Do you need a loan to cover an emergency? We can help with that. At Lone Star Cash Services, we can get you a fast quote on a loan, even if you have bad credit. If you are ready to get your answer fast, why not get started. Have an answer in just a few minutes.
You Have Choices in Cedar Hill
Being in Cedar Hill, you have a lot of choices. When you need money, there is no shortage of lenders trying to get your business. Not all of them are going to be good choices, so to protect yourself, you need to be informed. Below are some of the more common loan types that you might be presented with.
This is probably the most common emergency loan out there. Just because it is common does not mean that it is a good choice however. In fact, it should be a loan of last resort in Cedar Hill and here is why.
High Effective Interest
As you may know, payday loans do not charge interest. Instead they charge fees that are based on the amount of money that you borrow. An example of a fee might be $15 or $20 per hundred dollars borrowed. At first glance, this does not seem too bad if you are in an emergency. You borrow $400 and pay back $460 or even $480.
The problem comes when you calculate the loans APR. An APR is a way to compare different loans. It takes the total cost of the loan and the loan term into affect. When you calculate an APR in a payday loan, because of the short loan terms, APR’s are generally well over 500 percent. That is huge.
Short Loan Terms
The other big problem is the short loan term itself. Loans will have to be paid back in just ten to fourteen days most of the time. If you are having money trouble and living check to check, this can be hard.
It is so hard in fact that a lot of people end up not being able to pay back the loan when it is due. If you can not pay it back, you have to renew it. This involves paying an entire new set of fees. Keep this up and you could very well pay more money in fees than you even borrowed. It happens all the time.
Should You Take A Payday Loan
If it is an emergency and it is your only option, then maybe. Jut know that you are taking a bad deal and check your other options first.
Title loan stores have sprung up everywhere and for good reason, they make the lenders a lot of money. These stores will make you an emergency loan and you will usually be able to get the money the very same day. All that you have to have to get approved is a clean title on a vehicle. You put the title up and you get your money. There is one big problem with a title loan in Cedar Hill though.
You Can Lose Your Ride
If you miss a payment, they can come take your vehicle. And, you better believe that they will be quick to do just that. Lenders get the best of both worlds with a title loan. They get to charge high interest and fees and they get the security of having your vehicle as collateral. It is a high interest secured loan which is not a very good deal for you.
Should You Take A Title Loan
Just like with payday loans, you should consider this a loan of last resort. If you desperately need money in Cedar Hill and have no other options, then maybe. Just take it seriously so that you do not lose your vehicle and be sure to consider all options before you commit.
This is the type of cash loan that you can get a quote for from this website. While we are not a lender and do not make credit decisions, we give you access to a lender network with lenders that can work with bad credit. Fill out one short form and you can get an answer in minutes.
What You Should Know
Keep in mind that all bad credit loans will have higher interest and fees than a loan for someone with good credit. Having said that, a bad credit installment loan has a number of benefits over payday and title loans.
First and foremost, you get more time to pay the loan back and it is broken up into installments. The installments should be easier to fit into a budget and that can help keep you from defaulting. They may be easier to manage while you get your finances in order in Cedar Hill.
In addition, an installment loan is not a secured loan so you do not have to worry about losing property. A lender could still come after you legally if you default but you would not lose your vehicle. For most, the loss of a vehicle would be disastrous.
Should You Take Out An Install Loan
Only you can make that decision. While the APR is usually much lower than a payday loan, it is still a high interest loan because of bad credit. If it is an absolute emergency, it is something to consider. If you can do without the money, it may be best to do so.
All about emergency loans.
- Staff Summary
So you are looking for a cash loan in Cedar Hill. This article can help. It discusses payday loans, title loans and most importantly installment loans. See what your options are, even when you have bad credit.