If you are in the need of a short or long term loan, there are various types available. They all have pros and cons, it is best to review and find the best one to fit your needs.
- Payday Loan – Payday loans are intended to be used as a very short-term loan. To be considered for a payday loan, you must have a SSN# or TIN#, a bank account, and a steady source of recurring income payments. Payday loans are not solutions to longer term credit problems, and are responsibly used when paid in full on their due date. Payday loans are ideal for one time emergencies, when you know you will have the money at the your next payday which is when they expect repayment. If you are unable to pay in a timely manner fees and/or interest may occur with the possible outcome of being taken to collections.
- Car or Motorcycle Title Loan/ Title Pawn– Your car or motorcycle title typically serves as your credit when it comes to a Car or Motorcycle Title Loan or Pawn – so it won’t matter if you have bad credit, good credit, or no credit. Just as long as the title is clear, you are generating some kind of income, and bring your government issued ID with you. If you are attempting to obtain a title loan or pawn whether for car or motorcycle, you must be listed as the legal owner on the title. Your vehicle will be appraised while you fill out the application. Based on your cash need and the appraised value of your vehicle, is how your loan amount will be determined. Once the loan is approved, the title loan/pawn establishment will take your title and you get to keep driving your car or motorcycle. As soon as your loan is paid off, your car or motorcycle title will be returned to you. Maximum loan amounts and loan process can vary by state. If you default on your loan payments, then the lender is able to repossess your vehicle in order to sell it to repay your outstanding debt.
- Emergency Personal Loans – Personal loans can be used for a variety of things from vehicle repairs to unexpected medical expenses. Terms and rates of the loan can vary depending on the lender. Maximum loan amounts and requirements for securing the loan can vary by state. Examples of what may be required to secure a loan are: Government issued ID, proof that you are current on car payments or that you have a title, and current paycheck stubs. If you are unable to pay in a timely manner fees and/or interest may occur with the possible outcome of being taken to collections.
Quick loans can be beneficial if used responsibly. However, before getting any loan whether quick or standard, it is important that you do your research to find the best option for your personal situation.