Fast Secured Loans: An Overview

2007-03-08 10:33:40

( Financial )



Secured loans that can be obtained almost immediately are called fast secured loans. Such debts are ideal when we are faced with urgent cash needs because they are relatively easy and fast to get. Like other secured funding, you will need some type of collateral to get fast secured loans. You might need to use your car, home, jewelry, anything of value or some type of guarantee to back your debt. It is important to remember that before securing fast secured loans, you must have a clear plan of how to repay your loan. The fees of such loans are exorbitant when you fail to repay them. Furthermore, most fast secured personal loan lenders are allowed to sell your valuables immediately after your missed payment so be sure to remember to pay fast secured loans on time.

Pawnshops

Many people opt to go to pawnshops for their secured funding needs because there are many pawnshops throughout the country. With such establishments, you need to bring in a thing of value (computers, watches, jewelries or even car titles) to obtain a loan. Pawnshops will base the amount of your secured personal loan on their evaluation of the merchandise you brought. Their appraisal is relatively lower than your merchandise’s actual value. You are usually given a month or so to pay off your secured loan. If the debt has not been paid within a given time frame, the pawnshop can sell the pawned item to the public.

Cash Advance and Check Cashing

You can get fast secured loans in cash advance establishments and stores that provide check cashing services by filling up documents and giving them a post-dated check for the amount of your debt plus service fees. Such stores would either give you cash or a check, which is ready for encashment. If you fail to repay your secured funding on time, your lender will either deposit your check or go to the bank for the encashment of your check. If your check bounces, you will be faced with high service charges from both the store and your bank.

Title Loans

Cash advance stores also offer title loans. In this type of fast secured personal loan, the lender will put a lien against your car title instead of asking you to write a check. An upside of this type of secured funding is that you usually keep your car. However, if you are unable to pay the debt, the loan provider has the right to repossess your car and even sell it. Thus, it is advisable to get title loans only when you are absolutely sure you can pay your debt before its due date.


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