Finding yourself strapped for cash that you need right now is not a fun situation to be in. There are ways to get a quick loan, but they are usually expensive and risky. But if you’re really in a bind and understand the risks, you can get cash pretty quickly and easily, even if you have bad credit.
So stop looking under the sofa cushions for spare change and read on to learn how to get a quick loan to get out of that tough financial situation.
Get a Pay Day Loan
A payday loan is a quick loan option, albeit with a high fee. Payday loans are usually in amounts of $500 or less and are to be paid back on your next payday. They will charge a high lending fee and the interest rate will be very high.
You can usually roll your payday loan over for an additional lending fee if you need another extension of funds in a short amount of time. You’ll also need proof of employment to qualify. You can make pay stubs if you don’t have one, and that should be enough to get you the loan.
Of course, all lenders differ, but you usually won’t need good credit to get this loan.
Get a Pawn Shop Loan
A pawn shop loan is a good option if you don’t need a lot of money or if you have bad credit.
A pawnshop loan works through collateral. You bring in jewelry, power tools, or anything of value to a pawn shop. They hold onto it until you are able to pay them back. If you can’t pay within the given timeframe, then they will sell your item to recoup their money.
It only takes a few minutes to complete the transaction, so you should have your money in no time. The only catch is that you have to have something valuable to loan the pawnshop. And you usually won’t get the highest price for it, you’ll get what the pawnshop can sell it for after their expenses have been paid.
Get a Car Title Loan
A car title loan is another expensive loan that works on collateral. This time, your car is used to back up your loan. Until you can pay back the loan in full, the lender will hold onto your car title or registration. If you do not pay in the set amount of time, they can take possession of your vehicle.
Car title loans are dangerous and should be avoided. They are usually offered by predatory lenders who want to steal your car!
How to Get a Quick Loan
If you need to get a quick loan, any of these options could work. There are pawn shops and payday lenders in most metropolitan and suburban areas, so finding one nearby shouldn’t be an issue. Be very cautious when dealing with these lenders as it can end up costing you more money than you have.
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