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Loan Choices in Cleburne
When it comes to fast cash loans in the Cleburne area, you have two basic choices. You can go with an installment loan or a payday loan. Both have advantages and disadvantages that you should know about. Let’s look a little closer and see the differences.
Payday Loan Information
Payday loans are also known as cash advances and they are the most common type of bad credit loan. The best thing about this loan type is that it is the easiest to get. If you have a source of income, a checking account and have never defaulted on one before, you are probably going to get an approval. This makes a payday loan one of the best sources of fast emergency money for those with poor credit.
Another great thing about this type of loan is that it funds very fast. Get an approval today and you could have money sitting in your Cleburne bank account by the next morning. This is a big help if you have an emergency where time is an issue.
On a down note, these cash loans do come with high fees. A typical fee might be anywhere from $15 to $20 per $100 borrowed. That is not horrible for an emergency loan but it makes the APR over 500% in many cases, because of the short term.
Another negative on the payday loan is that short term itself. You will need to pay back your loan in its entirety in about 10 to 14 days. That can be tough if you take out a larger loan, so try to keep payday loans low and resist the urge to take out as much as you can. Just get a loan for what you need and no more if you go this route.
Installment Loan Information
Now, on to the installment loan. With this type of loan, you can borrow more money and you have longer to pay it back. This will usually result in lower individual payments.
The main benefit to this type of loan is the installments. Lower payments can be easier to fit into your regular budget. They can be less stress on your finances which can give you the time you need to get your money straight in Cleburne.
In addition, because you can get more money, these loans are a bit more flexible and are able to handle more situations. If you need more than a few hundred dollars to handle an emergency, they can help and you may be able to qualify for them, even with bad credit.
The biggest drawback to one of these loans is that it is still a bad credit loan and that means high fees and interest. Although the overall APR might be lower than that of a payday loan, you need to keep in mind that the loan will be for a longer period. This means that you will be paying the interest for a longer time and the total cost of the loan could wind up being more than that of a payday loan.
What Should You Do
Whether a loan is the right thing or not is up to you. Only you know your situation in Cleburne.
Having said that, it is generally not a good idea to take out a bad credit loan unless it is for an emergency. If you need a new transmission in your car, it might be a good idea. If you want to buy a used boat, it is probably not a wise move.
As far as the loan type that you take out, that will depend greatly on your circumstances and your credit. Need just a few hundred dollars, a payday loan might be right. Need a few thousand dollars, you would need to look into an installment loans.
In addition, not all bad credit is created equally. If you have really bad credit, a payday loan might be the only choice available to you.
If you are ready to get a quote on a loan in Cleburne right now, we can help. Use the form at the top of the page to get an answer in minutes. All it requires is some very basic information and your bank numbers so that your lender can get you your money. There is no obligation and everything is kept private and secure. Why not get your answer now?
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- Staff Summary
If you need fast money and live in Cleburne, this article is a must read. Learn about the two basic types of loans that you can get with bad credit. Also get help making the right decision that will get you through your money emergency.