What are the Best Options for Obtaining Fast Cash?

What are the Best Options for Obtaining Fast Cash?

September 14, 2022
What are the Best Options for Obtaining Fast Cash?

Despite our best efforts to plan, life can throw a curveball sometimes, leaving us scrambling to find options for obtaining fast cash. By working with the right lender, there are often several options that can be used to gain access to fash cash for emergencies like car repairs, home repairs, or even to just make ends meet until the next payday.

The four most common options for obtaining fast cash are payday loans, installment loans, title loans, and pawn loans. Here’s a breakdown of what each of those options means for you, how they work, and how to get them.

Best Options For Obtaining Fast Cash

Payday Loans

Payday loans are one of the most common options for obtaining fast cash. They are short-term personal loans that are made based on a personal check that is post-dated for a future deposit date or held to ensure ACH access to the borrower’s checking account. They work relatively simply, you determine how much you need to borrow and write a post-dated check for that amount plus any additional fees for the loan, and the lender gives you cash. If it happens to be an online loan, the funds will be deposited to your checking account usually the same day.

At a storefront, the check is held until the agreed-upon payment date when it is deposited per the terms of the loan. There are no installment payments, and the loan is paid off in a single lump sum payment. If it’s an online loan, the lender will credit and debit the loan directly from your checking account, so a check isn’t required. There may also be an option to allow the payment to roll over to a later payment date, depending on the lending agreement. The amounts that can be borrowed via payday loans are mandated at the state level.

Installment Loans

Installment loans are loans where the funds are paid off in intervals determined at the time of the loan issuance. Many people already have installment loans and just don’t realize it. House payments, auto loans, and student loans are all examples of installment loans.

In most cases, consumers looking for fast cash will be looking for an unsecured installment loan and will have access to funds over $1,000 though less than $10,000 depending on the lender. The interest rates on installment loans will often be lower than other options for fast cash.

Title Loans

Title loans are another option for getting cash quickly, though they can lead to more problems if the borrower isn’t careful. To get a title loan you’ll need to have some amount of equity in your car, with some lenders even requiring the vehicle to be paid off entirely.

There are higher borrowing limits involved with title loans, often because you are allowing the title to the vehicle as collateral for the loan. Individuals seeking a title loan can often get one for up to $10,000 in many cases. You’ll simply apply as you would with any other loan and get your approval. Once approved and funds are disbursed, many lenders require an added GPS module to keep track of the vehicle.

Pawn Loans

A pawn loan is different from most other short-term loans because it is always secured with some form of item. By going into a licensed and regulated pawn shop and speaking with the pawn broker the borrower can use personal property to secure fast, personal loans. There is no application, no credit checks, and will not impact your credit score if the loan enters default. While they won’t impact your credit, you may lose your collateral property.

Lending Bear Has The Best Options For Obtaining Fast Cash

No matter what your needs are, Lending Bear has several ways to help you meet those needs. Reach out today to discuss your funding needs and the best options for obtaining fast cash for your situation.