3 Ways To Get Money Quick In A Pinch – Car Title Loans And More

Article by Chris Harmen

Today’s tight economy has found many families unprepared for financial emergencies such as higher than average bills and unplanned medical expenses. No matter how well a family maintains a budget, there are times when cash resources are simply inadequate. Luckily, several fast and easy ways to get money quickly are available to help families through these difficult times, includ credit card advances, payday advances, and car title loans.

Evaluat and compar these three common ways of gett money quickly can help borrowers select the best option for their financial needs. The ability to repay the debt must be part of the financial plann process to avoid future complications. Borrowers can either increase their debt by borrow funds at a higher rate without provid collateral, or they can offer up something of value to the lender as collateral, or proof, that the debt will be paid as promised. Credit card advances are easy to get, assum there is still credit available. However, they also come with hefty cash advancement fees which may increase the exist debt even faster. Payday advances are also easy to get, but the interest rates can be astronomical. Car title loans use a car as collateral, allow lenders to charge lower rates due to the decrease in risk. They also provide the added advantage of allow borrowers to apply online.

Credit Card Advances

Cash advances offer the convenience of simply add to a credit card debt. These cash advancements generally incur a higher interest rate than purchases and they may also include a cash advancement fee. Since payments are applied to purchases first, borrowers will continue pay the higher interest rate on the cash advance for as long as there is any outstand purchase debt. Those all-too-easy-to-use credit card checks that can be written to yourself for cash can end up cost far more than is apparent on the surface. Also, when a financial situation is such that the card holder is seek fast cash, it is all too likely that a payment may be late or even missed, which can result in even higher interest rates being charged on the total debt. There are also often penalties for going over the credit limit, even when that limit amount is broken by interest charges. Cash advances can rapidly become a destructive, self-perpetuat cycle that is best avoided if possible.

Payday Advances

Highly popular and very easy to get, payday advances use a borrower’s earn capacity as high-risk collateral on high interest debt. Since these debts are not secured by property, they are generally the most expensive way to get fast money. To apply for a payday advance, borrowers must take pay stubs to a local lend office, fill out paperwork, and wait for a decision. If and when they are approved, borrowers quickly learn that the net interest rate is in the hundreds of percentage points. This means that 0 borrowed can end up cost more than two or three times that amount. Payday advances also commonly feature prepayment penalties, mean borrowers are punished for pay back the debt earlier than is required. These penalties are in place to keep borrowers from reduc the amount of interest they must pay.

Auto Equity Loans

Unlike the high cost of a payday advance, car title loans reduce risk by using property, such as a car, truck, boat or RV, as collateral. This allows debt to be issued with significantly lower interest rates when compared to other short term solutions to cash shortages. They are issued without prepayment penalties, which means borrowers can pay back auto equity loans ahead of schedule and reduce the overall expense.

For cars that are less than 10 years old and which have a wholesale value of at least 00, short term financial difficulties can be resolved online in a matter of minutes, all from the comfort of home, using a computer. As soon as the auto equity loan contract is signed, cash is deposited into a bank account the very next business day. Car title loans are a fast, reliable, and inexpensive way to get the money you need.

Car title loans are easy to apply for online and, being low-risk investments for lenders, auto equity loans are more readily available at a significantly lower cost than other short term sources. Instead of pay out many times the value of the debt in interest rates, as you would with a credit card or payday advance, you can use car title loans as a reliable, inexpensive, and stress-free source of short term funds that will be simple, easy, and painless to repay.

About the Author

Chris Harmen is an author for TurboTitleLoan.com, a top car title loans provider. Car title loans and auto equity loans from TurboTitleLoan.com provide low-risk, low-cost loans that use your car as collateral.

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