Quick Cash In The US

Unless you have a rich family back home in India,funding your US education and living expenses,you are at one time or another in your student days,likely to find yourself in a jam lacking money. Whether it be to cover an overdue utility bill, medical bill or credit card charge, getting access to cash when it is needed can sometimes be difficult.A bit of hustle,a small freelance assignment etc,could net you these dollars you need. Alternatively,there are several loan options you could take advantage of. Read on to learn more about three common loan solutions:-

Payday Loans

A payday loan is very easy to qualify for. All a person needs is proof of income, an active checking account, a valid ID stating that he or she is at least 18 years of age, and a working telephone number. The application process for a payday loan can usually be completed in less than five minutes, and approval can be determined in only a few seconds. The great thing about a payday loan is there is no need for an applicant to go through a credit check. In fact, the person’s credit history will in no way affect his or her chances of qualifying.

Title Loans

For people who own their own vehicles, there is always the option to access cash via car title loans. Such loans cannot be obtained if a person has a lien on his or her car title. Most times, a loan equal up to 1/3 the value of a car can be tapped into. For example, if a car has a value of $12,000, a title loan can usually be acquired in the amount of $4,000. Title loans are different from payday loans in that they are secured by collateral, which is the vehicle the loan is taken out against. They are also different because they come with extended repayment plans. Payday loans have to be paid back within two to four weeks. Title loans, however, usually have a repayment period lasting anywhere from six to 18 months.

Installment Loans

Installment loans are almost identical to payday loans except for the fact that they come with extended repayment terms. It is often possible to take out an installment loan with the option of being able to pay it back over 12 months. The amount of money borrowed through an installment loan cannot exceed $1,000.