Obtaining a loan can often seem impossible when you have less than perfect credit. However, there are several different financing options available that are designed for people just like you. In fact, several of these options will allow you to get the cash you need in just a matter of minutes. Below you will learn more about three of these options so that you can secure the extra cash you need in a hurry.
Option #1: Payday Loan
If you have steady income, you can get a loan through a payday lender. This is because rather than relying on your credit score to determine whether or not you qualify for these loans, a payday lender relies on your income to determine eligibility.
In order to obtain a payday loan, you will need to present proof of income, have an active checking account, and provide a few personal references. In most cases, you will also be required to have to paycheck direct deposited into your checking account so that the lender can easily collect their loan payment on your next payday.
These loans are short-term loans that can be obtained within a matter of minutes by visiting a local lender or can be obtained online typically within 24 hours.
Option #2: Auto Title Loans
If you own your vehicle outright, you already have everything you need to get cash now. This is because auto title loans are designed to let you borrow against the resale value of you vehicle, regardless of what your credit score is. As long as your vehicle has value, you can obtain a loan.
In order to secure an auto title loan, you will need to have a clean title for your vehicle. This means that there cannot be any liens against the vehicle and you cannot have used the vehicle to secure any other loans. In most cases, you will be required to pay back the loan within a few months. If you fail to repay the loan, your vehicle will be sold in order to cover the debt. However, the vehicle will remain in your possession unless you default on the loan.
Auto title loans must be obtained in person since you will need to surrender the title to the vehicle as collateral. In most cases, you will be able to walk away with the cash you need within an hour.
Option #3: Pawnshop Loan
If you do not currently have any income or are unsure about your ability to repay a loan, a pawnshop loan may be the right option for you. These loans allow you to get the cash you need right now in exchange for collateral. The more collateral you have to offer, the higher the value of your loan will be. For instance, you can choose to bring in jewelry, electronics, or firearms to be used as collateral.
When taking a pawnshop loan, you will be given approximately one month to repay the loan and reclaim possession of any collateral used to secure the loan. If you fail to repay the loan during this time, you simply forfeit ownership of the collateral and do not owe any debt to the pawnshop.