Get Cash Now | The Different Types Of Cash Now Loans

The Different Types Of Cash Now Loans

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Cash now loans come in a few different flavors, and each is designed for different financial situations. Almost all of them do not require any sort of credit check, and will get you cash very fast. In this post I want to show you payday and title loans in detail, as well as some other, more obscure loan options.

Cash Now With Payday Loans

Payday loans are one of the most reliable ways to get cash now. They are very fast, and the requirements for approval are very basic. You’ll need a job that you’ve been employed at for a while, an active checking account, and be over 18 years old. Each lender is going to have their own specific requirements, but these are pretty much it.

The amount of money that you’re able to borrow depends completely on how much you make at your job. A general rule of thumb is that you can borrow up to 25% of your total monthly gross income. Online loans will be deposited directly into your checking account, whereas local lenders are going to cut you a check on the spot. Choose the one that makes the most sense for your situation, or use online loans if there aren’t any lenders close to you.

Your payday loan will be repaid on your next payday. If you chose online loans, you’ll have the cash automatically withdrawn from your checking account on its due date. For local loans you’ll write them a postdated check when you accept your loan.

Remember that a big chunk of your next paycheck is going to be gone the day that your loan is repaid. This means that you’re probably going to have to work to make extra money in the mean time. Not doing that is going to leave you in the same financial situation a week from now that you’re currently facing!

Cash Now With Title Loans

Title loans are another cash now loan that is available. In order to qualify for a loan like this you’ll need to own a car that has been paid in full and have the title to it. Some lenders will work with cars that aren’t paid off, but these are rare and are mostly in Arizona.

Your car then becomes the collateral in the loan and you’re able to borrow a percentage of it’s street value. That means that if you have a decent car you’ll be able to borrow a generous amount of money.

The problem with borrowing like this is that if you miss a loan payment you’re going to get your car repossessed, which carries some serious consequences. Not only are they going to take your car, they’re going to sell it to get their money. In some states they don’t even have to pay you back the difference from selling your ride! Title loan lenders in Arizona go as far as to install a GPS tracker on the car so that they can easily track it down if they need to!

Paying a title loan back is very different than a payday loan. Since these loans are much larger you’ll get more time to pay it back. In most cases you’ll make biweekly payments directly to the lender over the course of several months.

Other Cash Now Loans

A trend that’s starting in the Southern states are bank loans that work just like a payday loan. These are rare, but if you live somewhere that does them it’s a great idea. They carry a much lower interest rate than a normal payday loan, and can also help out your credit score.

One type of loan that is dumb to use is from the pawn shop. You “sell” them some of your stuff and get paid for it, which becomes your loan. You have the option to pay the loan back (with a ridiculous amount of interest) to get your stuff back, or you let the pawn shop keep your stuff. Do yourself a favor and don’t use this type of loan, you’re going to get ripped off!

As you can see there are a lot of different cash now loans, it’s just a matter of figuring out which one you’re going to be able to qualify for and pursuing it. The last thing you want to do is waste your time chasing a loan that you have no shot at getting approved for. Spend the time figuring out which is right for you first, and you’ll save a ton of time after that.

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