When you find yourself in a financial bind, as many of us so often do, the best course of action is to try and find some quick cash. If you have burned through all your savings and do not have direct access to the kind of cash you need, you might want to start thinking about different lending avenues that could come to your rescue.
Most people often tend to choose either one of these three options. They can either take a credit card cash advance, take a payday loan advance on their paycheck or take out a title loan where they use their car as collateral. Depending on how much money you need, a car title loan is often the most viable option because you can get up to 50% the value of your car. Here is an in-depth look at these options should you ever need a quick loan.
Take a credit card advance
Taking a credit card cash advance is one of the fastest ways to get your hands on some much needed cash. The problem with this option is that these cash advances are often notoriously expensive and may or may not actually meet your targeted amount. This is an option that should only be explored if you do not need more than $1,000 and are sure that you will repay the money back within a few weeks (in less than a month). Otherwise, the interest rates will skyrocket and you will soon find yourself with an insurmountable debt to clear that is only accruing more interest.
Get a payday loan
Payday loans use your paycheck as a benchmark for how much you can borrow. The idea here is that you can get a percentage of your paycheck and that the loan company will take their money as soon as you get paid. Even though these loans are quick and easy to come by, they highly depend on how much you get paid. This means that the amount you can get is highly limited which could present a problem if you need much more than you can actually get.
Take out a car title loan
This is by far the best option of the three. If you find yourself in a serious financial bind, the best way to go about getting some quick cash is to take out a car title loan. This is where you present your car as collateral to the lending company. You do, however, need to own the car. You cannot take out a loan on a car for which you haven’t fully paid.
The process is very simple and there are many providers like Rapid Auto Loans. All you have to do is to present a lien-free car title to the lending company, they will carry out a quick valuation of your car and can lend you up to 50% of that amount as soon as possible. This is the fastest way to come into some respectable amount of money when you are in a bind. The interest rates vary from lender to lender and you may also need to have a tracking device placed on your car. The downside is that you may lose your car if you do not pay back the loan. On the plus side, the fact that you have used your car as collateral will ensure that you stick to the stated payment plan.