What are online quick cash loans for?
When you apply for your choice of quick cash loans online, you can use the cash for whatever you need it for with no intrusive questions asked about how you will spend the money. Quick cash loans online are designed to get you the money you need by people who understand why you need it fast. These lenders know that when you need money, debt collectors don’t wait long for you to make payment arrangements. Use the cash you get from quick cash type online loans to cover your bills or expenses until the next time you get paid.
How do quick online cash loans work?
These types of quick cash loans are similar to paycheck advance loans. Quick cash loans are also known as title loans. In online title loans, you borrow the money you need from a lender. When you get paid again, you repay the loan. But these types of loans don’t end there. There are other options that can be incredibly flexible and customizable to fit your unique financial needs and budget. If you need funding for whatever reason, you can apply for a larger amount, which will be set up as an installment loan. Because you need more money, the installment loan gives you a longer repayment time than a standard quick cash loan.
What type of quick cash loans online are available?
There are several types of quick cash loans online lenders may offer. These include:
- Online Title Loans. A vehicle title loan is the most similar type of borrowing to a traditional loan. With a title loan, you use your car as collateral to secure the loan. In a title loan situation, the lender will keep your car title as secure collateral until your loan is completely paid off. In order to qualify for this type of title loan, you will need to have a vehicle that is free and clear. The car, pickup truck or SUV cannot have any liens on it or have remaining car payments. Once your loan and any interest is paid in full, your clear title will be returned back to you. There are no prepayment penalties or hidden fees to a title loan.
- Online Registration Loans. A registration loan is used with your car to back it just like a title loan with a few key differences: In a registration loan, you can still owe payments on your pickup truck or SUV and get funded. You don’t have to give your car or truck up to the lender until it’s paid off. Instead, you are allowed to hang onto and drive your car while you pay the loan off.
- Online Payday Loans. Payday loans are the bridge between the money you need today and your next paycheck. Whether you need to pay your car payments, a mobile phone bill, car insurance, or your rent you can rely on online payday loans as your chance to get you fast, easy, access to your paycheck in advance. While Payday loans should not be used on a regular basis, especially for expenses like vacations or shopping, they are a good option when you need that extra cash.
- Online Installment Loans. When you qualify for a bigger cash loan amount, it may not be practical to pay it off as quickly as you would pay off a smaller loan. Quick cash lenders are aware of this and offer longer installment loans that give you the option to pay off bigger loans over longer periods of time.
How expensive are quick cash loans?
Quick cash loans come with a short repayment time. This saves you considerable money in interest and fees. Compared to other ways to get cash (like credit cards) they are a relatively inexpensive option.
For example, you are short on cash and take out a cash advance on your credit card. The credit card company will charge you cash advance fees. Then there’s the high interest rate – sometimes exceeding x%. The credit card gives you no time limit to pay off the full balance. While having no deadline to pay off the balance you borrowed sounds like a good idea, it is a dangerous financing option.
With a credit card, if you choose to pay the minimum amount required every month, the high interest rate continues to add to your balance. You could end up pay triple or more the original money you borrowed on the credit card. And paying the minimum monthly credit card balance means you could be paying back your credit card balance and the ever growing interest fees for years.