In everyone’s life there comes an instance when they feel the need for extra money. There are different services available in order to offer financial support at these crucial times. So it is important to have a brief guide to the different options available. The alternatives are typically provided by non-banking financial companies to their clients. These services are listed below:
- Payday loans:These loans are low amount and short term loans that are secured instantaneously. They are also known as cash advances. Bad credit does not usually affect your loan applicability; you just need to have a job salaried for at least six months. As the loan process is online it takes just few minutes to complete the application and the amount is usually deposited in your account with in few hours to a few days. This type of solution is highly useful in emergency situations.
- Rent to own: In this process tangible property such as furniture or appliances are leased in exchange of a payment that is made weekly or monthly. It leaves you with two options where the customer can either buy the item at any point during the agreement or can be terminated by returning back the property. According to your requirement you can go for either of the options.
- Refund anticipation loan: Is a short term consumer loan that can be secured by tax payers who are expecting a tax refund. This loan offers faster funds for the customers instead of them waiting for their tax refund. A tax refund is offered for people who have usually paid too much tax. This refunding process takes some time which can be covered by the usage of refund application loan. It is a time consuming process but assures you with the assigned tax money.
- Pawn broker: This secured loan that is provided by a brokerage who keeps the consumer’s personal property as collateral. The item that has been kept at the broker can be purchased back by the customer in a contractual period of time by repaying the loan amount with additional interest. If the pawner fails to purchase back the item then it can be kept or sold by the pawn broker. The policies are followed according to the broker.
- Title loan of Logbook Loan: Provided by keeping hold of deeds or registration documents as collateral another solution is a title loan. An example of this is a car title loan where car title or log book acts as collateral. In this loan the credit score of the borrower is not checked only the condition and the value of the vehicle are considered. It is a short term loan that offers high interest rates. However these loans can be acquired within a very short period of time.
- Different kinds of loans that were mentioned above give you different options and serve as an alternative financial support in meeting the expenses for your various needs. You have enormous options to choose as per your requirement and it can be made better if you do your research well through browsing, books or by approaching a financial consultant to guide you accordingly.
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