Are you running low on cash?
If so, try not to stress out. After all, you’re not alone.
In fact, millions of people find themselves struggling to find ways to pay the bills each day. This can lead to serious financial troubles and severe anxiety. And it can happen for a lot of reasons, including sudden unemployment, medical emergencies, or just momentarily getting behind on monthly expenses.
Fortunately, this article offers a solution for anyone in a temporary bind.
Here we take a look at several types of secured personal loans that can help you through a rough patch until you can get back on your feet. Keep reading to learn more.
1. Payday Loan
Let’s start by discussing one of the easiest types of secured loans to qualify for. With a payday loan, all you need is a job. This type of loan utilizes your upcoming paycheck as collateral to secure your debt.
In other words, when you borrow money from a payday loan office, you are connecting the check from your employer directly to the lender. This keeps everything clean and simple.
Just keep in mind that this type of loan comes with a rather steep interest rate but makes borrowing emergency money extremely easy.
2. Pawn Shop Loan
Borrowing money from a pawn shop is another quick and easy way to get the cash you need in emergency situations.
This type of loan process involves some form of physical collateral, such as a computer or TV, that you offer the pawn in exchange for change. Then if the loan isn’t paid back on time, you will sacrifice the collateral in order to satisfy the debt.
3. Car Title Loan
Here is a type of secured loan that involves using your car title as a form of collateral against the amount of money you want to borrow.
One of the primary benefits of a car title loan is same-day approval and no credit check, thus you won’t have to wait more than a few hours to receive the cash you need to make ends meet.
Here’s a resource where you can learn more about this type of secured loan.
4. Secured Credit Cards
Many people with bad credit often use secured credit cards to help rebuild their credit history. To qualify for this type of card, you must first deposit a certain amount of cash, which you can then make purchases against.
For example, if you deposit $500 on a secured credit card, you can then borrow up to that amount for anything you want.
Secured credit cards are easy to qualify for, you can use them anywhere major credit cards are accepted, and can provide emergency funds during hard times.
A Guide to Secured Personal Loans
It’s no secret that life is expensive. That’s why you need to have access to a safety need when you run into an unexpected financial hardship. Fortunately, this guide to secured personal loans helps make a challenging situation a little less stressful.
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