If you have bad credit or no credit history, you'll know that getting a loan is not going to be easy. But what do you do if you have an emergency and need a quick cash loan?
As a borrower with bad credit, your history of late payments means that you should always expect to pay more in interest for any money you borrow. But you do have several bad-credit loan options available to you, each one with its share of advantages and disadvantages.
When you need a cash loan for emergencies, it's up to you to decide which of these is best suited for your needs. The three main bad-credit loan types include:
- Payday advances
- Unsecured personal loans
- Secured loans
Bad Credit Loan Options in California
- Payday advances
Payday advances work only for short-term borrowers who can repay the debt in their next pay period. With payday advances, a post-dated check is held by the lender for the borrowed amount plus a lending fee. The check is then deposited during the next pay period to cover the debt owed. Because the debt must be paid off immediately, these are only recommended for emergency use if you have a steady income to rely on.
- Unsecured personal loans
Unsecured personal loans for people with bad credit typically feature exorbitant interest rates, high fees and penalties, and rigid terms. Because you are not offering anything as collateral, these loans are very risky for the lender. Over the life of these agreements, you'll often end up paying more in interest than was borrowed in the beginning.
- Secured loans
Secured loans, such as vehicle title loans, offer borrowers with bad credit the opportunity to get cash fast with relatively low interest rates, compared to unsecured credit. Because the loan is secured using you car as collateral. All you have to do is provide your California title. Loans like this have collateral, so the lenders are not taking as large a risk and the borrower can get a better interest rate.
If you’re looking for California title loans, contact Wilshire Consumer Credit to find out whether you qualify. You'll have the advantage of taking a secured loan from a reputable lender and get the flexible term options that make them competitive.
It can take just a few minutes for you to secure approval online, and you can have your cash in hand in as little as 48 hours. Fill out the form here and apply now!