those that are secured by an asset such as your house or car, which the lender can repossess if you default on payments. While they usually feature lower loan amounts and better interest rates, they can be harder to qualify for.
Another type of personal loan is a line of credit, which permits you to borrow money on an ongoing basis. These have an established credit limit which you can access with either debit card or check.
Pawn shop loans
Pawn shops provide low-cost cash loans in exchange for jewelry, electronics and other valuable items. Generally, they lend 25% to 60% of your item’s resale value, with 30 days or several months to repay it.
Debt consolidation loans don’t need a credit check and can be an easy way to get money quickly, but they may not be suitable for everyone. Plus, their high interest rate and fees make it difficult to pay them back on time.
Donating your family’s valuable items to a pawn shop is always a risky move. If you don’t repay the loan, they may resell your items, potentially costing you more than just what was borrowed.