The easy way out to financial troubles is through banks. People who are under financial pressure turn to banks for help. Banks provide you a lot of loaning options. But, due to the recent economic recession, banks have become strict in lending people money. More and more people have been denied financial assistance by banks. To protect the institution, banks have taken measures to regulate lending—measures such as reviewing a person’s credit performance, capability to pay and even their income, have come into play. It has also taken too much time for loans to be approved because of these measures taken by banks—paper works, screening and reviewing of credits have slowed down the process. Given these circumstances, banks would not be a good option if you are in need of money now.
If you are in need of urgent cash and worry about your credit performance, you can consider pawnshops or car title loans. These two options have always been known for quick and easy cash. A person’s credit history is not required so you need not worry about your credit performance. You do not need to worry about accomplishing documents and experiencing a lot of paper works either. You just need something of value for you to secure a loan or get the money you need.
With pawnshops, you just need to take something of value such as your watch or jewellery to pawn in exchange for the money you need. The amount of money you will be receiving will be based on the value of the thing you wish to pledge. You can easily get your money in a matter of minutes or hours. However, you will not be able to use the thing while it is pawned; the only way to get it back is to pay the money you got in a few days or so. Failure to repay the money will mean the loss of your right over the thing pawned.
Car title loans are equally fast and easy. If you want fast cash for urgent needs, this is the better option. You can get the money you need within 24 hours. A car title loan only requires you to use your car’s title as security for the loan. The amount of money you wish to acquire will entirely depend on your car’s value. Unlike in pawnshops, you still have the right to use your car and retain possession over it. You only need to provide your car’s title to the lender. Getting to keep your car is one advantage in car title loans. After you have availed your loan and even while paying it off, you still have the right to use and enjoy your car. It is only when you fail to pay off your loan will you lose your car.
On account of these circumstances, it can be said that banks are not the only option in addressing financial difficulties. They have not become the easiest way out for your financial troubles in these trying times. Pawnshops and car title loans are two options you need to consider. Car title loans, on the other hand, will be a better option for urgent cash and security.