One big lesson that 2020 has taught us all is that the unexpected can happen at any time. The loss of a job or a medical emergency can result in a temporary financial crisis. So, where do you turn when this happens? Friends and family? Retirement Savings? Home Equity Loan? These are all excellent options, but what if you don’t have those options? What do you do then? There is one more option, but it has to be approached carefully.

Short-Term Loans

Cash Fast Centers offer quick, short-term loans to people who have run out of options. The process is short, and it doesn’t require a good credit score for approval. These loans are best used for temporary cash flow problems, not for ongoing needs. The fees and interest rates can be relatively high, and payback terms are short.

There are different types of loans available through the Cash Fast Center. The type of loan you choose depends on your assets and the amount of money you need. The first type of loan is called a title loan.

Title Loans

These loans are easy to obtain, but you have to own a car outright to qualify. The benefits of a title loan are no credit check needed and a quick process. You can get cash quickly. The cons of a title loan are a short payback period (usually less than 30 days) and the risk of losing your vehicle. The lender holds the title of the car (hence the name) as collateral, and if the loan is not paid, the lender keeps the car.

If you apply for a title loan for your car, you could receive approximately 25% of the car value. The amount of money you receive will depend on the type and year of the vehicle you own.

Making an informed decision is essential. Multiple hidden clauses are revealed in the later stages. These may be either increasing interest rates or additional fees for early payback. Read all paperwork before signing, so you are aware of these clauses.

Payday Loans

Another type of loan is the payday loan. The name describes a loan needed to fill a cash shortfall until your next paycheck. These loans should only be considered if the loan can be paid in full when you receive your next paycheck. Although these are easy and fast to obtain, the fees and interest are relatively high.

CashFast Loan Centers

We all face temporary setbacks sometimes. With thoughtful application, we can use short term loans (payday and title loans) to our advantage, but they must be approached with some caution and wide-open eyes.

Are you in need of some quick cash? Check out a Cash Fast Loan Center near you – we can help.