In times of economic uncertainty, it’s reassuring knowing that there are options available to help you meet your financial obligations. One of the most popular is a cash loan, but many people think this type of advance is only available for people with stellar credit. However, there are numerous quick loans available for people with lower credit scores—here are a few.

Cash Loan Options for Low-Credit Borrowers

1. Short-Term Loan

This is excellent for anyone who has experienced a temporary financial setback but knows that the money will be coming in again soon. The lender provides you with the money that you need, and you both set up an agreement that the loan will be paid back within a few weeks or months. Depending on the agreement, you can either pay it back in installments or a lump sum.

2. Payday Loan

A payday loan is similar to a short-term one in that the lender provides a payday advance to cover immediate financial obligations, and you are required to pay it back by a certain date in the near future. The difference is that the terms are subject to your current pay structure. Often, the lender requires repayment as soon as your next paycheck becomes available.

3. Home Equity Loan

This is an option for anyone who owns equity in their home. The lender provides a lump-sum cash loan in exchange for some or all of the equity you own on the mortgage. Sometimes called a second mortgage, the money is expected to be paid back over time with a fixed interest rate attached.

4. Title Loan

Similar to a second mortgage, a title loan allows you to borrow money against the equity you have in your vehicle. When the lender loans you the money, you have to hand over the title of your vehicle, later repaying the original amount as well any monthly fees outlined in the agreement. However, the lender can repossess your vehicle if you are unable to pay back the loan and fees in time.

5. Credit Card

A credit card allows you to pay off financial obligations without having to dip into your checking or savings account, and you’ll have a month to pay off the balance before being hit with interest fees. While the interest rates and credit limits vary, there are plenty of credit cards available for people with low credit scores. You can get these through banks, credit unions, and third-party providers.

 

If you need a cash loan to cover expenses, contact Advance U Cash in Florence, KY. Their staff has helped local residents with a variety of loan services, and they have multiple options available to get you cash quickly with fair terms for paying it off. Call (859) 746-2274 with any questions, or start your application online.