Emergencies happen and the funds to take care of those emergencies aren’t always available. Other than attempting to have a fast yard sale or put items up for sale in online forums, there are a couple of other options to consider. Keep in mind that these options do have fees and interest attached to them, but if can’t part with something permanently, these options are a good start.
Obtain a Car Title Loan
Car title loans are given based upon the value of your vehicle up to $10,000. The vehicle must be paid off and you must have the title in your possession, not a memorandum title. What you will need is a valid checking account, proof of income and the ability to repay the loan. Title loans are setup in a similar way to installment loans where the balance is paid off in small increments rather than one big payment.
Consider a Loan
Quick cash loans are ideal for those that are employed but do not have good credit. These are also called payday loans. With a payday loan, you need a valid checking account, proof of income, personal references, a blank check and proof of identity.
With quick cash loans, you are expected to repay the loan quickly, such as on your next payday. High interest is associated with these loans as are administrative fees. It is ideal to ask the loan agent what the entire cost is before agreeing to take the loan.
Visit a Local Pawn Shop
If you are unemployed, you can visit a local pawn shop with items of value. You are not required to sell your items; a loan can be taken instead. Keep in mind that a loan can only be given for the item’s actual value and for a portion of what the pawn broker can sell it for if you default on the loan. You may not get all of what you need in the loan, but you will be able to obtain some cash to help you through the emergency.
The options above are a good start when you need quick cash. These loan options are instant; there are no waiting periods to find out how much you can borrow or if you can even borrow at all. The high fees associated with some of the loans simply come with the territory. Most consumers don’t mind the fees to get the cash they need now.