Life is hard sometimes, especially when it comes to money. It doesn’t matter what your career is and how much money you have, we all find ourselves in binds from time to time. Whether you have a high credit score or are struggling with debt, there are plenty of ways to alleviate stress and get the funds that you need to get through a situation. The modern economy is built on credit and lending. In fact, you can’t do a lot of things in the modern world without a credit standing. Whatever your situation, below are five loans when you need some cash.
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Secured Personal Loans
Personal loans are probably the most common form of lending. There are two kinds of personal lending, secured and unsecured loans. Secured loans are when there is some form of collateral. For example, many auto loans are secured—meaning that the car can be repossessed by the lender if you don’t make the payments on time. Depending on the lender and the loan amount, the terms of secured loans can differ quite a bit. When you need some cash and have some valuable collateral, secured loans can get the job done.
Unsecured Personal Loans
On the other hand, unsecured loans don’t require collateral. They only use your credit score to determine the loan amount, terms, payments, and more. If you have a good standing when it comes to credit, you’ll be able to borrow more for less in interest. These personal loans can help you when you need cash and don’t have another way to get it. Unsecured loans are tough to get if you don’t have a high credit score, though. So, next time you need money remember that you can access some if you have a good credit score.
Debt Consolidation Loans
Do you already have a lot of debt? If you owe multiple lenders different sums of money, a great way to get a handle on it is through debt consolidation. These loans provide a way to simplify your debts. Not only will the loan pay off all your existing debts, but you will also have a chance to lower your interest rate and put all of it into a single monthly payment.
It will be a lot easier to know exactly how much money you need to pay off every month to stay on track and pay off your debt. You won’t have multiple lenders calling you asking for their money. You’ll have a better idea of what you owe and how much you need to pay. If this sounds like something that would help you, Western Shamrock is a great place to start.
One of the more infamous loan types is the payday loan. Payday loans have a bad reputation, but it can really help those who need some cash quickly. However, you should be careful. These loans have extreme interest rates if you don’t pay it off right away. It’s necessary to pay the loan back as soon as you get paid.
On the other hand, there are new payday loan apps that don’t charge any interest at all. Fin-tech provides many kinds of platforms for financial betterment. If you do some research, you can find an app that provides some quick cash for no interest. They will likely take the money out of your account themselves when your payday rolls around.
Lastly, mortgage loans provide money for people who are looking to buy a house. When you don’t have enough liquid assets to buy a house outright, a mortgage loan will provide those funds. These loans can also be refinanced when you need to keep more cash in your pockets but depending on the lender the loan could be secured with the home as collateral.
It doesn’t matter who you are, what you do for a living, or how much money you make, everyone runs into a bind. We all need extra cash from time to time and if you pay back your loans on time you will increase your credit score and open new financial opportunities. So, next time you need some cash consider these loan options. They just might help you move forward.