Best Quick Loan Ideas for Folks in a Bind
In the United States, it isn’t just the prospect of an uncertain economy that can wreak havoc on a person’s financial life. There are the unforeseen problems that crop up from time to time. Divorce, bankruptcy, lawsuits, DUIs – these are all legal issues that affect millions of Americans on a yearly basis. And they often spell economic disaster for individuals and families alike. The saving grace is that people have options to dig themselves out of a hole wrought by legal troubles beyond just the standard bank loan. Here are a few of these options.
Those who have an “in” with a credit union – be it through work or family – may just find these institutions easier to work with than a traditional bank. With a credit union, the relationship with the client sometimes supersedes a less-than-ideal credit rating and may just pave the way for a secure loan at a decent interest rate.
Simply put: a title loan is an alternative loan that allows the borrower to receive cash in return for using his or her vehicle as collateral. Typically, a title loan is a high-interest, short-term contract that oftentimes puts cash in the borrowers pocket the very same day. Indeed, the interest on these particular loans is usually exorbitant, but different states have different rules. For example, Montana has set an interest-rate cap on title loans at 36%, while South Carolina lenders can charge as much interest as they like – provided the amount of the loan exceeds $600.
There are some positives and negatives to title loans. On the one hand, borrowers have a bit of leeway when it comes to negotiating the interest rates. On the other hand, the leverage isn’t much and borrowers will likely wind up paying high interest fees no matter their powers of negotiation. On top of that, title loans are only viable in the short term. Those who don’t pay off such a loan in a timely fashion are looking at huge interest fees and possibly the loss of their vehicle.
Those who don’t have the option of taking out a loan at a major financial institution may want to consider a private lender. This is ideal for a number of folks who can’t secure a traditional loan, especially college students. That’s because there is much more leeway in the negotiating process for things such as interest rates and monthly payment options than there is in something like a title loan. The caveat is that private lenders will require a co-signer. Either way, there are many lenders out there offering some of the best quick online loans.
While it’s true that exorbitant interest rates often accompany many of the above-listed options, they still remain some of the quickest ways people with credit issues can secure a loan. The trick to making the most out of the options listed above is to be diligent about paying off the loans in as timely a manner as possible.