Well, you will find caught up in a web when a crisis hits you out of the blue. It may be any of the reasons such as an unanticipated job loss or face with a medical emergency and you don’t have insurance in place for the said medical condition etc. When you’re broke, you may think that there is no place to go. But wait! Don’t yet give up all the hope, as you have got options - Here are the three proven and time-tested options you can turn to, for obtaining instant cash loans. You can avail:
1. Personal Loan from Online Lenders
Thanks to the technological advancements, now that we are in the Internet era, you’ll find a new class of online lenders out there to give you quick cash loan – usually, they sanction a loan in an hour or single business day. However, you’ll get a cash loan on interest rates that are based on your credit history; typically, thirty-six (36) per cent ceiling is set.
Moreover, some of the lenders may take into account other factors such as your business or profession. Besides, there are lenders who provide loan to people having either good or bad credit.
2. Cash Loan Using Your Credit Card
You can avail a cash loan using your existing credit card at your bank’s ATM, but it comes at a very high-interest rate. The annualised percentage rate for availing a cash loan is much higher compared to what you paid for your purchases. Normally, the minimum cash advance annualised percentage rate at most of the banks is higher than twenty (20) per cent. Moreover, majority of the banks impose cash advance fee that can commence from two (2) per cent and goes higher up to five (5) per cent of the loaned amount. Furthermore, the interest starts to accrue quickly without any grace period; that means you have to repay the loan as soon as possible to stop the charges from twiddling beyond your control.
Bear in mind, your credit card will have a particular credit limit and cash advances will have a ceiling fixed to a few hundred dollars beyond that you won’t be able to withdraw cash - this means that you can’t withdraw your entire credit limit.
3. Cash Loan through Auto Pawnbroker
Auto pawnbrokers can give you same day quick cash loans. To avail an instant cash loan from an auto pawnbroker, you’ll need a vehicle to place it as collateral. It could be any vehicle such as a car, motorbike, van, jeep, Ute, SUV, truck etc. The vehicle must be maintained well and in excellent running condition. Along with your vehicle, you must bring the vehicle’s ownership or Rego papers and valid ID proof, and you must have attained the age of 18 or above to qualify for the pawn loan.
It’s an easy and trouble-free process! More importantly, if you have bad credit standing or declared bankrupt, then also you can avail auto pawnbrokers’ quick cash loan for short-term, as they won’t carry out any credit or background checks.
Before or at the expiry of your pawn loan, you can repay the loan and claim your vehicle back. Besides, you can also extend the loan by a month by paying the interest in advance. Usually, auto pawn loans are given for a short period starting from one day to three months. However, if you fail to repay the loan amount with interest, you’ll lose the ownership of your vehicle.
The Bottom Line
There you are! The three go-to options for availing quick cash loan when you don’t have any other alternatives in your favour. You can choose the one that is the most convenient to you.
Explore More: Cash Fast - Car Pawnbroker
Explore More: Cash Fast - Car Pawnbroker
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