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Emergency Cash In Galveston
When an emergency happens, cash is often the only thing that can help. You might think that a payday loan is your only option in one of these situations but this is not necessarily true. In fact, you might have several other ways to get money in Galveston. Before you decide on one particular path, why not take a look at all of the possible choices.
Look For A Free Loan
If a free loan is an option, it is always the best route. You might have several free sources of money to consider. Do you have friends or family that can spot you money. If so, take it. Also, consider an advance from your paycheck at work. You have probably already earned hundreds of dollars towards your next check, why not see if you can access it.
Payday Loans Are One Choice
This is what you probably came here looking for so lets take a moment to examine this loan.
With a payday loan or cash advance, you can borrow several hundred dollars until you get paid again. While there is no official limit in Texas on a payday loan, because the loan term is so short, there is only so much that you can reasonably repay in that time. Mot loans are for around $300.
The good thing about this loan type is that it can be obtained fairly easily. Even with bad credit, you can probably get an offer. In addition, you can get your money fast, as soon as the next day when you get a payday loan online.
There are of course a few bad points about these loans as well. The biggest drawback is that the loan is for a very short period. You have to pay the money back in about two weeks. That does not give you much time in Galveston to get things together.
In addition, you have high loan fees, which when expressed as an APR can be well over 500 percent. They can be very costly.
Installment Loans Can Be Obtained
Even if you have bad credit, you might be able to obtain an installment or personal loan. Like all bad credit loan choices in Galveston, these loans have some negative traits but these loans have a number of benefits.
If you can obtain an installment loan, you will be rewarded with a loan that can be broken up into multiple installments. This can make the loan easier to handle and it can allow you to borrow more money. So, if you need more money with a potentially lower monthly payment, this is an option to pursue.
But what about the bad side Well, there are definitely a few things to consider. Like all bad credit loans, these loans will have high fees and interest. In addition, since you will have the loan for a longer term, you will be paying the interest for a longer period of time. This could result in a total loan cost that exceeds that of a cash advance.
A Title Loan Could Be Used Cautiously
Title loans are always an option in Galveston but they have some big problems.
The biggest problem is that you could lose your vehicle if you can not pay your loan. There is no leeway here, if you miss a payment, that Galveston title loan company will take your vehicle so use caution.
Another problem is that there are still large fees and a high APR. While the interest on these loans is capped by the state, the fees are not. Most of these loans will have an APR of higher than 200 percent which is quite high, especially as it is a secured loan.
On the plus side, these loans fund quickly, often the same day and they are easy to get an approval for. If you have a clean title, you will probably get an approval.
You Could Consider Doing Without
One last option is to simply do without the money. This might not be an option for you but there are a couple of cases in which it might be best not to take a loan.
One of those cases is if you really did not need the money in Galveston for an emergency. If you can do without the money, it is best not to take out a costly loan.
Another situation might be if you would face less fees and charges by simply paying late charges. Take all of the fees and costs of not having the money and then compare them to the loan. Choose the option that costs you less.
Making A Loan Choice
Now is the time to make your choice in Galveston. With all of the information in front of you, get your loan quote and then decide which route you should take. Take the route that ends up costing you less and leaves you more financially sound in the end.
If you find yourself needing short term loans often, please consider seeking consumer counseling. You need to make changes that will lead you into a more financially stable future.
This is a good read if you need a loan in Galveston.
- Staff Summary
If you need cash in Galveston, this article will be of good use to you. Learn how you can get a fast loan quote and some possible alternatives that you might want to consider before taking on any debt.