No matter how good you are in financial management and try to spend on only urgent matters, there might be several situations when your savings cannot be enough to resolve the issue. Then you need to borrow in such case. For example: You are fixing your car, repairing home or need to pay to hospital for medical attentions etc. such situations mostly demand more credit.
In such case people first thing to try their luck with banks but usually bank refuses borrowers if they won’t have sufficient credit record. In that situation, are you actually know all your lending options? If you check your previous loan transactions and overdrafts, you can assume that how easy or hard it will be to get the loan from the banks.
If you will look close to lending options then will understand that all kinds of borrowing options comes with their own set of benefits and disadvantages along with less or more risk as well. For your help, here are some of the options for people who are looking for getting Cash.
This loan program is available at bank. It’s a good option for people who need large amount like $5000. There are two sub-categories of these loans:
- Secured Personal Loans – It is also called a homeowner loan where the home is used as a collateral / asset to secure the loan amount. Apart from home, people can also secure their loan against their car or other intellectual property. This loan program holds lower interest rates than unsecured loans.
- Unsecured Personal Loans – If a borrower does not want to or does not have any asset that he or she can use as collateral to secure their loan then the unsecured personal loans are the good option. The unsecured version of Personal loans holds higher interest rates as the borrower is not putting any kind of security against the loan.
Day by day, getting loans is turning to be more and harder and even if you are a responsible lender, many lenders reject your loan application. One quick and simple solution is to get the loan on behalf of someone else’s credit. Here Guarantor comes in the scene. The loan in which Guarantor’s credit becomes the security against the loan amount is known as Guarantor Loans.
In this loan, if repayment does not occurred on due date then the guarantor will be responsible for that. It is somehow better than unsecured loans for Lender’s point of view as they are getting some level of security against the money. This is the reason why Guarantor loans have low interest rates than unsecured loans. Here if you have a poor credit history then also your chances of getting the application approved are higher than unsecured loans.
This loan program is most popular among all as well as most controversial too but if used effectively then turns into a profitable deal. It’s a gap-filler between two paydays. People who get out of cash somewhere in between the month can choose this option, get the loan amount within 24 hours and repay the loan amount with high interest fees on the coming payday.
People often confuses on discussing about the APR, but since it’s for 30 days only, it’s quite obvious that it will be way more higher than regular loans so you should consider the cost per $100 with this loan. Payday Loans are the fastest way to get from $100 to $1000 cash advance online within 24 hrs. If you have to pay several debts and if you have proper salary that will be used to manage the repayment of this loan then this loan will be your lifesaver. But if you refuse to repay it on time then trouble will increase even more so you need to think and rethink before applying for Payday Loans Online and get only the amount that you actually need.
Log Book Loans
Log Book loans are loan programs in which your low value asset can be the security against the loan amount. Example: Car. It include high interest rate usually 400% or higher. The repayment of Log book Loans are done via cheque. If you repay in cash then additional 4% will be charged by Bank. The duration of this loan is mostly 78 weeks with 491% APR with weekly interest as well. A typical $850 loan will turn into $2471.82 after 78 weeks. So it is also a big time expensive option to choose.
This Blog Post is written by Pamela Lewis. She is an author, official Blog Expert on Payday Loans Website and a successful financial consultant as well. She shares some of her expert advice in this article about the lending options you should know all about it.