At some point, you’ve gone broke and felt like there was no way out of the bind you were in. You might have wanted to pay significant bills such as electricity, rent or maybe your car broke down and needed a quick fix, but there seemed to be no light at the end of the tunnel.
So if you’re in a financial crisis, don’t panic. This post will share some of the instant loans you need to have a positive turnaround in your financial journey.
Types of loans you need to get out of your financial issues faster
1. Payday loans
Payday loans are heaven-sent as they offer short-term loans that help you counter your financial challenge by securing instant loans. The best part is that it doesn’t require a good credit score or credit check. Similarly, you don’t have to offer anything as collateral to secure these loans. However, you have to ensure that you avail your paycheck so that they can be sure you’re able to pay back in good time (due on loanees next payday).
However, securing Payday Loans is not all rosy as it comes with massive interest rates, which are often ridiculous for a short term loan. But overall, it’s a helpful loan that can come in handy when your financial weight is too much to handle.
2. Consolidation loans
Consolidation loans are specifically designed for folks in a crisis. They have to look into their finances, scale down their periodical payments, and combine their debts into a single loan.
Similarly, Consolidation Loans can be utilized to pay contemporary stores credit cards which leads to positives like interest-free intervals on the current balance and low rates that will scale up over time.
3. Business loans
Business loans are meant to be a quick solution for all business people. However, depending on the financial institutions, the guidelines and the requirements might differ regarding loan options. This means that a financial institution’s requests will vary from time to time.
If you’re interested in a Business Loan, you’ll need to contact them about your business situation and then ensure that you provide adequate details and information regarding the deal. Otherwise, whenever you’re in a bind, this is an outstanding Business loan that every entrepreneur should consider.
4. Personal loans
Personal loans are simply credit unions or bank loans that attract people with low-interest rates, which are massively better than most loans acquired elsewhere. Personal loans allow you to secure up to $30,000 repayable in 12-84 months, depending on the grantor’s loan policy.
And unlike other loans, Personal loans don’t need you to provide any collateral before offering you the loan. Similarly, they have flexible repayment terms, which means you can talk to the grantor if you need extra time to pay your loan.
5. Pawn shop loans
Pawnshops are also great ways to secure loans instantly—you only need to provide a valuable item such as an electronic or jewelry to access a loan that is significantly less than the value of the item you provide.
However, every pawn shop has its loan policy and interest rates. And so, depending on where you take your valuable items, the interest rates might be favorable or ridiculous. Similarly, Pawn shops don’t give you back your item until you have paid full price and adhered to the terms and conditions of the loan you agreed to.
6. Unsecured personal lines of credit
Unsecured Personal Loans are helpful ways to secure money and use it to purchase anything you want. However, you cannot use this loan to acquire vehicles, real estate and properties. Similarly, obtaining this loan is easy as the qualifying criteria don’t pay much attention to your poor credit score and don’t require any collateral before offering you a loan.
An unsecured loan can cover lots of family expenses and emergencies. Banks typically issue unsecured loans when people don’t meet the specific criteria they need, so it’s better than nothing. So if you find it hard to secure a loan when you’re in a financial crisis, apply for unsecured loans.
7. Title loans
Title loans come in handy when you own a motor vehicle and want to secure a fast loan. The loan makes it possible to borrow 50% or 25% of your vehicle’s value. The loan amount depends on the lender. Typically, you’ll have to pay the loan in 15-30 days, and if you default, they’ll take your car.
The truth is that title loans always have massive annual interest rates, which are alarming, and you’re not getting your vehicle back—at least not until you are done paying the total amount and the interest rates agreed upon.
Conclusion
The truth is that the world has developed, the 90s mindset is gone, and now more than ever, there are many ways of securing loans. Whether long term or short term loans, it’s easy to get them after in-person visits to the bank or online.
However, every loan deal has a catch, whether it’s the fees, the interest rates or ridiculous collaterals that don’t get returned unless you clear your loan fees. We recommend using Viva Payday Loans as they have low-interest rates and are issued without an in-depth credit check.
Story by Denzil Otieno
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