How to Choose the Best Short Term Loan for Your Needs

When we are faced with a financial emergency, how do we know what will be the best short-term loan? For people who don’t have savings, a good credit score, or a family to depend on, it will come down to a fast cash loan.

Typically, these loans are for a smaller amount than you would apply for at a bank or other types of lending institutions. There are four types of short-term loans that people can often get very easily.

How to Choose the Best Short Term Loan for Your Needs

We can never really plan for an emergency and when they strike, we can feel rather helpless. That’s why we offer the best short-term loans to get you back on your feet.

Payday Loan

A payday loan is one of the best short-term loans available. You don’t have to go through a full credit check, and you can apply online. You’ll know if you are approved within minutes so it’s very convenient.

Once you are approved, the money will show up in your bank account the same day or the next. These are ideal for those who encounter unexpected financial burdens between paychecks.

Installment Loan

An installment loan is another option for getting fast cash. Once you are approved, the money is deposited into your account the same day or the next. An installment loan will set the payback period over a longer period which will reduce the amount you pay each payment.

Payments for this type of short-term loan are done automatically through your account, so you don’t even have to worry about it. The installment payments are set to come out after you get your regular pay or on a monthly basis. These type of loans can go anywhere from 3-18 months depending upon the state and lender.

Title Loan

A title loan is one of the best short-term loans if you need more cash than is allowed through other types of short-term loans. All you need is a lien-free vehicle, the title to that vehicle and a valid drivers license. Since your vehicle is being used as collateral, some lender will provide as much as $10,000 in this type of loan.

The best thing is, you get to keep the car once the loan is approved. You just need to give them your extra set of keys, and you can keep using the car. If you like, you can use a boat, a motorcycle, a motorhome, or other types of road vehicles that you own as well.

Pawn Loan

For this type of short-term loan, it might be the best for people who would prefer to use their personal items for collateral. Bring in anything of value, like jewelry, musical instruments, appliances, electronics, guns, tools, or other valuables that are portable.

You bring the items in to be evaluated and agree on a fair market price. Once the items are appraised, you get the cash and a receipt for the item. The item is held in layaway until you pay back your loan. Once paid, the item is returned.

Best Short-Term Loans for You

If you have any questions about any of these loans, just contact Lending Bear. We can help you get the money you need fast, many times within a day. You can even apply online for our payday and installment loans to save you time.

Contact us today if you need more information regarding these short-term loans, like what you can pawn, information about the types of vehicles, and any other questions you might have about getting your fast cash right away.