When an emergency hits, it is often devastating to your pocketbook, and payday can’t
come fast enough. When financial hardship strikes, quick cash is a must. But where can
you get the money you need in a hurry?
There are several options available: a peer to peer loan, emergency cash loan from
a bank, a payday loan, or a title loan to name a few. Each offers you cash, but in a
different way and under different terms. What does each entail? Which is the best for
Peer to Peer Loan
Peer to peer lending involves individuals instead of banks or money lending companies,
but it is more than just borrowing a couple bucks from a friend. You can borrow from
strangers, or use peer to peer lending services to structure loans between friends and
Peer to peer loans are usually less expensive than other kinds of loans. By cutting out
the bank, you also cut out any bank fees. Instead, individuals compete for your business
by offering lower rates.
Your credit rating has an impact on this kind of loan. Lending services check your credit
as part of your application, and this information is available to your lender.
Your lending service handles the logistics of your loan. They provide a website and
customer service. They also handle transactions between you and your lender. If you
miss a payment, they communicate with the credit bureaus.
Emergency Cash Loan from a Bank
You can get emergency cash loans from the banks in various ways: a charge on your
credit card, a home equity loan, a home equity line of credit, an unsecured or signature
Some banks will allow you to get cash by charging your credit card. Cash advances
commonly come with fees, and they often have higher interest rates than purchases
made with a credit card.
There’s usually not a grace period for cash advances, so interest accrues as soon as you
get the cash. If you use an ATM to charge your credit card, there is often a bank fee
Home equity loans allow you to borrow cash by pledging your house as collateral. This
option is especially suited to those who want to borrow a large amount or those who
don’t have a good credit rating.
Home equity loans usually have lower interest rates than other loans, they are easier to
qualify for, payments are often tax deductible, and borrowers can get quite a bit of fast
cash with this type of loan.
The biggest risk of a home equity loan is that you could lose your home if you fail follow
your payment schedule.
Another option is a home equity line of credit. This option allows you to borrow money
from a pool. You can draw on this ready cash up to a limit set by your bank. Like a home
equity loan, your home is used as collateral if you fail to make payment.
A home equity line of credit is more flexible than a home equity loan. You borrow in
smaller amounts, and you can get more money as you need it until you reach your
Yet another loan available through a bank is a unsecured or signature loan. Unsecured
loans require no collateral. If you default, the bank can’t take away your home or other
These kind of loans are sometimes called signature loans because your signature is the
only security the bank has. While the bank cannot seize your possessions, they can still
report you to the credit bureaus. Unsecured loans usually have higher interest rates
because they are a higher risk to the bank.
A payday loan, also called a cash advance loan, is a short-term loan intended only to
last until your next paycheck. You can usually borrow amounts from 100 dollars up to 1000
dollars if you go with us at www.instantloannocreditcheck.com.
At www.instantloannocreditcheck.com, we require borrowers to be U.S. citizens, 18
years of age or older, have steady employment, and a valid checking account. Even those with bad credit can usually get a payday loan. This makes
a payday loan ideal with people with a less-than-perfect credit history who need money
While some companies make borrowers write a post-dated check for the amount
of the loan plus fees, at www.instantloannocreditcheck.com we can withdraw the
funds directly from the account you provide. Payment is due on the day of your next
paycheck, and once the loan is paid in full there is no further hassle.
Interest rates on payday loans tend to be higher than any other type of loan. Borrowers
pay anywhere from 15 to 25 dollars for every hundred dollars borrowed, which is a lot
of interest in a short time.
These loans can be risky if you go with the wrong company, so borrowing from us at
www.instantloannocreditcheck.com is the best way to go. We’ve got a good record and
we’re a trustworthy lender. As long as your lender is trustworthy, the transaction should
Car title loans are short-term loans that use your automobile as collateral. If you cannot
repay your loan, your lender retains ownership of your vehicle. These loans usually have
to be repaid within 30 days. While extensions are available, there are regulations on
how many times you can extend your title loan.
Title loans have high interest rates. Each state limits these rates, but they tend to be
higher than bank loans.
Choose the Loan That’s Right for You
When you need a cash loan in a hurry, there are several options available. Each kind
of loan offers different terms and rates. The loan that’s right for you depends on your
situation. Whether you just need enough to tide you over until your next paycheck, or
you’re willing to put up your house for a larger sum, there is a loan for you.