UNITED STATES—Life is full of surprises. But when it comes to your finances, unexpected surprises usually spell out an unexpected problem. When you’re hit with a major and unplanned expense, sometimes the best solution is taking out a last-minute loan. Popular options include installment loans, cash advances, and lines of credit. In this article, we’ll uncover five easy loans that you can get to cover those unexpected and unplanned emergencies. Installment
1. Personal Installment Loans
An installment loan is an easy loan option that may be ideal if you don’t need the money right away. Installment loans provide access to a lump-sum loan that must be repaid in regular installments over time. The benefit of installment loans is that they typically come with lower interest rates than other types of loans. The trade-off though, is that they usually take longer to get approved for and may require a minimum credit score. In some cases, they may have minimum income requirements as well.
2. Car Title Loans
A car title loan is a secured loan, where your vehicle’s title is used as collateral. With these loans, the lender assesses the value of your car and gives you a percentage of the amount. Using your car as collateral can help to reduce fees and interest but the downside is if you fail to pay the loan back, you risk losing your car.
3. Lines of credit
A line of credit is a type of flexible loan that lets you draw on funds. You can spend as little or as much as needed, up to the set credit limit. Then, you can pay back the loan all at once or over time, and will only pay interest on what you borrow. This type of loan can work well for emergency expenses with unpredictable costs.
4. Pawnshop Loans
Pawnshop loans are another option for those who need cash fast. Pawnshop loans require collateral in exchange for quick access to cash. These loans are an option if you have items of value, such as jewelry or electronics, that can be used as collateral. Because these loans are secured with collateral, they don’t require credit checks.
5. Cash Advance Loans
Finally, a cash advance loan is a popular option for those facing an emergency financial situation. Online cash advances provide quick access to funds that are deposited directly into your bank account and can be very easy to get approved for. One of the things that makes cash advances an ideal choice for many people who are facing an emergency expense is the fact that they don’t require collateral or good credit, making them accessible to those who may not qualify for other types of loans.
The Bottom Line
These five easy loans can help you to cover emergency expenses in no time. No matter which option you choose, make sure you read all the terms and conditions before signing any loan agreements. This will help you avoid potential problems down the road. While time is usually of the essence when taking out an emergency loan, it’s also a good idea to spend at least a few minutes shopping around for the best deal to ensure you get the most suitable loan for your needs. With some research and careful consideration, you’re certain to find the best loan option for your needs.