When an emergency happens, you may not have enough money on hand to deal with it. Where do you turn? How can you get a loan that is fast and easy for a quick temporary situation? If you’re looking for a cash advance loan, there are still options available to you. You might be wondering how the pandemic is affecting the process. Are loans still available at the same rate and with the same terms? The answer is – thankfully- yes.
Cash Advance Loans
The next step is to determine which loan is right for you. There are usually at least two types of loans offered through cash advance loan centers: payday loans and title loans. To determine which one is right for you, read on. Soon enough, you’ll be on your way to getting what you need.
Payday loans are the most well-known option. Vendors such as CashFast can offer a quick advance on your paycheck. Payday loans are often accessible to many people that might not otherwise qualify for a loan from a bank or credit union.
The drawbacks, however, are the interest rate and repayment terms. Interest rates are incredibly high, and – in some cases – the agreement may give the payday company the right to garnish your wages until the loan is repaid.
This option is best if you can repay the loan within 2-4 weeks; thus, the name “payday” loan. Payday loans help deal with short term cash flow problems (i.e., an unexpected expense occurring near the end of a pay period). It is essential to repay the loan quickly to minimize the interest and fees. If you’re not confident that you can repay a payday loan fast, then this may not be a good option.
A title loan lets you borrow money using your car as collateral. This loan will allow you to borrow more than you might otherwise at a lower interest rate. However, in exchange, a lien will be placed on your car title. If you need to sell the car for any reason, you will have to repay the loan and have the lien lifted beforehand. This option is best if you need to borrow a more considerable amount of money at a lower interest rate than a payday loan. However, it should still be noted that, even with collateral, the interest rate will be high.
If you’re considering a cash advance loan, there are plenty of options available to you, even during a crisis. Before seeking out a vendor, be sure to select which kind of loan is right for you – either a payday loan or title loan. Cash advance loans should always be repaid as soon as possible to avoid interest fees and additional charges. If you are unable to the loan quickly, another type of loan should be considered.