When you need cash quickly, applying for a longer term financing option isn't always feasible. Often the fastest ways to get money are short-term loans, which involve quick payment to you but also quick payback. There are several different types available, all with different conditions, prerequisites, and interest rates. Deciding which one would be most favorable to you requires some research and careful examination of your financial situation.
Car Title Loan
Many people are aware that you can borrow against the value held within your home. Fewer are aware that you can now borrow against the value held in your car, usually retaining the ability to drive it and have full use of it through the duration of the agreement, so long as you are providing the payments as discussed. Although there is the same risk as a mortgage €" that is, should you fall behind your collateral may be repossessed €" this can be a very favorable decision. In many cases, you can use a vehicle as collateral even if you do not own it outright.
Refund Anticipation Loan
During tax season, you may be able to obtain a refund anticipation loan. What is a tax refund anticipation loan? It allows you to obtain a portion of your refund immediately, although it is a smaller portion than if you waited for the check from the government to arrive or be deposited into your account. Then, once the full amount to which you are entitled clears, it will be payable to whomever issued the RAL, covering the related fees and interest from the initial payment to you.
The only drawbacks to this kind of lending are how seasonal it is and how it does reduce the amount that you get from your refund. However, it's also largely credit-independent and relatively widely available, which can make it a good solution for people who need funds fast.
Payday Advance
This kind of cash advance is totally credit independent and based purely off your past history of receiving regular paychecks from your job. The idea is that you need to make a payment now, but aren't due to receive anything from your job before the payment is due. You get cash in hand almost immediately following approval, are able to make that payment, and then in turn pay off the loan when your next check from work comes in. This is another short term option, designed to provide funds quickly and then to be discharged quickly as well.
Keep in mind that all of these options may have financial repercussions for you, and that you should always consider carefully before borrowing money. It is a serious obligation, and if you don't go into it with your eyes open, you aren't likely to choose what will give you the biggest benefit.
Car Title Loan
Many people are aware that you can borrow against the value held within your home. Fewer are aware that you can now borrow against the value held in your car, usually retaining the ability to drive it and have full use of it through the duration of the agreement, so long as you are providing the payments as discussed. Although there is the same risk as a mortgage €" that is, should you fall behind your collateral may be repossessed €" this can be a very favorable decision. In many cases, you can use a vehicle as collateral even if you do not own it outright.
Refund Anticipation Loan
During tax season, you may be able to obtain a refund anticipation loan. What is a tax refund anticipation loan? It allows you to obtain a portion of your refund immediately, although it is a smaller portion than if you waited for the check from the government to arrive or be deposited into your account. Then, once the full amount to which you are entitled clears, it will be payable to whomever issued the RAL, covering the related fees and interest from the initial payment to you.
The only drawbacks to this kind of lending are how seasonal it is and how it does reduce the amount that you get from your refund. However, it's also largely credit-independent and relatively widely available, which can make it a good solution for people who need funds fast.
Payday Advance
This kind of cash advance is totally credit independent and based purely off your past history of receiving regular paychecks from your job. The idea is that you need to make a payment now, but aren't due to receive anything from your job before the payment is due. You get cash in hand almost immediately following approval, are able to make that payment, and then in turn pay off the loan when your next check from work comes in. This is another short term option, designed to provide funds quickly and then to be discharged quickly as well.
Keep in mind that all of these options may have financial repercussions for you, and that you should always consider carefully before borrowing money. It is a serious obligation, and if you don't go into it with your eyes open, you aren't likely to choose what will give you the biggest benefit.
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