Payday Loans and Fast Cash Guide

Some Title Loan Alternatives To Consider

I’ve written extensively about title loans here on the site, but we often overlook some of the alternatives that are out there. I personally don’t like the chance of my car being repossessed, so I would likely take any of these loans first, but that’s just me! This post will offer up some things you might have already considered, as well as some more obscure options that can provide you the cash that you need. We’ll work from the least expensive options up to the ones that cost an arm and a leg!

Get It From The Bank

Bank loans will always be your most affordable option. The problem with that is that you need at least a decent credit score to qualify. I will assume that since you were considering title loans you’re not working with a great credit score, so let’s see how we can get around that.

Having a cosigner can go a long way to getting approved for a loan. The problem with this is that if you screw up on the loan you’re going to screw over whoever it was that signed the loan with you. Please, only take this route if you are absolutely sure that you’re not going to miss payments, you aren’t the only one who’s on the hook for the loan!

If you don’t need the loan quickly, there are some things that you can do to quickly improve your credit score. Get a copy of your credit report and check it thoroughly to make sure that there aren’t any errors on it. Getting these errors removed can boost your score extremely fast. Explaining how to fix those errors doesn’t really fit this site, so check out what credit.com says about it if you feel this applies to you.

Some banks also offer a loan that is very closely related to payday loans. These are generally only offered to those that get paid through direct deposit. Off the top of my head, Wells Fargo offers them. They only cost a fraction of what a payday cash advance would, so if you only need a few hundred bucks you might want to take a look at that.

Peer To Peer

P2P lending is something that I’m not totally educated in, but I know some people have had success with it. I do know, however, that you’re going to need a good credit score if you’re looking to borrow from one of the big P2P lenders. Check out what Prosper says about their loans. They carry a great rate, one that may even be lower than what you would get at your bank, but that good score is needed.

Installment Loans

A new type of online bad credit loan is the installment loan. These work like really big payday loans, and will offer you several months to get them repaid. Check out our page that has some lenders on it here. This is definitely the most expensive choice out of what’s already been discussed here, but it is also the fastest. You can expect your loan to only take a day or so to show up in your bank account.

Anything Else Out There?

There are tons of ways to borrow money, but many of them I don’t really feel comfortable sharing because of how shady they are. Sticking to the options discussed here will likely keep you out of trouble as long as you are responsible and pay it back properly!

What Are Your Options For Installment Loans For Bad Credit?

Installment loans come in a lot of different flavors, but when you have bad credit things get much more complicated. By definition, any loan that you make payments on can be considered “installment”, so we have to thoroughly narrow down the options to figure out what you can get with bad credit.

This post will cover three different ways to do this so that you can make the decision for yourself.

Bad Credit Installment Loans From The Bank

This will always be your best option because their rates will be the cheapest. The problem is, however, that banks don’t like to lend to people with bad credit. Unlike before the recession, banks are now tightening their belts and are a hell of a lot less likely to give you a loan.

Still, it’s a good idea to start your search here. Local credit unions, or if you’ve been with you bank for a long time and have a good relationship with may be able to lend to you no matter what your credit score is. Should you choose this route, be sure to give your credit a quick check to see what your score is. Knowing your score and being up front with your banker will speed the process along significantly.

So What Else Is There?

There are online installment loans out there that will hook you up with bad credit. 100DayLoans.com is known for loans like this, and they offer a fair rate. There are also companies like Cash Call or Think Cash that can provide an installment loan.

The lender probably won’t check your credit if you’re borrowing less than $1000, but it’s not guaranteed. The look at things like your employment and how much money you make each month to determine how much you’re able to borrow. When you borrow more than that you should expect a credit check, but they will usually lend to you whatever your score is. These aren’t exactly no credit check loans, but they’re close.

How About Secured Installment Loans?

Title loans are another valid option if you have a car that has been paid off. These lenders will allow you to use your car as collateral and borrow a percentage of its value. This means that you may be able to borrow a significant amount of money if you have a nice ride. In most states that allow title loans they set a minimum amount that you can borrow, and it’s usually between $1500 and $2000. Do not apply for a loan like this if you’re not in need of that much.

Lenders will generally allow you to make payments for several months, and some will even go as high as two years. Just keep in mind that the longer you set the payments for, the more you’re going to pay in overall interest. It also means that you’ll have more chances to miss a payment, and missing payments leads to getting your car repossessed!

The Final Installment

These aren’t your only options, but most of the other ones will be shady or just too risky to discuss here. Weigh out all of your choices before applying, but I do recommend starting at your bank to see if you can get a good rate on the loan.

Page optimized by WP Minify WordPress Plugin