When people need fast loans, going to a bank may not be an option for them. The process of borrowing money from a large establishment means that potential borrowers will need to go through a long application process. During this process, they will also need to allow the lender to do a credit check. If their credit scores are low, they may not be approved for the loan; the other scenario is that obtaining the loan from these banks will be very costly for them.
One option for fast loans is payday loans. Because of the difficulties listed above, going to a payday loan establishment gives people a better opportunity to receive fast loans because they do not, in many cases, need to have a credit check. The application process is also much shorter. These payday loan establishments can accept and approve applications within one business day.
Smaller Sums of Money Available
The other reason payday loans are better than going to a large bank is the fact that banks typically loan large sums of money. A lot of the time, when people need fast loans, they do not require sums in the tens of thousands of dollars as banks tend to lend. All these people may require to extricate themselves from a difficult financial situation is a couple of hundred dollars, and they can obtain this from a payday loan lender.
In the case of payday loans, these institutions can lend people small amounts of money, such as $100, but if people need as much as $1,500, they may be able to qualify for this amount. Qualifying for these loans is very easy. For the most part, all people need to obtain a payday loan is to earn $1,000 a month, be 18 years of age and be a citizen or legal resident.
Car Title Loans
Payday loan establishments are very good for fast loans when the amount needed is not more than $1,500, but what if people need more than that but not as much as the banks typically lend? These people have the option of obtaining a car title loan. If they have sufficient equity in their vehicles, they may be able to obtain fast loans for up to $25,000.
These types of loans are as easy to apply and qualify for as the payday loans. Both these types of loans can be done entirely online, and this is a large part of the reason these applications can be completed so quickly. The requirements for a car title loan are very easy, and people do not necessarily have to have high credit scores. What they will need is to be the owner of the vehicle and be able to present the car title to the lender.
As long as people only borrow as much as they can afford to pay back when they receive their next paychecks, payday loans and car title loans are fast loans that will give them the money they need quickly for the least hassle.