Compare Instant Cash Loans And Learn How They Work

There are a lot of different kinds of cash loans out there and the information on every type of loan may be overwhelming. Which cash loan should you choose? Which is the best for your situation? Hopefully, we can answer those questions for you and help you compare a few different kinds of cash loans and explain how each works.

Personal Loans

The first kind of cash loan that you can choose to use are personal loans. Personal loans rely heavily on your credit score and financial history. You typically apply for a personal loan in any quantity through a bank, credit union or online lender. Personal loans do not require collateral but you will likely need to show your income and credit score. If you apply for a personal loan, most institutions will do a quick financial check and get cash into your account right away. You can then use the money however you’d like, repaying the loan in fixed monthly payments.

Payday Loans

A payday loan is where you can take out a small loan, getting cash handed to you right away. The amount of the payday loan will be determined based on how high your paycheck is and you typically cannot take out more than your check. When you accept this kind of loan, you are agreeing to pay the loan in full, taking the cash out of your next paycheck to make the payment. While these loans are good when you need cash immediately, they typically have high fees. Before taking out this kind of instant cash loans, be sure that you can easily pay them back without getting stuck in an ongoing loan cycle.

Title Loans

A title loan is reliant on collateral. Typically, a title loan will be granted to you when you pledge the title of your car if you do not pay back the loan. You will get cash on the spot, however, you will also be handing over temporary ownership of your car. If you pay the loan back on time, you will get the title to your car back. Most title loans need to be paid back quickly, often within 30 days or less. These kind of cash loans are good for those with poor credit who may not be approved for a personal loan- giving the title to your car give the lender the security of knowing you will pay the loan back, or they just got a new car! Be sure to pay the loan back in a timely manner so you can keep your vehicle!

Pawnshop Loans

When you take out a loan from a pawn-shop, you will be handing over something of value in exchange for the cash. You can trade jewelry, electronics or almost any item you have that the pawn shop is willing to give you cash for. The shop will then hold the item for a certain number of days, returning your property once you pay the loan back. If you do not pay the pawnshop back, they will sell your item in the store. This kind of loan can be good if you need cash instantly, have something of value you are willing to risk and also if you have poor credit (there is no credit check needed for a pawn shop loan). Pay-back the loan so that you get your valuables returned on time.