Fast Cash Lenders

Fast Cash Lenders

There are times when you need fast cash and if you have bad credit, this can be an issue. Luckily, you still have choices or ways to get money when you need it, even if you have no or poor credit. Take a look at a few of the lenders that you can turn to if you need money in a hurry.

Emergencies Happen

Emergencies happen to everyone and they do not care whether you have good credit or bad credit. If you have good credit, you have a number of options but if you have no credit or bad credit, your choices are limited. Of the choices that you do have, the cost of an emergency loan is often high.

I am sure that you are already aware that bad credit comes with high loan fees and/or interest. ad credit and high interest rates just go hand in hand. This is because lenders have to make up for the risk of bad credit loans with high fees. It helps to cover the portion of loans that will be defaulted on.

Online Personal Loans

Believe it or not, there are personal loans available for bad credit. We can even help you get one. Just fill out one simple quote form and you are on your way. It takes just a few minutes to get an answer.

With a personal loan, a borrower can ask for several hundred dollars or several thousand dollars. The repayment is then generally broken up into several payments.

The Good

The good thing about online personal loans is that they can be had, even if you have bad credit. They are also easy to apply for and, once approved, you will be able to get your money fairly quickly.

Additionally, a personal loan will generally be for many months. This lets you stretch out the repayment of the loan over a longer time period than other types of loans. This can make it easier to make individual payments and get caught up on your finances.

The Bad

Like all bad credit loans, an online personal loan will have high fees and/or interest. This just comes with the territory and there is really nothing that can be done about it. Borrowers should take the cost of the loan into consideration before accepting it.

In addition, with low credit, the amount that can be borrowed may be limited. The amount that you can borrow will depend on your lender, your income and your credit. It might be a loan for 2000 dollars or a loan for up to 20000 dollars.

Online Payday Loans

Not the ideal fast cash loan, but sometimes it is any port in a storm. Depending on credit, some of the lenders may offer this type f loan to a borrower when they request a quote.

With online payday loans, the borrower will borrow one hundred to several hundred dollars and then it will be repaid on their next payday. The loan term is very short, usually less than 14 days. Payday loans are not available in all states and the amount that can be borrowed is limited.

The Good

These loans are very easy to qualify for. If you have a job and a checking account, you have a very good chance of getting an approval. These are loans for the baddest of the bad credit ratings.

Another perk of this type of loan is that it funds very quickly. There is little paperwork required and borrowers will often have money sitting in their bank account on the next business day.

The Bad

The worst thing about these loans is the cost. They have set fees per hundred dollars borrowed and the APR typically exceeds 400 percent. You might have a loan for two hundred dollars with a fee of forty dollars. Given the short terms of the loan, the APR will be very high.

The job requirement is also a negative of this type of loan. Sure, you should not take out a loan if you do not have a job, but if the loss of employment is the emergency, you will be unable to qualify for this type of loan.

Pawn Loans

If you have bad credit, you are probably all too familiar with the pawn shop and a pawn loan. The loan is very simple. You place an item of value up for pawn and the shop gives you a loan. Repay the loan and get your property back.

Most cities have pawn shops within them, so getting one of these loans should be very convenient. These loans are typically for small dollar amounts because they are limited by the value of the property. The shop will only give you a small portion of the value of the item as a loan.

The Good

The best thing about the pawn loan is that it is virtually a guaranteed loan. It is a secured loan because you place property up for pawn. If you were to default, the shop owner would easily be able to recoup the price of the loan.

These loans are quick as well. You can get the money that you need on the very same day and it is usually paid in cash. This gets you money to handle your emergency right away.

The Bad

The biggest drawback to the pawn loan is the limited money available. Your lender will only give you a small part of the item as a loan. This is how they assure themselves that they will make money on the transaction. Most pawn loans are small, less than 100 dollars.

Loan cost is also another bad characteristic that must be dealt with. Even though the loan is secured, the lender will still charge a number of fees and interest. There will usually be a documentation fee, storage fee and interest.

Title Loans

Title loans are loans secured by your free and clear vehicle title. You place the vehicle title up as collateral and if you do not pay the loan back, your lender will have the right to seize the vehicle.

During the title loan, you get to maintain possession of your vehicle. You simply make the payments by the due date until the loan is paid back with interest and fees.

The Good

Like the pawn loan, a title loan is very easy to qualify for. The addition of security in the form of your vehicle title allows even those with bad credit to get approved.

In addition, these loans can usually be had for more money than with a payday loan. The amount of the loan will be based on the value of the vehicle being used as security.

The Bad

Obviously, the worst part about a title loan is that you could lose your vehicle. Fail to pay and the lender can take your vehicle. They are far more likely to renew the loan at a cost if you can not pay, but it is a real possibility if you completely default.

Fees are also an issue. Even though this is a secured loan, lenders will still charge very high fees and/or interest. The APR will rival that of the payday loan.

Leave a Reply

Your email address will not be published. Required fields are marked *