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Quick Cash: The Different Types of Fast Money Loans

The average American has around $40,000 in credit products, and many find they need more than that. In the current environment, this is more true for more people. Emergencies and unexpected costs are almost never convenient, but they could leave you scrambling for cash.

Whether you just need a few dollars to make it through to payday or you need cash to fix your air conditioner stat, you want quick cash.

The good news is that there are plenty of different ways to access the cash you need. This guide to the different types of fast money loans will help you decide which one is right for you.

Personal Fast Money Loans

Most personal loans come from a bank, credit union, or online lender. You don’t need to provide collateral. They also tend to have the lowest interest rates and the longest terms.

That usually makes them the most affordable loan option. The biggest drawback is that they aren’t always the fastest type of loan because lenders will do a credit history check.

That also means the loan offer you get will depend on your credit score. If you have poor credit, you may not get a good interest rate. A lender may even deny you if you don’t have a long enough history.

In some cases, though, lenders can still get you approved quickly. Some online lenders can even do same-day approvals.

The lengthy repayment term often makes personal loans one of the easiest loan options to manage. You may have up to five years. Your monthly payments may be quite low, even if you take a relatively large amount.

Consider Online and Peer-to-Peer Options

When applying for a personal loan, most people will still go to large financial institutions. This isn’t always the best bet. Banks often turn down people, even if they have a decent credit history.

Online lenders and peer-to-peer lending platforms may be able to help.

Online lenders may use alternative criteria to assess you as a borrower. For example, they may use predictive analytics to assess the risk you won’t pay. They may also take a look at your education and career path.

Peer-to-peer lending is a newer option. These platforms allow you to borrow from other individuals. The platform connects you with people willing to loan their cash, then handles all the logistics.

Payday and Payday Alternative Loans

Payday loans are one of the easiest types of loans to get. Most lenders look at the proof of employment and your bank account to assess you. They may also want to see some proof of your ability to repay the loan, although this isn’t necessary.

Payday loans are available at many retail locations. They can be issued quickly, and they’re often good when you’re in a pinch for that reason.

This type of loan isn’t great if you need a large amount of cash. They tend to be smaller, and they often come with high-interest rates. They also need to be repaid relatively quickly.

A payday alternative loan, or PAL, is meant to provide another option to the payday loan. Like payday loans, PALs are small, quick loans designed to help you if you need money fast.

They tend to have lower interest rates. They’re also more like personal loans, in that they have longer timelines for repayment. Still, they can end up costing quite a bit more than a personal loan.

Auto Title Loans

If you own a car that’s paid off, then you have another option for getting some cash quickly. You can apply for what’s known as an auto title loan.

The lender will often give you a loan based on the value of your vehicle. This “frees up” the value of your car for you to use, without you needing to sell the car.

An auto title loan is a good option if you need more than a payday loan can provide and you can’t get a personal loan for any reason. Since the car is used as collateral, the lender often doesn’t look at your credit history. Keep and drive your car with TFC Title Loans and their nearest loan locations.

You cannot have any other loans on the vehicle though. If you have an auto loan you’re still paying off, then you don’t hold the title to your car. That means you can’t qualify for an auto title loan.

Other Ways to Get Cash Quick

There are a few other types of loans you can leverage to get the cash you need in short order. You might want to consider any of the following:

  • Emergency cash loan
  • Pawnshop loan
  • Payroll advance

An emergency cash loan can be issued in a few different ways. You may be able to get a home equity loan. It might also be an unsecured or “signature” loan.

If you’re really stuck, then you might even want to ask your friends and family if they can help you. You could also consider selling some of your belongings.

If you’re struggling with a large bill, such as a medical bill or an auto repair, ask if there are any payment plans available for you.

Tips for Getting the Right Loan

Now that you know about the different types of fast money loans out there, you need to choose the one that’s right for you.

Always consider what you need from the loan, as well as your financial situation. Will you be able to pay back $1,000 in two weeks? If the answer is no, a payday loan may not be the right choice.

Once you’ve decided on the type of loan to apply for, make sure you research lenders in your area. Some may offer you larger loans, but another will have a lower interest rate.

Finally, calculate your payments against what you can handle. If you take on too many loans, you may find that you can’t make payments or that you need to borrow even more.

Get on the Road to a Better Financial Situation

Fast money loans can help you get the money you need when an emergency springs up. Always do your research and consider which loan type best fits your needs.

Are you considering an auto title loan to help you with a big purchase? Get in touch with the experts and discover just what your car can do for you.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan local to you, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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