Are you stuck in a financial emergency? You might need cash now! While it may be stressful to be short on bills this month, finding a cash loan can be even tougher if your credit is not up to par. Most of us have been stuck before.
An unexpected bill may come up, or something needs a repair, and you need cash immediately. Luckily, there are alternative cash loan options available if you need financial assistance and you are not confident with your credit history.
Need Cash Now? Here’s Where to Start
No one enters the world knowing financial literacy or how to budget. It takes years of practice and a lot of “live and learn” mistakes. If you have found yourself falling short this month and you are not sure how to get your bank account back on track, there’s hope!
Changing your financial habits is the first step to getting yourself on track financially. While these tips will not give you cash immediately, they may help you learn to control your money and help you save more cash for the future.
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Your financial habits help determine your future and learning how to control them can make a difference with your wallet! With just a few changes to your life, you could be saving a lot each month.
Establish A Budget
Starting a budget can be difficult, but it will get easier the more you work on it. Budgets can help you keep track of your money and establish accountability. Take a look at your spending habits and separate your monthly expenses into two categories: Fixed and Variable. Your fixed expenses are those that will not change during the month and the variable expenses will. Fixed expenses are often things like bills, and variable expenses are often things like entertainment and gas. Take these expenses and subtract them from your monthly income. There are plenty of budgeting apps that can do this step for you! A budget app can also help track your expenses each month and notify you if you are over your budgeting limit.
Get a Secondary Source of Income
If you have not done so already, get a second source of income! Whether you choose a second job or open up an Etsy store, it can be helpful in the long run to have more than one source of income to rely on. Even if you are picking up a part-time job for just a few hours every week, it can make all the difference when you are short for a bill!
Change Your Spending Habits
Sticking to your spending limit can be challenging, especially when an unexpected expense pops up throughout the month. One of the easiest ways to combat your spending habits is to implement small changes each month! Taking your coffee to work from home or making your lunch every day can be a good place to start.
What Are My Cash Loan Options When I Need Cash Now?
While changing your financial habits can help you save money in the long run, it does not help you when you need cash now. Fortunately, there are a few different types of alternative cash loans you can apply for!
Depending on your financial history, you could be eligible for:
- Payday Loans: These cash loans are meant to last a borrower in between paydays. Typically, they are short-term loans that often require no credit check! Payday loans are short term loans that are anywhere from $50-$500 depending on your state of residence. While they can be a fast way to get cash with a bad credit score, there are some drawbacks. Payday loans can often come with hidden fees and charges, as well as high-interest rates.
- Personal Loans: These loans are unsecured and often a good option for borrowers that have a decent credit history. Since there is no collateral to secure the loan, a personal loan is not a great cash option for those with a poor credit history.
- Title Loans: Title loans are secured cash loans that you do not need a perfect credit score for! Since it has a streamlined approval process for emergencies, a title loan can be an excellent resource if you have a poor credit history and need cash now.
Do I Need Perfect Credit to Apply for a Car Title Loan?
If you are facing a tough financial situation, chances are that your credit has taken a hit. The good news is that you do not need perfect credit to apply for a title loan! Borrowers from all different types of credit histories can apply for a title loan and potentially get funding.
Since title loans are secured with collateral, your credit is not the focus of the approval process. Instead, during the approval process, these factors will be the most important:
- The Value of Collateral
- Ability to Repay the Loan
The vehicle’s value is the most important part of the approval process! While your credit history can be considered, it is not the focus of your eligibility. Instead, your collateral is. Your eligibility and loan amount are dependent on your collateral’s value. If you have a vehicle with value and your income can support a loan payment, you may be eligible for a title loan!1
How Much Can I Get Through a Car Title Loan?
If you are like most borrowers that need cash now, you may be curious about what your title loan amount could be. Your loan amount for a title loan is based upon:
- The State You Live In
- Your Car’s Current Value and Equity
- Your Income
If you live in a state with loan restrictions, chances are you will not be able to receive more than what the legislature allows for. The most important factor in determining your loan amount, however, is your vehicle! Your vehicle’s value is what sets the base for how much you can receive through a title loan. Typically, you will be able to access 25%-75% of your vehicle’s value through a title loan.
During the approval process, a loan agent will review your car’s value and your income. A loan agent will look at the value of your car and your income-to-debt ratio to see how much you can afford each month! Depending on the value of your car, you could receive enough cash to get the help you need.
What are the Benefits of a Car Title Loan?
Car title loans can offer more benefits to borrowers than just cash! When you need cash now you may be searching for the quickest way to get your money. With a title loan, you can get your money fast and get some extra benefits along with it!
- Faster Funding Options: Emergencies can happen to anyone at any time. If you are facing a financial emergency, you need your cash fast! When you work with title loan options like ChoiceCash Title Loans, you are working with a streamlined process!1 Qualified borrowers through ChoiceCash Title Loans can get their cash in as little as one business day.1
- Competitive Interest Rates: Since title loans are secured loans, the interest rates can be much more competitive in comparison to other cash loan options! While payday loans have very high-interest charges, a title loan can be more reasonable.1
- More Time to Pay: While other cash loan options are often only short-term, a title loan can have longer loan terms if you need them!
- Keep Your Keys: Understandably, you want to know what happens to your car while you pay your loan. Responsible borrowers can keep driving their vehicle like it is business as usual! As long as you make your payments on time and consistently, you can keep your keys.
Where Can I Apply for a Title Loan When I Need Cash Now?
If you need cash now, a title loan is a perfect way to get your funding! Applying can take just minutes to do through loan options like ChoiceCash Title Loans. Not only will you be able to get your cash faster, but there is a simple, three-step process for your convenience:
- Submit a Loan Inquiry Online, or Over the Phone
- Send in a Few Documents to Verify Your Information
- Get Approved and Get Your Cash!1