If you are looking for a payday loan, you need money in a hurry, we know that. So, let’s get right to it. Fill out the short form below and get a fast quote for the money that you need. It takes just a fee minutes and there is no obligation.
Getting A Fast Cash Loan
In Odessa, you might find yourself in a situation where you need cash in a hurry. If you are reading this now, you are likely in that situation. If you have bad credit, it can be difficult to get that money when you need it. This does not mean that you need to take the first loan offer that is thrown at you. You may have other options.
Before you make your ultimate decision, why not familiarize yourself with some of the more common loan choices that you have. It will just take you a few minutes, you can spare that much time.
This is the most common type of bad credit loan and the one that you probably searched for to get here. This loan, like most bad credit loans, has some good and bad points about it. Know all of these points before you make this your loan of choice in Odessa.
On the good side of things, these loans are obviously easy to qualify for. Have a source of income and a simple checking account and you are in pretty good shape. You are not guaranteed approval but a payday lender is a very lenient lender when it comes to credit. Most do not even pull a regular credit report.
Another point on the good side is that you can get your money fast. Get approved for a loan today and you could have your money as soon as the next business day. That is pretty quick and as you know speed is important in an emergency situation.
But what about those bad points. There definitely are a few. Most people will point to the fees as the worst point but the real problem is often the short loan term. You will have to pay your loan back in about 10 days on average. This is not a lot of times to get things turned around in Odessa. Sometimes you need more time to get your money in order.
Finally, let’s talk about those fees that I just mentioned. Fees are not standard and will vary from lender to lender. When expressed as an interest rate or APR, these fees often equate to a rate of over 500%. Pretty high indeed.
Pawn Shop Loans
Another option in Odessa is a pawn shop loan. Odessa like a lot of cites has no shortage of pawn shops. You might think there is one on every corner. Seems excessive but it could be worse. In cities like Desoto, I think there actually is one on every corner.
With a pawn shop you can get a loan by placing an item down as collateral. The shop will then give you a portion of the used value of the item as a loan. On the due date, you pay back the loan along with any fees and interest. You then get your item back.
On a plus side, as long as the pawn shop needs your item, approval is fairly certain. In addition, you will usually be able to walk out the same day with cash.
On the negative side, these loans have a lot of fees in addition to the interest. There will be a document fee and a storage fee on top of everything else. It can get pretty pricey. I
Also, you risk losing your item if you default and the loans are limited by the value of that item. You only get a small portion of the value of your item so most pawn loans will be for around 100 dollars.
Installment or Personal Loans
One last type of loan is the installment or personal loan. These might be available to you in Odessa even if you have less than perfect credit. If you can qualify for one of these loans, there are a number of advantages over the other two types of loans.
The biggest advantage is the ability to split those payments up. If you split them up, they should be for less money a piece. This can make them easier to manage if your budget is tight.
Also, because you can carry the loan for longer, you may be able to qualify for more money. This can help you cover even larger emergencies where a payday loan might have been inadequate.
On the negative side of things, these loans are longer and this means that you will be paying interest for a longer time. Even if the APR is lower, you may end up paying more money in interest than other loans because of the loan length.
Making A Cash Loan Decision
Now that you have all of your choices in front of you, you can make your loan decision. Take your time and choose the loan that works out best for you.
If you need under $100 and need it today, a pawn loan might be the thing. If you need several hundred dollars and have bad credit, a payday loan might be the thing. Need even more money and smaller payments, check out an installment loan.
There are a lot of different choices to look at in Odessa, so take a few minutes and think about what is best for you.
When you need fast money, get a quote online.
- Staff Summary
Visit this web page if you need a quote for a fast money loan in the Odessa area. See how to get a quote for the money that you need and some ways to possibly avoid taking out a loan entirely.