How to Decide Which Quick Cash Solution Is Best
Emergencies have a habit of hitting when people least expect them. The good part is that most people know there are several quick cash options available. Quick cash advances are financial products that are fairly easy and rather fast to get. They include payday loans, title loans, installment loans, pawn loans, title loans, and the like. Here’s how you can figure out which advance type is the best for you if you’re not quite sure which one you need:
Think About How Much You Desire
Before you select a financial provider for your quick-cash advance, one thing to consider is how much you need. A pawn loan might be perfect for you if you need $50-$200. A payday loan might be a better product if you’re looking for $500-$1,000. Then there are title loans to consider. You could get several thousand dollars from a title lender if you have a fairly new car.
Consider How Much You Earn
Now you need to think about how much you earn if you want to borrow money for your emergency. You’ll have to earn enough money each pay cycle to meet MaxLend requirement for a quick cash advance. To find out how much that is, you’ll need to contact the company directly. Many payday and installment lenders like their applicants to earn at least $1,500 a month before they loan them money. Other providers may not have the same requirements, and they may be higher or lower.
How Long Do You Need to Pay It Back?
The time you need to pay back the loan is essential regarding choosing which provider to use as well. You’ll need to know this because some types of advances may not be for you. Payday loans typically must be repaid within two weeks. Thus, they may not be the best option for you if you need to take your time. A title lender will give you about 30 days. Additionally, an installment lender might offer you several months or a year. It’s your option to choose an arrangement that’s comfortable for you.
Consider Whether You Need Good Credit
You’ll need to know where your personal credit score stands. That way, you’ll know if you need to seek providers that don’t check credit or keep pursuing the advance with a company that does check your credit. You can get a quick credit score through the credit bureaus three times a year. Once you get your credit score, you’ll know if you should go for the type of company that overlooks or doesn’t check scores. Most quick cash lenders don’t use credit scores to determine whether they will give someone a loan. Instead, they look at how much those individuals earn or ask for collateral to secure their funds.
Are You Willing to Put up Collateral?
Next, you’ll have to ask yourself if you’re willing to give up some collateral to get the funding you desire. Collateral is something like the title to your car or the deed to your home you may give to someone until you pay the loan back to them. Title lenders will ask you if they can place a lien on your vehicle until you pay them back the funds you owe them. Other lenders may or may not ask. Those types of loans are not for you if you don’t feel comfortable allowing the lenders to hold the paperwork to your property for a while.
You’ll know which solution is right for you when you answer all the above-mentioned questions. Then you can start your journey of finding the most reliable loan product for yourself.