Quick and Safe Ways to Borrow Money

There are a couple of situations where most of us have encountered a financial constraint without cash-on-hand to cover for it. One, when you are short on money to invest that can be profitable in the future. Two, when you simply don’t have many options in an emergency and your back is against the wall.

Today, we are exploring some of the quickest and safest ways you can borrow money.

Next time you are in a financial fix and want some cash, you may want to consider some of these options that are the best fit for you.

Title Loans with Immediate Payout

With your car’s title, you can get a title loan. The value of your vehicle is appraised to determine the amount of loan you qualify for. Fortunately, you are allowed to continue using your vehicle as you repay the loan. While the most common route of title loans is using a car as the collateral, some providers allow other transportation means such as motorbikes, scooters, and recreational vehicles as well. 

By definition, to qualify for a title loan the borrower must be the legal owner of the title to vehicular transportation. Once the value of the vehicle is appraised, you receive the decision as fast as possible.

Installment Loans with Payout in 24 Hours

Many of us wonder if it is possible to borrow an amount larger than our paychecks can cover. With installment loans, yes you can. An installment loan raises the limit of your loan and the repayment is usually longer ranging from 3 months up to 35 months. 

A longer repayment period lowers the monthly repayments but consequently increases the interest chargeable to the debt as compared to shorter-term loans. The online application for an installment loan takes minutes and the verdict on the application is usually within minutes with funding being processed within 24 hours.

Payday Loans (Payout in 24 Hours)

A payday loan is a small dollar, short-term loan. It is commonly referred to as cash advance. With payday loans, you’ll have to pay it as soon as you get your next pay, which is usually within two to four weeks. 

However, some provinces like Alberta, Ontario, and British Columbia give you up to 62 days to settle the loan. Applying for a payday loan online is easy with the loans from iCash.ca being approved and disbursed within 24 hours. In most cases, the lender gives you cash or deposits the money in your account. However, there are cases where a lender asks you to take the loan on a prepaid card that might cost extra to activate. Paying payday loans on time is vital to avoiding facing more interests and fees that increase your debt.

Line of Credit

Line of credit loan, usually with a 24-hour payout period, lets you borrow the maximum amount of money up to the preset limit. You don’t have to specify the use of the funds. You can use as much or as little as you prefer up to the specified maximum. Usually, the interest chargeable is variable and may go up or down over time. You pay the interest on the debt from the day you receive the money to the day you fully pay the balance. 

You only have to settle the interest on the money you take while the owed money can be paid at any time. However, with some lines of credit lenders, you might have to pay some fees including registration and administration fees. Notably, your credit score plays an important role in determining your interest. Usually, the higher the credit score the lower the interest rates on your line of credit loan.

Pawn Shop Loans with Immediate Payout

Most of us own something valuable in the form of a diamond necklace, gold chain, or any other power tool. These items bring higher loans but most household items can be pawned including entertainment systems. The basic rule is that if it doesn’t need feeding or watering, and is not illegal then it can be pawned. Most pawn shops around the nation will provide cash loans up to a percentage of the resale value of the item. Simply, a pawn shop will maintain custody of your precious item until you repay the loan. 

Pawn loans are some of the simplest forms of collateral credit. Once the pawn loan is repaid in full, usually within 60 days, the item is returned to you.

You can borrow money safely and quickly. You don’t have to wait for weeks to get the money you urgently need. Now that you know the quick and safe ways of borrowing money, consider all options and go for the one that best fits your unique situation.