There are a number of ways to get same-day cash when you need money. The most common loans that provide borrowers with instant cash would be personal installment loans, payday loans, car title loans, pawnshop loans, and more.
If you’re currently in need of a quick cash loan, there are options out there. Below is a list of the most common fast cash options available for borrowers in need. These options are typically designed for borrowers with lower-than-average credit scores:
Personal Installment Loan
A personal installment loan is an unsecured personal loan. This means you won’t need any collateral to get one. You’ll be approved or denied based on your borrowing history and your income in most situations. This is generally considered to be a good alternative to other fast cash options. Typically, you can get several hundred dollars up to several thousand dollars in some cases. You’ll likely have between a few months and even a couple of years to repay it, depending on the specific lender and your financial situation.
A payday loan is a very short-term, small-dollar option for fast cash. It’s also an unsecured loan so you won’t have to worry about having collateral. These loans are usually for smaller amounts than personal installment loans. You may only get a few hundred dollars in most cases. You also have much less time to repay it than with an installment loan. Generally, borrowers have to return the principal and interest within two weeks or by their next payday. The high interest rates coupled with the short repayment period make these tough to repay on time.
Car Title Loan
This is a secured loan, meaning you will have to offer up collateral. The collateral for a title loan is the title to your car, truck, SUV, motorcycle, or another vehicle. This means that if you don’t repay your loan the lender can take your vehicle and sell it to recover their money. As you can see, this is a risky option if you rely on your vehicle for everyday use. These types of personal emergency loans may allow you to get a decent amount of cash, but they’re usually due back in 15-30 days which makes them very difficult to pay off on time.