Five Types of Loans You Might Need in the Near Future

2 Mins read

Emergencies happen every day, and they’re never convenient. An emergency might arise for you in the future that requires you to apply for a loan. It’ll be good to know of some reliable places where you can receive the financial help you need. The following are five types of loans you can request if you’re in a jam:

A Payday Loan

A payday loan is an option for you if you swiftly need cash. Payday lenders usually don’t require you to have a perfect credit score. They pay more attention to your work income and your ability to repay the advance. You’re likely to get approved if you make more than $1,500 a month and have been employed for more than three months. You can get these types of loans quickly, but you have to repay them quickly as well. Most payday lenders expect you to repay the advance on your next payday. 

A Pawnshop Loan

A pawnshop is another place where you can get the funds you need rather quickly. All you need to have is an item the pawnshop is interested in purchasing. You’ll have to contact your local pawnshop to find out which items they prefer to buy. They may desire musical instruments, gaming systems, jewelry, baseball cards, or something different. You can get a loan for about 50 percent of the retail value of the item you offer. You can even come back and reclaim your item if you want to.  

A Paycheck Advance

Now you can download convenient paycheck advance apps that work directly with your employer’s payroll system. You can borrow up to 50 percent of your upcoming paycheck on those apps, and there’s usually only a small fee for doing so. You’ll have to connect with your bank so that the app can give you your loan and also get the funds back from you. You might be able to connect on the same day. 

A Title Loan

title loan is something you might prefer if you own a car and you have the title to the vehicle in your hand. The lender will offer you about 70 percent of the value of your car, minus any imperfections or features that make it less desirable. You will have approximately 30 days to pay the loan back. However, some title lenders have longer repayment terms. You may want to connect with one of those lenders if you think you’ll need more time to settle your debt with them. 

Private Loans

Private loans are advances you might be able to get with a smaller company. Maxlend loans are an example of a private loan you may be able to obtain. You can contact the company to find out its criteria for advances, and then you can apply if you feel like it’s the right fit for you. You may even be able to get some extra perks if you choose the right financial provider. You might be put on a preferred status if you make your payments on time. You could be eligible for future assistance if another emergency arises that you need to take care of, too. It may be worth it to reach out to one of these providers to see what kind of help you can get. 

Those are some quick ways for you to get a loan for your emergency needs. Check each option to see which one will be most helpful to you. There’s a way for you to get from under financial problems. You just have to take your time and find the best option for you.