Loans Information

Fast Money: A Guide to Fast Secured Loans


Here is a useful guide to fast secured loans. Here is a useful guide to fast secured loans. Sometimes it seems as though there's nothing you can do? you need money and you need it now, but you don't get paid for another week or more. You need to find a fast secured loan, but banks can sometimes take weeks to process your application and there's still no guarantee that you'll get the money that you need. Luckily, there are other options available for fast secured loans.

Cash Advance and Cheque Cashing
Cash advance stores and cheque cashing services are one of the simplest forms of fast secured loans. You go in and fill out some paperwork, write them a cheque for the amount of your loan plus their service charges, and walk out with either cash or a cheque that you can take to the bank. You usually have two weeks to pay off the loan, and may or may not be able to make partial payments. If you haven't paid your debt within the appropriate timeframe, then they'll submit your cheque to the bank for payment? and if you don't have the money, the cheque will bounce and you'll be looking at service fees from both the cash advance store and your bank.

Title Loans
A title loan is another form of fast secured loan, working much like the cash advance store but with the loan provider putting a lien against your car title (meaning that they have loaned you money, and therefore are considered to be legal owners of the vehicle) instead of you writing a cheque. Title loans usually allow for greater amounts to be loaned, and in almost all cases you get to keep your car? the down side is that if you don't pay the loan back in time, then the lender is able to repossess the vehicle. If you don't pay them back after they've repossessed (as well as pay for the repossession fees), then they're free to sell the car in order to get their money. Title loans usually aren't recommended unless you have a dire need for money, and know that you'll be able to pay back the loan before the payments get out of hand or behind.

Pawn Shops
One of the most popular forms of fast secured loans is the pawn shop. The way that a pawn shop works is that you bring in some item of value (ranging from rings to computers, and sometimes even your car title) and they loan you the amount that they estimate it to be worth. Their estimation will be much lower than the actual value, and they'll keep the item as collateral; when you pay back the loan (usually within 30 days), then you'll get your item back. If 90 days pass and you haven't picked up your item or made payments on the loan, then the pawn shop is free to put it on their shelves and sell it to whoever wants it.

As you can see, fast secured loans are fast and can get you the money you need if you have a desperate need? but they have some serious drawbacks as well. Use caution when deciding whether you really need the money that badly, and go in with a definite plan for paying the money back.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.


MORE RESOURCES:

Javno.hr

Loan Delinquencies Hit Record High Last Year
Washington Post, United States - 5 hours ago
By Nancy Trejos Delinquencies on auto loans and home equity lines of credit reached their highest levels on record during the third quarter of 2008, ...
Late loan payments hit record high in 3Q USA Today
US consumer loan late payments at 28-year high Reuters
Delinquent consumer loans rise to near record Minneapolis Star Tribune
Newsday - U.S. News & World Report
all 54 news articles


PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans
Bloomberg - 13 hours ago
Known as PennyMac and led by Stanford Kurland, the firm is paying an average of 30 cents to 50 cents on the dollar for the loans and the FDIC is sharing ...
FDIC Unnationalizes Some Debt Forbes
BlackRock, Highfields-backed firm to share gains and losses with FDIC MarketWatch
PennyMac Completes Purchase of $558 Million in Mortgage Loans from ... Associated Content
The Associated Press - PR Newswire (press release)
all 75 news articles


GM, Chrysler, credit unions expand loan programs
Forbes, NY - 14 hours ago
AP , 01.07.09, 03:29 PM EST General Motors and Chrysler say they're both expanding deals that offer low-cost loans and special pricing incentives to credit ...
GM, Chrysler, credit unions expand loan programs The Associated Press
GM To Expand Credit Union Discounts Nationwide CNNMoney.com
GM expands credit union program nationally Automotive News
PR Newswire (press release) - Crain's Detroit Business
all 125 news articles


Boston Globe

General Motors May Not Require Further US Loans to Survive
Bloomberg - Jan 6, 2009
7 (Bloomberg) -- General Motors Corp. has enough government loans to cover the worst-case scenario it described last month and says it won’t need more if ...
End Run On the Treasury Washington Post
GM says govt loans cover worst scenario - report Reuters
GM May Not Need Further Loans: Report TheStreet.com
Detroit Free Press - RTT News
all 126 news articles


Fewer apply for home loans; credit line delinquencies increase
Los Angeles Times, CA - 5 hours ago
The average interest rate for 30-year mortgages rises, while rates for 15-year and adjustable-rate loans fall. By E. Scott Reckard Fewer Americans applied ...
Mortgage Applications Decrease In Latest MBA Weekly Survey Originator Times
Mortgage applications down in latest survey Forbes
Mortgage App Volume Falls, But Household Apps Rise Housing Wire
Los Angeles Times
all 63 news articles


Payday lender can't charge 365 pct loan rate in NH
Motley Fool - 9 hours ago
The payday lender had fought New Hampshire's 6-day-old law capping annual payday and title loan rates at 36 percent. Under its new proposal, Advance America ...
State puts end to loan blitz The Union Leader
Payday loans with no credit check and its possibilities . . . Personal Money Store Blog
No credit check loans: Make your instant needs easy Search By Headlines (press release)
Personal Money Store Blog - Personal Money Store Blog
all 6 news articles


The Associated Press

Car dealerships slash prices to drive traffic
The Associated Press - 11 hours ago
Auto loan delinquencies reached record levels in the third quarter of 2008 as unemployment continued to climb. Delinquencies for indirect auto loans — those ...
Good deals for car buyers, but getting a loan harder Fox 28
all 78 news articles


Boston Globe

Mass. battery maker seeks US loan for plants
Boston Globe, United States - 6 hours ago
If approved for the loans, A123 said, the money would come from the $25 billion approved by Congress last year to help the US automotive industry invest in ...
A123's proposed battery plant hinges on loan from feds Automotive News
A123 Systems plans US battery production Reuters
Battery co. seeks $1.84B boost Boston Herald
Earth2Tech - MSNBC
all 57 news articles


Borse Dubai May Get $2.5 Billion Loan as Credit Eases
Bloomberg - 17 minutes ago
8 (Bloomberg) -- Borse Dubai Ltd. may be the emirate’s first state-owned company to tap banks to refinance a multibillion-dollar loan since September, ...


New conforming loan limits and other sources of borrower confusion
Los Angeles Times, CA - 12 hours ago
Just what the conforming loan limit is on single-family homes and condos in Southern California -- it was raised last year to $729750 in designated ...
Lofgren sees higher jumbo mortgage limits returning Bizjournals.com
all 4 news articles

Loans - Google News

home | site map
© 2008 RMB.ORG.UK