Quick Cash Options

By: Franklin Buck

We all know there are times when we need just a little bit more cash to get us by. If going to friends or family isn't an option, a short term loan can be. Whether your are trying to avoid late fees, need to repair your car, have a health care expense or an emergency, having the ability to receive cash overnight with just a few clicks of your mouse is what today's modern technology has brought us.

There are a variety of loans available on the market today. Short term loans are one of the easiest ways to solve your immediate concerns and because they can be unsecured, meaning you are not required to use your home, car or other assets for collateral. So what are your options?

Personal Bank Loans: With a personal bank loan, collateral that is equal or greater in value to the amount being borrowed is required by the lender to ensure that you will pay back the borrowed amount. This means, if you do not pay the loan back, your car or home can be repossessed. It also means, if you do not own something of value such as a car or home, you will not qualify.

Unsecured Loans: When at a bank and asking for an unsecured loan, meaning you do not have collateral or something of value to ensure your payment, the bank or loan company will not only charge high fees and interest but also require your credit history. The process doesn't stop there, getting approval then could take weeks.

Credit Card Advances: Credit card companies can advance cash to you but typically tack on fees and then charge an exorbitant interest rate on the amount borrowed. Cash advances begin accruing interest immediately and one can only receive a credit card advance with already strong established credit.

Payday Loans: A payday loan or cash advance is a small, short-term loan (typically up to $500) without a credit check that is intended to bridge the borrower's cash flow gap between pay days. Loans are secured by a personal check that the lender agrees to hold for you until your next payday.

Short Term Loans: The loan does not require collateral or perfect credit. Unlike a bank loan, there are no long waiting periods or lines to stand in. If you don't carry credit cards and receiving cash advances aren't an option, short term loans fulfill the same need with no hidden costs. Some short term loans don't even require you to have a job, just as long as you can prove an income. And the payment plans make them easy to repay.

So if you are shopping around for some emergency cash, do your homework, you might be pleasantly surprised.

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