Finding yourself in a difficult financial situation is one of the realities of life. Everyone has emergencies which arise and difficult battles to fight, and when you find yourself at such a crossroads, it's important not to lose faith that solutions are around the corner. Indeed, many people have financial outlets available to them which they may not have realized even exist.
Below, you'll find a guide to some of the types of short loans that may offer you the relief you desire. Having a more complete understanding of the short term lending industry will allow you to make an informed decision for your financial future, guaranteeing that you can weather the storm without sacrificing your security.
Cash Advances
If you have a reliable job, it's likely that you'll be eligible for a cash advance loan. This type of short loan involves providing proof of regular employment and the receipt of a loan that's based on your paychecks, allowing you to be paid early and take care of a pressing need.
While cash advance loans generally aren't for huge amounts, they're often sufficient to handle a short term concern. You should be aware, of course, that there are interest payments and fees which apply, and you should carefully consider those terms and the speed with which you'll be able to fully pay back the loan you take out.
Installment Loans
For people with sufficient credit, installment loans may offer an attractive option. When many people think of a bank loan, an installment loan is the typical structure they have in mind. A moderate up front payment is provided to you, and you agree to structured terms with regular payback intervals.
Installment loans can be a great choice if you're not willing to sacrifice a large percentage of your next paycheck in order to immediately settle a debt. The longer timeline may have more associated interest, but it also represents a more relaxed pace that can provide for more financial stability.
Title Loans
If you own your vehicle free and clear, you may be able to take out a loan against its title. This will allow the loan provider to receive a lien on the vehicle in the event that the loan is not repaid, but should allow you to continue to drive without stressing over how to make ends meet. Be sure to keep up with your payment schedule in order to maintain possession of your vehicle, but if you can maintain that, then this is a great way to relieve a financial burden.
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