Posted on: 8 June 2019
It used to be that you could not get any sort of loan for anything unless you had good credit and you applied for a bank loan. Now you can get small loans several different ways. If you want to get a loan from a physical loan center (i.e, a brick and mortar place you physically go to to get the cash), then here are three kinds of loan centers for you.
Payday Loan Center
You write them a check based on your typical biweekly earnings. They give you cash. They keep the check, and you sign a contract that allows them to cash that check and put it into their account two weeks from now. The check includes the fees they charge to allow you to borrow the amount you want to borrow. You accept responsibility for whatever happens when they cash their check and your paycheck is liquidated from your account to pay that check.
Title Loan Center
You bring them your car or truck. They assess it for its value, and give you a number for the amount of money they are willing to lend you. For example, if you drive a Hummer that was made just last year, and you own it outright, they may offer you up to fifty thousand dollars in a loan. Less expensive and older cars are not likely to garner as much cash, so keep that in mind. When you sign for the cash, the center places an auto title lien on your vehicle, disallowing you to sell that vehicle until the title is clear. You can pay off the title loan a little at a time, or all at once with no punishment.
Unsecured High Interest Loan Center
These are loan centers that will make small loans to you, from two hundred dollars to five thousand dollars, unsecured but with high interest. The high interest can be around five hundred percent, but it can vary a lot up or down. If you go at the end of a business day to sign the paperwork and bring them the required documents, you may be able to get your loan in cash if their cash drawers and safe have enough to cover your loan. Otherwise they will print a paper check for you that is drawn on their account. Repayments are low and monthly, and coincide with the number of months it takes to repay it.Share