Did you know that in 2022, approximately 61% of Americans live paycheck to paycheck, which has increased from 55% in 2021? If you find yourself in this situation, it’s important to remember you’re not alone.
Expenses can quickly add up, and often times taking out a loan is the solution you need to get back on your feet again. If you’re new to applying for online fast cash loans, it can be challenging to know where to begin.
The good news is that you can tune into this guide to learn about four types of online fast cash options that you can take advantage of today.
A payday loan is a short-term online fast cash loan for a small amount, usually $500 or less, and needs to be repaid when you receive your next paycheck.
Payday loans are a good option if you have bad credit or limited credit history. You’ll only need proof of income, a bank account, and valid identification to apply.
Once you apply for a payday loan online, the lender will ask you for permission to withdraw money electronically from your bank account. Once the loan payment is due, they’ll then withdraw the funds from your account, plus the additional interest.
Payday loans cost an average of $10 to $30 for every $100 you borrow, but this varies depending on the lender you choose.
Before you get a payday loan, you’ll need to ensure you can pay the loan back on time; otherwise, you’ll owe extra fees and interest. It’s important to be aware that payday loans can have high-interest rates, so be sure to read the terms and conditions carefully first.
Also, when you’re looking at payday online loans, be sure you compare rates and do your research. It’s best to avoid going with the first lender you come across.
Personal loans can help pay for emergency expenses and large purchases or help you to consolidate debt. You can find a variety of personal online loans that give you fast cash, frequently within minutes.
Personal loans typically range from $1,000 to $100,000, and the loan terms can vary from 1 to 7 years. You can fast cash online from a variety of lenders.
There are two types of personal loans you can get, which are secured and unsecured. Secured loans require you to back the loan up with some sort of collateral, such as your car, boat, home, or insurance policy. While you can typically get a lower interest rate with a secured loan, there is a risk of the lender seizing the collateral if you don’t make your payments.
In contrast, unsecured loans don’t require any collateral. You’ll typically qualify for an unsecured loan if you have a good or excellent credit score above 690 and not too much debt.
Before you apply for an online personal loan, check your credit score and debt-to-income ratio to see where you stand.
If you have a limited credit history or bad credit score, usually lower than 600, you can turn to bad credit personal loans as an online fast cash option.
Most bad credit personal loans have fixed interest rates, and you can pay them back in installments over the loan term period. You can typically borrow up to $50,000, and many times bad credit personal loans are unsecured loans. If you have very poor credit, you’ll still likely be able to qualify for a secured bad credit personal loan.
To see what types of loans you’ll be able to qualify for with your credit score, try to pre-qualify with a few different lenders first to see what your options are. Pre-qualifying for loans is a smart option to consider because it doesn’t impact your credit score negatively.
You can also get joint personal loans with a co-signer if you’re having a difficult time getting the type of loan you need.
Finally, before applying for a bad credit personal loan, ensure your current credit problems are resolved, and you don’t have any outstanding debt.
With car title loans, you’ll get fast cash, usually between $100 and $10,000, but this depends on the lender and the value of your vehicle.
To qualify, you’ll need to have the title for your vehicle in your name. The lender will then assess the value of your car and offer you a loan based on a percentage of that value. You’ll usually be able to receive your funds within an hour, but keep in mind the lender will hold on to your title as collateral until you repay the loan.
The advantages to car title loans are that you typically won’t have to go through a credit check or show proof of income. Car title loans also don’t damage your credit as lenders don’t report any missing loan payments to the credit bureau. This also means that car title loans don’t help your credit, even if you make your payments on time.
However, the downside is that the lender will take possession of your vehicle if you don’t satisfy your debt. In general, before you take a car title loan out, research lenders carefully and make sure you have a solid plan in place to pay back the loan on time.
Now that you know more about the common types of online fast cash loans, you’ll be better able to decide which one is right for your financial situation.
Before you apply, get your financial documents together and get a good handle on your monthly budget overall.
For a variety of online cash options all in one place, turn to FastLoanDirect for your loan needs. You’ll just need to fill out one online form to connect with numerous online lenders, and you can get a loan for up to $50,000.
To get started with your loan application, make sure you visit us online today!