There are times when someone might need funding as fast as possible. Here are some situations that could warrant the need for quick funding:
- Debts Must Be Settled: For those that care about their credit score, paying off a debt means making sure that each monthly payment is made on time, and in full. Failing to do so could be detrimental to that squeaky-clean credit!
- Dealing with a Natural Disaster: People can take all the precautions in the world to avoid any and all kinds of accidents or injuries. But mother nature always manages to find a way to cause unavoidable disasters. Home repairs and other payments will have to be made for those affected by tornados, volcanos, floods and earthquakes—and quickly.
- Divorce or Lawsuit: From court fees to lawyer bills, the justice system is not cheap. Those payments must be taken care of, especially if some could lead to further punishments or consequences.
- Needing the Essentials: Obtaining food, water, shelter and electricity requires having money. Those who are struggling to make ends meet and cannot afford these essentials may consider quick funding.
- Planning a Trip: Maybe a getaway trip is what someone needs as soon as possible. Although not the worst situation to be in, quick funding could mean the difference from going to Hawaii in five months to going to Hawaii this weekend!
- Emergency Room Payments: Accidents happen. Surgery and other procedures are quite expensive. The last thing someone should suffer from is not being able to pay off the hospital bills.
If someone is undergoing any of these situations and have exhausted their options, including using tricks to save more money, then maybe it’s time to look into additional sources for quick funding.
Based on these options, people may realize that these quick funding sources could be the key to their temporary money troubles!
Auto Title Loans
There are people that think this kind of quick loan is the last funding option they would ever consider. But auto title loans have helped hundreds of people that need money fast. For what it’s worth, these quick loans provide quick funding with immediacy. And the best part? Applying for an auto title loan from the comfort of one’s home is now possible.
But what are auto title loans? An auto title loan is funding available to people that own a car can. By using their car title as collateral, they could obtain secure, quick funding. By allowing the lender to hold onto their car’s title, they receive a loan for an amount that is typical based on the value of that car.
Most auto title loan lenders let the borrower continue driving their car as long as they continuously make regular monthly payments. Once the quick loan is paid off, the title is returned to the owner. However, the consequences of missing payments on the loan could result in default, and then repossession of the borrower’s vehicle.
With tight regulations in multiple states, auto title loan companies continue to thrive. Some lenders even offer grace periods during late payments, zero prepayment penalties, and refinancing options for customers.
Auto title loan lenders are also available in several places, both big and small. Some cities include auto title loan locations in Anaheim as well as cities like Los Angeles.
Personal Line of Credit
As far as quick loans go, a personal line of credit could be considered one. Funding is almost as immediate as a credit card.
For those that don’t know, a personal line of credit is an unsecured revolving account that comes with a variable interest rate. They allow a person to borrow money when they need it. Depending on where someone goes, a personal line of credit may be cheaper than a credit card cash advance.
Their flexibility also differentiates them from most quick loans. Not to mention that there is no collateral.
However, a personal line of credit is generally only offered to customers with a strong credit history that demonstrates the ability to repay the borrowed funds. With max amounts reaching as high as $100,000, it’s no surprise that those with great credit are the kind of borrowers these companies are looking for—especially when lending them so much money!
For those that can handle and maintain a credit card, a personal line should greatly consider this source for quick funding.
Another source for quick funding comes from credit cards. Like a personal line of credit, credit cards can be just as useful when making quick purchases. They are meant to be repaid in a certain amount of time.
Depending on the amount capped on a credit card, they provide quick funding when someone needs it. However, like a personal line of credit, debt, interest rates and other trapping could easily bury those that struggle to make monthly repayments on time.
But what makes credit cards a lot more unsavory is their reputation of having credit card options for those with good and bad credit.
Although credit cards are convenient and easy to obtain, always do the research to see if they hold up better than quick loans.
Another type of quick loan on the list, payday loans are one of the fastest ways to receive funding! Unlike auto title loans, payday loans don’t lend borrowers as much funding. The typical payday loan is a few hundred dollars.
In fact, some payday loan amounts are capped in certain states. But their immediacy is quite a benefit, as most have same-day borrowing through a store location or online.
But under payday loans, a person must repay the loan by their next paycheck. As a result, if a person does not pay off their loan within their next paycheck, then rollover fees and other charges will put unsuspecting borrowers in a financial chokehold!
Look at the sources for payday loans and be sure to determine how much they could provide and how much is needed before considering these quick loans.
Retirement Plan Loan
For those who would rather use the funding they have built-up for such an emergency, they could consider using their own retirement plan! Some plans allow for options like a retirement plan loan.
This allows someone to take a piece of their hard-earned retirement money that has been building up in their account and use it. As long as the person is able to repay the loan amount plus interest, this is a great quick funding option.
Although considered one of the more drastic sources when it comes to quick loans, this option really depends on how much someone needs.
Speaking of amount, those that want to know the three most expensive sources of quick cash should check it out today!