Fast Cash Personal Loans
Secured and Unsecured Loans
The choice of fast cash personal loan is limited by how quickly you need to raise capital. If you can wait for a few days; there’s a broad range of options. However, if you want the money immediately; choices are limited. Today’s financial marketplace is awash with personal loan providers and the volume of competition can be overwhelming. However, all fast cash loans loosely fall into two categories: secured and unsecured.
If you’re a homeowner and want a fast cash loan then you can borrow money relatively easily by using your home as security. If you don’t own a home you’ll need to apply for an unsecured loan, which shouldn’t be a problem if you are in regular employment and have a good credit history. Both types of personal loan will take a few days to process, but are worth the wait in terms of favorable interest rates.
The bad news is that anyone who needs cash now is fishing in a much smaller (and much more expensive) pond. In fact, there’s very little to choose between except payday loans and popping down to the local pawnbrokers.
Visiting a pawnbrokers’ is a fairly straightforward process, whereby you’re lent money against the security of a personal item such as a TV or item of jewelry. In the not too distant past the industry was seen in a bad light, but since the Consumer Credit Act of 1974 tighter regulations have improved the image of pawnbrokers. If you are unable to pay back the borrowed sum the pawnbroker simply sells your security.
Payday loans are an entirely different kettle of fish. A loan is made to you on the basis that you are only borrowing the money until the end of the month (your next pay check effectively acts as security). Plenty of payday loan companies can be found online and you’ll be expected to supply bank account details and a copy of your last pay slip. If your application is approved funds will then be transferred into your account and debited on payday with an additional fee.
The bottom line is that if you want cash fast; you’ll have to pay for it. If there’s any way that you can stall financial peril for a few days; you should have little difficulty finding a much better deal.