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Here is a useful guide to fast secured loans. Here is a useful guide to fast secured loans. Sometimes it seems as though theres nothing you can do… you need money and you need it now, but you dont 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 theres still no guarantee that youll 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 havent paid your debt within the appropriate timeframe, then theyll submit your cheque to the bank for payment… and if you dont have the money, the cheque will bounce and youll 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 dont pay the loan back in time, then the lender is able to repossess the vehicle. If you dont pay them back after theyve repossessed (as well as pay for the repossession fees), then theyre free to sell the car in order to get their money. Title loans usually arent recommended unless you have a dire need for money, and know that youll 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 theyll keep the item as collateral; when you pay back the loan (usually within 30 days), then youll get your item back. If 90 days pass and you havent 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.
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About The Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
Article Source: EzineArticles.com