Today's tight economy has found many families unprepared for financial emergencies such as higher than average bills and unplanned medical expenses. No matter how well a family maintains a budget, there are times when cash resources are simply inadequate. Luckily, several fast and easy ways to get money quickly are available to help families through these difficult times, including credit card advances, payday advances, and car title loans.
Evaluating and comparing these three common ways of getting money quickly can help borrowers select the best option for their financial needs. The ability to repay the debt must be part of the financial planning process to avoid future complications. Borrowers can either increase their debt by borrowing funds at a higher rate without providing collateral, or they can offer up something of value to the lender as collateral, or proof, that the debt will be paid as promised. Credit card advances are easy to get, assuming there is still credit available. However, they also come with hefty cash advancement fees which may increase the existing debt even faster. Payday advances are also easy to get, but the interest rates can be astronomical. Car title loans use a car as collateral, allowing lenders to charge lower rates due to the decrease in risk. They also provide the added advantage of allowing borrowers to apply online.
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Credit Card Advances
Cash advances offer the convenience of simply adding to a credit card debt. These cash advancements generally incur a higher interest rate than purchases and they may also include a cash advancement fee. Since payments are applied to purchases first, borrowers will continue paying the higher interest rate on the cash advance for as long as there is any outstanding purchase debt. Those all-too-easy-to-use credit card checks that can be written to yourself for cash can end up costing far more than is apparent on the surface. Also, when a financial situation is such that the card holder is seeking fast cash, it is all too likely that a payment may be late or even missed, which can result in even higher interest rates being charged on the total debt. There are also often penalties for going over the credit limit, even when that limit amount is broken by interest charges. Cash advances can rapidly become a destructive, self-perpetuating cycle that is best avoided if possible.
Payday Advances
Highly popular and very easy to get, payday advances use a borrower's earning capacity as high-risk collateral on high interest debt. Since these debts are not secured by property, they are generally the most expensive way to get fast money. To apply for a payday advance, borrowers must take pay stubs to a local lending office, fill out paperwork, and wait for a decision. If and when they are approved, borrowers quickly learn that the net interest rate is in the hundreds of percentage points. This means that $100 borrowed can end up costing more than two or three times that amount. Payday advances also commonly feature prepayment penalties, meaning borrowers are punished for paying back the debt earlier than is required. These penalties are in place to keep borrowers from reducing the amount of interest they must pay.
Auto Equity Loans
Unlike the high cost of a payday advance, car title loans reduce risk by using property, such as a car, truck, boat or RV, as collateral. This allows debt to be issued with significantly lower interest rates when compared to other short term solutions to cash shortages. They are issued without prepayment penalties, which means borrowers can pay back auto equity loans ahead of schedule and reduce the overall expense.
For cars that are less than 10 years old and which have a wholesale value of at least $2500, short term financial difficulties can be resolved online in a matter of minutes, all from the comfort of home, using a computer. As soon as the auto equity loan contract is signed, cash is deposited into a bank account the very next business day. Car title loans are a fast, reliable, and inexpensive way to get the money you need.
Car title loans are easy to apply for online and, being low-risk investments for lenders, auto equity loans are more readily available at a significantly lower cost than other short term sources. Instead of paying out many times the value of the debt in interest rates, as you would with a credit card or payday advance, you can use car title loans as a reliable, inexpensive, and stress-free source of short term funds that will be simple, easy, and painless to repay.
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