All families come across financial struggles at one time or another. Emergencies include situations such as automobile breakdowns, criminal troubles, job layoffs, large appliance breakdowns and the like. Some families require a little extra cash to enjoy the finer things in life like lavish vacations, car rentals and shopping sprees. Short-term loans can put cash in the hands of almost any family. The nation offers a wealth of loan options that do not require the applicant to have a perfect credit profile. The following are examples of such loans:
The Payday Loan
Payday lenders designed the payday loan for hardworking individuals who needed help in between paychecks. A consumer who has a stable job and an acceptable income can qualify for such an advance. The individual must have a valid bank account for deposit and withdrawal of loan funds. Additionally, the applicant must be at least 18 years of age. Payday loans have extremely short lives. A borrower will have to repay such an advance within 14 days in most cases. Therefore, the payday loan may not be the best option for a consumer.
The Installment Loan
Lenders created the installment loan to accommodate consumers who had trouble repaying payday loans with such a short repayment demand. The installment loan has many of the same requirements as the payday loan has. The main difference between the installment loan and the payday loan is the repayment arrangement. Consumers can pay their loans back in small installments over an extended period instead of paying a lump sum within 14 days. Some installment lenders allow their customer to repay their advances in 90 days, while other lenders may allow as many as 12 months for repayment. Additionally, installment loans have lower interest rates than payday loans have.
The Title Loan
Title loans are for consumers who own their vehicles. These loans differ from payday loans and installment loans because the lenders base them on the value of the consumer’s vehicle. To qualify for a title loan, an interested person must contact a reputable lender such as USA Cash Services and request assistance. The person will need to have the vehicle, the title, the keys the vehicle, proof of insurance, and proof of address. Title loans often provide greater loan amounts than other loan types provide, and the borrower gets to drive his or her car during the course of the loan.