When you have bad credit it can be difficult for you to find sources of funding to address a financial need. However, you don’t have to struggle to live day to day while worrying about how you are going to address your needs. There are options that you can take advantage of that can help you get the cash you need to handle your situation, no matter what your credit score looks like.
Title Loan
Title loans are another form of fast cash loans that, in many aspects, work like payday loans. However, there are a few distinct differences. Title loans are installment loans which means that they are designed to be paid back over time rather than all at once like a payday loan. Also, they require you to pledge the title of your vehicle as collateral against the loan in order to secure the loan, whereas payday loans don’t require tangible personal property to be pledged as collateral. The reason for this is because, like payday loans, title loans don’t require you to undergo a credit check in order to be approved for the loan. Because title loans offer you the ability to get much more money, the risk of lending is offset by securing your vehicle as collateral. This means that if you fail to make your regular monthly payments that the title lender has the ability to repossess your vehicle and sell it to recover their loss.
Title loans use the value of your vehicle to determine how much money you qualify for. This means that the more valuable your car is, the larger the loan you can potentially receive.
Personal Loans
In addition to payday loans and title loans, there is another type of fast cash loan known as a personal loan or signature loan. These loans are different from payday loans and title loans in that the lender generally does take a look at your credit history to determine the amount of money you qualify for. However, it is important to note that your credit score in a very small part of the loan qualification process. More emphasis is placed on your job history, your income and the availability of collateral.
Fast cash personal loans are installment loans, just like title loans. They allow you to receive funds up front and then make payments over a period of time, known as the term, to repay the loan plus interest. Personal loans are different, however, in that the lender will require you to undergo a credit check to determine how much interest to charge as well as whether or not you will need to pledge collateral as security against the loan. Generally speaking, the better your credit, the more money you will qualify for and the less collateral you will need to pledge against the loan. In some cases, if your income and credit history are good enough, you won’t have to pledge any collateral against the loan in order to secure it.
Regardless of which option you choose, each of these fast cash options offer several benefits over traditional bank loans and even credit card advances. In all cases, approval and funding happens in as little as a couple of hours, sometimes in under an hour, which makes them much faster than traditional bank loans that can take weeks. In addition, qualifying for these loans is much easier, so more people qualify for funding. And, last but not least, most of these options are cheaper than other forms of credit because their repayment terms are shorter than traditional loans, which means less interest is actually assessed to the borrower, even when the interest rates themselves may be higher.
If you are in need of quick cash and can’t qualify for traditional credit options, visit https://blogs.wsj.com/totalreturn/2015/03/25/the-pitfalls-of-payday-like-title-loans/ today to see what personalloansforbad.credit can do for you. They have a number of options that are available to help you meet your needs.
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