As much as you may be in need of quick cash, there are certain things you’ll need to do some research on before you decide to apply for a loan. For starters, you’ll want to have an idea of what type of cash advance online or in person is right for you, and what options are out there in the first place. To help you get started, here are four potential options that may be available to you.
When you apply for a line of credit, you’ll be applying for something that works similarly to your credit card (assuming you have one). What do we mean? Well, a line of credit is considered to be revolving credit. If you’re approved for one, you’ll have the ability to draw a certain amount of money based on what your credit limit is, how much available credit you have, and whether or not your account is in good standing. As you pay off what you’ve borrowed along with the necessary interest and potentially other fees, you’ll be able to borrow money against your credit limit on a continuous basis. The amount of interest and/or fees you pay will be based on how much you’ve borrowed, not the total amount of your line of credit limit.
Unlike lines of credit, installments loans are not a form of revolving credit. You won’t be given a credit limit and you won’t be able to draw money from this loan multiple times. Instead, if you’re approved for an installment loan, you’ll get your money in the form of a lump sum. You’ll have to pay it back (with interest and potentially other fees) over the course of several pre-determined and equal installments which could span anywhere between a few months and a few years.
A title loan differs in some very important ways from the other entries on this list. The main aspect that stands out is that they’re considered to be secured loans. That’s not to say that things like installment loans and lines of credit can’t be secured in some cases, but generally, when we’re talking about a fast cash loan that’s intended to be used for emergencies, it’s usually unsecured.
So, what does this mean exactly? While we’re going to dive into some of the differences between secured and unsecured loans in more detail later on, these terms mainly refer to what it takes to qualify for a loan. In the case of a secured loan, you’ll need to provide collateral to the financial institution that you’re applying for a loan with. This means that if you miss your payments or default on your loan, you may lose whatever asset you’ve provided as collateral.
With title loans, one of the more common assets that you’ll need to provide as collateral is your car. These are called car title loans. Just remember that if you aren’t able to meet the repayment requirements of your loan, you stand to lose something of great value. On top of that, car title loans can come with relatively high interest rates, so you should only consider applying for one as a last resort when you’re facing an emergency.
If you need a fast cash loan to help you take care of an immediate financial need, you may consider a credit card cash advance. In essence, these will give you access to cash at an ATM through your credit card. Just remember that this isn’t the same thing as a normal purchase that you’d make with your credit card. For one, the interest rate on a credit card cash advance is generally quite high, and it may even come with extra fees that you wouldn’t need to worry about with a normal credit card transaction. On top of this, unlike a typical purchase done with your credit card, you’ll start to accrue interest on a credit card cash advance right away. Overall, this option can be pricey so it’s best to reserve it for emergency situations.
When you’re on the hunt for installment loans or a cash loan of any kind, where do you turn to? And what are you likely to find when you do an online search for “installment loans near me”? Well, there are likely going to be two potential routes for you to go down when it comes to applying for a loan.
The first one is going to be to apply for a loan in person at a brick and mortar lender. The next option would be to apply for a cash loan over the internet through an organization that offers or services these loans online. Let’s look at some of the differences between applying for personal loans online or in person.
If you want to apply for a cash loan in person, you’ll be required to go to a storefront during their business hours and line up to talk to someone who works there to get the application process rolling. For someone who prefers to speak to a store associate face to face and who also isn’t inconvenienced by the travel time or business hours, an in-person loan might be the best fit.
On top of that, if you feel a little overwhelmed when navigating the internet, going to a storefront may be a more comfortable option. Just keep in mind that loan places go to far lengths to make sure that their online interface is easy to navigate for anyone to use.
If you decide to borrow funds over the internet, most – if not all – of the borrowing process is going to take place online. Why would you opt for an online loan over the in-person borrowing process? Well, for starters, the process of doing the necessary research is fairly simple with online loans. You’ll simply need to do an online search for cash loans and then compare the important loan details of the options that come up.
On top of that, there’s an added level of convenience, as you may be able to submit your application in just a few short minutes, have your information verified and approved (assuming you meet the necessary requirements), receive your funds, and pay back what you owe all online. Just remember that if you live in Texas for example, you should do a search for online loans in Texas to make sure you’re looking at options that are potentially available to you.
If you’re in need of a personal loan for an emergency situation, CreditFresh may be able to give you a hand! You can submit of a request for a Line of Credit through CreditFresh, and if you’re approved, you may be able to request a draw and get your funds as soon as the same business day3. Let’s go over some of the potential benefits of this Line of Credit.
It’s important to have an understanding of what the exact requirements for qualification are before you submit an application for a loan of any kind. An important point to remember here is that every financial institution is going to have different requirements, however minor these differences may be. Having said that, it’s still useful to have a general idea of what they’ll be considering. This can include things like:
When you input a search for “installment loans near me”, bad credit can sometimes be a tough hurdle to get over when it comes to getting approved. With your credit history being an indicator of your previous borrowing history, financial institutions sometimes tend to focus on your credit score when deciding whether or not to approve your application.
Having said that, a bad credit score doesn’t necessarily mean that you’ll be completely out of luck. If you find yourself with a spotty credit history, you may be able to find a financial institution that offers loans for bad credit. These loan places tend to place more emphasis on some of the aspects of your financial profile that we mentioned in the last section.
Like we mentioned earlier, unsecured and secured loans are terms that broadly describe what it takes to qualify for a particular type of loan. When we’re talking about secured cash loans, we’re referring to ones that require you to put up some collateral in the form of a valuable asset in order to qualify. If you can’t make your loan payments, the financial institution that you’re working with may seize your asset in lieu of payment.
With certain types of loans, the collateral that you’ll need to put forth may end up being the thing you’re trying to buy in the first place. For example, when you’re buying a house, you’ll generally need to apply for a mortgage. The collateral you’ll put forth will be the equity you have in the house you’re buying with this mortgage. Things can work similarly when you apply for an auto loan to help you buy a car.
The benefit of a secured loan is that it may be a more viable route to take when you need a lot of money for a big purchase, like with a mortgage or auto loan. They can also come with relatively low rates, depending on the type of loan and your financial standing. Just remember that you’re going to need to put something of value at risk in order to qualify.
You may have guessed it already, but with an unsecured loan, you won’t need to put up collateral. Instead, a financial institution may place a lot of emphasis on particular aspects of your financial profile to determine if you’re a good candidate to receive a loan.
Your credit score is usually one of the biggest factors that a financial institution will look at. But like we mentioned, you may still be able to find cash loans with a bad credit score. Just be prepared for the high interest rates that often come with these loans. They should generally only be used as a last resort in emergency situations.
While installment loans and lines of credit are both types of personal loans that may be useful financial tools to help you handle emergency expenses, one may be better suited to you than the other depending on your situation.
One of the big differences between the two is that with an installment loan, you’ll receive your funds in a lump sum. This means you’ll be getting your money all at once, and you’ll then need to pay it back over the course of several scheduled payments.
On the other hand, a line of credit is a kind of revolving credit. This will allow you to draw any amount of money up to your available credit, as long as your account is in good standing. This makes it a fairly flexible option that allows you to draw however much money you need, when you need it.
An emergency expense can be stressful, unexpected, and just no fun to deal with. It can be a challenge to deal with them at the best of times, and downright scary at the worst. But it’s important to remember that there may be options out there that can help you through this dark time! If you’re in a financial bind, do a quick search online for “cash loans near me” and see what you find. There may be in-person or online borrowing options that may be a useful lifeline in your time of need!