There will be times when you need cash right away. Most banks are slow to give out loans, and this is especially true for loans with collateral. Many people don't know what to do when they don't have money coming in. There are fast secured loans that will let you get the money you need without having to deal with banks or fill out applications. There are a number of other options.
Advance on cash
Using a cash advance service is a fast way to get a secured loan quickly. You will need to fill out an application and write a check for the cost of the loan and the service fees. After you do this, you will be given cash or a check that you can take to your bank. When you get a cash advance, you usually have two weeks to pay it back. Some businesses will let you pay them, but others won't. If you don't pay the cash advance company back at the end of the two weeks, they will try to cash the check you wrote them. If the check bounces, both banks will charge you.
Providers of Title Loans
A title loan service is another way to get fast, secured loans. They are like a cash advance company, but instead of a check, they will need a lien on your car. When they give you the money, they will own your car. Title loan companies will usually give you more money than cash advance services, but if you can't pay the money back, your car will be taken away. You'll also have to pay fees for being late. The company that gave you the loan can then sell your car to make up for what they lost. I wouldn't recommend getting a title loan unless you really need one. You should also make sure you know how you will pay back any money you borrow. If you lose your car, it can be a big problem.
Payday Loans
A pawn shop is the third place you can get fast secured loans. When you go to a pawnshop, you bring in valuable items like jewellery, computers, or other things of value. The people who work in the pawnshop will decide how much your valuables are worth. Almost always, the amount they say your item is worth will be less than what it really is worth. Then, they'll take these things and hold on to them as collateral. After you pay off the loan, you'll get these things back. Most of the time, they will give you about 30 days to pay the money back. If the loan isn't paid back in three months, the pawnshop can sell it to another customer.
Word of Caution
All of these places will let you get fast secured loans, but they all come with risks. If you don't pay back the money, you might have to pay fees or have your car or other things sold. You should only use these services if you really need them. A lot of people get in the habit of using them to get money between paychecks, which leads to a long cycle of debt. The people who run these services make a lot of money from them, but the people who use them don't get as much out of them. If you need money badly, you should stay away from these places.
If you are so desperate that you need to use these services, it might be a good idea to look at how you spend your money. Maybe you have too much debt or are buying things you don't really need. The best way to avoid using these services is to take care of your own money well. They tend to help people who don't have the best credit.
