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If you are looking for an immediate cash loan then it’s very important that you understand what your options are. Generally speaking, if you need to get a loan by today or tomorrow, then your options are going to be limited to one of two industries: the payday loan industry, or the car title-loan industry. In this post we will discuss some of the basics of each industry, helping you to have a better idea of what you can expect with these types of loans.

Payday Loans

Payday loans are fairly simple to understand, yet many people still get themselves into trouble and fall into a very bad debt trap. When you strip them down, payday loans are:

1) Short term loans, meant to be paid back withing 2 weeks
2) Very high interest rate loans, with rates averaging above 450% APR
3) Bad credit loans, as no credit checks are required so you can have bad credit or no credit and still get the loan
4) Unsecured loans, since you don’t have to put anything down other than a post-dated check (or provide your bank account information if doing the loan online)

Sadly, many people forget number 1 – that these are only supposed to be short-term, temporary financing. They take out the loan, but don’t pay it all back in two weeks, and that is how the debt cycle starts.

Title Loans

Title loans (another one of the most common immediate cash loan options) are very much like payday loans,  with the exception that they are not unsecured loans – you have to pledge the title to your car in order to secure the loan. What this means is that you lose your car if you don’t pay. However, because the loans are backed by the car and becuase there are a few more restrictions to get the loan, you can find a title loan with a slightly lower interest rate than payday loans. However, just like with payday loans, make sure you pay back the title loan ontime – otherwise you may have high fees to pay or you may lose your car.

Posted: May 4th, 2010 under Info About Quick Loans.
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If you are looking into getting a 50000 personal loan then there are a couple of pieces of information that you are going to need to know and a couple of pieces of information about yourself that you are going to need to pull together. Remember, this is not like getting a simple 1000 cash loan from your Grandmother or Dad (unless your Dad is willing to lend you 50K of course)–usually this type of loan will come from a bank or from a local credit union.

As such, you will need to first provide some information about yourself before you can secure this loan. The first will be your basic credit history. Obviously the bank will be pulling your credit report and file, so you need to make sure that nothing is on that report that would increase the chance that you do not get qualified for the loan. Fortunately, due to legislation in the last few years, you are able to pull your credit report very easily and quickly from a wide array of online sites. I would recommend going one step farther however, and pulling not just your free credit report but also pulling your actual credit score from each of the credit bureaus. You can get this report free for the first 30 days, run the reports, then simply cancel the service.

Second, you need to be aware of your options when it comes to a 50000 personal loan. Generally speaking, you will be able to choose from both a recourse and a non-recourse loan, and each will have it’s own advantages and disadvantages. Mainly, the advantages will have to do with the recourse the bank will have in case of default and the interest rate charged on the loan, so make sure you understand the differences before you sign the final paperwork.

Posted: February 16th, 2010 under Financial Planning Tips.
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