It pays to know the types of cash loans available when you need a fast cash loan in Kansas City.
Millions of consumers throughout the United States turn to a fast, short-term loan when money is tight. Fast cash loans can be a solution for consumers from all walks of life, including consumers with excellent credit who could qualify for a traditional bank loan but do not have the time for a lengthy underwriting process. Consumers who need cash quickly to cover an emergency, such as car repairs or a utility bill, have several options available.
Unsecured loans usually have the highest interest rates because these loans require no collateral. This means the lender has nothing to repossess to recoup their losses if the borrower fails to repay the loan. The most common types of unsecured loan are credit cards and personal bank loans, the latter of which can take more than a month to close.
Secured loans, on the other hand, are secured by collateral. When collateral is provided to back the loan, the lender can repossess the property — whether it’s a vehicle, a home, or other valuable — if the borrower does not meet their responsibilities. Secured loans usually have the best interest rates because they offer the lender a way to get their money back.
There are two common types of secured loans most consumers are familiar with. The first is a home equity loan or line of credit, which may be used to consolidate debt, finance home repairs, or cover emergency bills. This type of loan involves borrowing money against the borrower’s home equity. If the borrower fails to repay the loan, the lender can repossess the home. Installment loans are also common. This type of loan may be used to finance a big purchase like a car or a home.
Kansas City Car Title Loans: A Fast Cash Solution
Most of the loan types explained above require underwriting and closing, which usually takes several weeks. One of the few options available to consumers who need cash quickly is a car title loan. Title loans are short-term, secured loans with no minimum credit score necessary.
Waldo Financial, a Kansas City car title loan provider, offers title loans to consumers who need cash and can’t wait for a bank, as well as consumers who can’t qualify for a traditional loan. Waldo Financial offers a fast and easy application process that requires minimal documentation. Applicants who have a vehicle with equity and sufficient income to make their monthly payments may be eligible for a title loan with cash in hand in as little as two business days.