One unexpected expense can hurt your bank account, and leave you needing emergency cash loans. Maybe you need cash for a car repair, or medical bills.
There are many different types of loans out there, such as:
- Personal Loans
- Payday loans
- Title Loans
- Home Equity Loans
- Credit Card Cash Advance Loans
With so many emergency cash loans to choose from, it can feel a bit overwhelming to find the right emergency loan. Whether you have bad credit, or you are not sure about the right lender, you have resources to use! With Max Cash® Title Loans, you can get connected to a lender that can fit your financial situation.1
Applying can take just a few minutes to do online, or over the phone with a representative! Borrowers that get approved can get their emergency cash loan in as little as the next business day.1
To learn more about your emergency cash loan options, keep reading below!
Personal Loans for Emergency Cash Loans
Personal loans can be an excellent resource for those that have good credit and a lot of loan options. The best places to get a personal loan from are usually banks, online lenders, and credit unions. When searching for a personal loan, keep in mind these key items:
- Interest Rates
- Credit Score Eligibility Requirements
- Repayment Period
- Hidden Fees
While taking out a personal loan can hurt your credit score in the short term, they can help it as you make your payments on time. But, if you do not have a decent or good credit score, you may not meet the eligibility requirements for a personal loan.
Many personal loan lenders will require good credit scores for low interest rates. Otherwise, the interest rate may be too high, and it will not be worth it during the repayment process. Borrowers should look for the right loan for their financial situation. If they cannot pass a credit check due to bad credit, a personal loan may not be the right option.
Payday Loans
Payday loans can seem like the most optimal way to get emergency cash. Most borrowers will not need to pass a credit check to obtain one, as most lenders only require them to have:
- A Checking Account in Good Standing
- A Steady Source of Income
Payday loans are short term loans and are helpful to those with bad credit or a poor credit score. The loan amount is generally $50-$500, depending on your state laws and lender. They are expected to be repaid in a short period of time, usually on your next paycheck date.
While these loans can be a fast way to get cash with no credit check, there are some cons to consider. Payday loan lenders will almost always charge you finance fees for using their borrowing services. This can vary, but they are normally $10-$20 for every $100 you borrow. On top of these fees, the annual percentage rate for most payday lenders are very high.
The average APR for payday loans in the United States can be 400%!
In comparison, the average APR for most credit cards can be 12%-30%. Payday loans can be a fast way to obtain funding, but they may not always be the best for your wallet!
Home Equity Loans
Homeowners that are in need of emergency cash have an excellent resource to pull from. A home equity loan, or a home equity line of credit can be a way for homeowners to get extra cash when needed. If you prefer installment loans or a fixed monthly payment, a home equity loan may be the right option.
With a home equity line of credit, it is better when you do not have a set amount of funds you need. A line of credit is good for financial needs that differ over time, so you will have flexible access to cash that you can pay off quickly. If you need emergency cash to pay for a home improvement project or a home repair, this can be the right option to utilize. However, something to keep in mind that your home is at risk. Weigh the pros and cons before deciding on finding a lender!
Credit Card Cash Advances
If you already have a credit card provider, one option for emergency cash can be a credit card cash advance. Most credit card issuers can give you a few different ways to take out a credit card cash advance:
- Withdrawing the Cash at Your Card Issuer’s ATM
- Withdrawing Cash from your card in person at the Branch
- Using Cash Advance Convenience Checks
Cash advances can be a convenient way to get an emergency cash loan without submitting a new loan application. However, you can only access your available credit. When you do so, you will be subjected to the same if not higher interest rates that a purchase with your card would have!
If you make late payments, or you have high credit utilization, it can negatively affect your score. Credit bureaus will see late payments or increased debt on your card, and it can dock your FICO credit score. These are all things to keep in mind when choosing the right emergency loan option for your financial situation.
Title Loans for Emergency Cash Loans
If you have less than ideal credit, a title loan can be the right option! Title loans were created to streamline the approval process for emergency loans. They can help those from all financial backgrounds get funding. Lenders for title loans can be more lenient in the approval process because they are secured through using collateral. The collateral for a title loan would be the title to the vehicle!
Using collateral means even if you have bad credit, you could get approved with title loan lenders. Instead of solely focusing on a credit check, most lenders will look for the value of your collateral, and your income.
The loan amount will be based on the vehicle’s value, rather than just income. A higher-valued vehicle could mean a larger loan amount!
And so, when you have poor credit history, a title loan could be the right answer. Title loans are short term or long-term loans depending on your lender. Most of the lenders you can find do not have prepayment penalties either!
How Can Max Cash Title Loans Help Me Find an Emergency Title Loan?
Instead of worrying about finding the right lender, let Max Cash Title Loans do the work for you. We are available seven days a week to connect borrowers like yourself to the right lender for their financial situation! 5 A title loan could be the emergency loan you’ve been searching for- so why wait to inquire?
Applying for a title loan through Max Cash Title Loans can take just minutes to do. Go to our website and apply for an online title loan. Or call a representative at 855-561-5626 any day of the week!