Fast loans are a way of getting a loan quickly. There are numerous types of fast loans, from check advance loans to personal loans. Some are harder to get than others.
Some require collateral while others do not. They all vary in the terms and conditions, so when looking for a fast loan it is important to weight the options.
Check advance loans are where a person gets a short term loan that they secure by writing a post dated check. These loans are usually given for a short period of time, anywhere from two weeks to a month.
When the loan is due the borrower can either pay off the loan or let the cash advance store cash the check they gave them. These loans are usually for small amounts, ranging from fifty to a couple thousand dollars.
Another …show more content…
That said, fast secured loans are one of the fastest forms of finance currently available.
Pawnshops are another type of fast loan. A pawnshop is a store that buys used goods. A person gives the shop their goods in return for money. They are given a short period of time in which they can return to repurchase their merchandise or payback the loan.
If the person does not return to pay the loan the pawnshop then takes full ownership of the merchandise and can resell it to recoup the amount of the loan. Most often people simply let the pawnshop keep the merchandise, except in cases where the merchandise is especially valuable.
A newer type of fast loan is an online loan. These are often comparable to traditional loans but take far less time to set up. These loans are often set up as automatic withdraws. The lender gets the borrowers checking account information and each month deducts the loan payment.
This can be a little risky especially if the borrower does not have the money there to pay the loan. There are a lot of online lending scams so a borrower should make sure to check out any lender they are dealing with before signing a
Some require collateral while others do not. They all vary in the terms and conditions, so when looking for a fast loan it is important to weight the options.
Check advance loans are where a person gets a short term loan that they secure by writing a post dated check. These loans are usually given for a short period of time, anywhere from two weeks to a month.
When the loan is due the borrower can either pay off the loan or let the cash advance store cash the check they gave them. These loans are usually for small amounts, ranging from fifty to a couple thousand dollars.
Another …show more content…
That said, fast secured loans are one of the fastest forms of finance currently available.
Pawnshops are another type of fast loan. A pawnshop is a store that buys used goods. A person gives the shop their goods in return for money. They are given a short period of time in which they can return to repurchase their merchandise or payback the loan.
If the person does not return to pay the loan the pawnshop then takes full ownership of the merchandise and can resell it to recoup the amount of the loan. Most often people simply let the pawnshop keep the merchandise, except in cases where the merchandise is especially valuable.
A newer type of fast loan is an online loan. These are often comparable to traditional loans but take far less time to set up. These loans are often set up as automatic withdraws. The lender gets the borrowers checking account information and each month deducts the loan payment.
This can be a little risky especially if the borrower does not have the money there to pay the loan. There are a lot of online lending scams so a borrower should make sure to check out any lender they are dealing with before signing a