While it seems like the whole
country is feeling a cash crunch in these hard economical times many just don't
seem to have enough money to pay for bare necessities anymore, and most have
already pawned everything they can at the local pawn shop. There are many
options to get cash fast including payday loans and signature loans.
Payday loans are fairly easy to
obtain and do not require a credit check. Many payday loan companies merely
require a valid state ID or drivers license, proof of income, an open active
checking account and your social security card. While these loans usually have
high interest rates, they are one of the easiest ways to get money quick. Most
of these loans are based off of your current income so your loan won't exceed
your income, where as loans from your bank would be based upon how much debt
you currently have. Payday loan companies generally give you fourteen days to
pay back the loan, and your due date is based upon your payday. They are
renewable, so you can have it for as long as you need it. Some states have put
a limit on how many times in a row you can take out a payday loan. In the state
of Oklahoma you are allowed five consecutive loans before the state requires a
forty eight hour "cooling off period" before you can renew. Oklahoma
also has a law preventing you from loaning from more than two different loan
companies at the same time. The easiest way to find out what your state laws
and restrictions are is to contact your nearest payday loan company, easily
located in your yellow pages.
Signature loans, or unsecured loans,
are a bit different than payday loans. These are generally based upon your
credit, and require a state ID, drivers license, social security card, open and
valid checking account, and proof of income. Although some unsecured loans can
only be obtained with a good credit score, there are places out there to help
people with bad, little or no credit at all. The best way to find which one is
best for you; contact your local unsecured loan office, located in your local
yellow pages. Signature loans do not require any collateral for the loan, only
your word (your signature) that you promise to pay. Much like payday loans,
these are usually have high interest rates so be sure to ask before you loan
how much the total will be. Unlike payday loans that are due every payday,
signature loans are generally split up into equal payments over a longer period
of time sometimes making it easier to repay.
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