Exploring Your Options For Cash Loans

If you need cash quickly to cover an unexpected expense or to deal with a personal emergency, you may not have the time to wait for a personal loan to be approved and distributed through a traditional lender. Thankfully, there are cash loan options that will allow you to get the cash you need very quickly. Below you can learn more about three of your options for obtaining a cash loan.

Option #1: Pawn Shop Loan 

If you require a relatively small amount of money, a pawn shop loan can be one of the fastest and easiest ways to get the money you need. This type of cash loan allows you to borrow against the value of many different personal items from jewelry to electronics. To obtain a pawn shop loan you simply must bring the item you want to use as collateral to a local pawn shop. The value of the item will be assessed and a loan offer will be made based on this value. The pawn shop will retain possession of the item until your loan has either been paid back or the loan expires. If you pay back the loan and any applicable fees before the loan expires, you will receive your collateral back. However, if you are unable to repay your loan in time, this collateral will be sold by the pawnshop to satisfy your debt. 

Option #2: Payday Loan

A payday loan is another great option for people who require a rather small amount of cash. Rather than using personal property as collateral to secure your loan, this type of cash loan requires you to authorize an automatic debit from your checking account on your next payday to repay any funds that you borrow. To obtain this type of cash loan you will need to supply proof of your income and a valid checking account. The nice thing about this type of cash loan is that they can often be obtained without the need for a credit check and funds are often made available immediately. 

Option #3: Auto Title Loan

If you require a more substantial cash loan, you may want to consider an auto title loan. To obtain this type of cash loan you will need to own your vehicle and there cannot be any existing liens against the vehicle. In most cases, you will be allowed to retain possession of the vehicle while your loan is active. However, if you fail to repay the loan as agreed upon, ownership of the vehicle will be transferred to the lender, and the car will be repossessed and sold to satisfy your debt.