Need Money? The Perfect Intro Guide for a First-time Loan Applicant
At some time or another, many people find themselves in a position where they need money fast. Having access to a reliable source of quick funds can help solve many problems, including providing relief in emergency situations or helping pay the bills at the end of the month when you’ve had unexpected expenses arise. Whatever your particular situation, there are a few things you should know when you look into applying for a loan.
What You Need to Know When You Need Money Fast!
What is a Loan?
A loan is simply a sum of money that you borrow from someone, with the requirement of paying it back in a certain amount of time, plus interest. The money is usually available to the borrower right away and repayment to the lender begins at a fixed date. Different types of loans are taken out for different reasons. People take out loans in order to be able to afford something that they don’t have all the money for upfront. This includes purchasing a car, a home, or paying for college.
What Types of Loans are Available?
There are several types of loans available, depending on the need of the borrower.
- There are secured loans, which are loans that rely on something as collateral for the loan. If you don’t pay the balance on time, that collateral can be confiscated from you as a way for the lender to break even on the loan they gave you. Get Loan Approved offers great car title loans for individuals who own a vehicle and have the title in their name. Learn more about how our loans can help you get the money you need – fast!
- Unsecured loans don’t require an asset to be used as collateral. These loans may have a higher interest rate since they’re a bit more risky for the lender to offer.
- Open-ended loans are loans that you can continually borrow on. A credit card is a good example of an open-ended loan. As long as you stay within your credit limit and make your monthly payments, you can continue to use your credit card.
- A closed-ended loan cannot be borrowed again until they have been paid off. The balance of a close-ended loan gets smaller as you make monthly payments on it. This includes loans such as mortgage loans and student loans.
- There are also loans available for individuals with bad credit ratings, including car title loans. These types of loans are a type of secured loan. They require you to use your vehicle as collateral. The vehicle title loans offered at Get Loan Approved can be applied for and often granted to individuals even if they have a bad credit score. One of the best things about our loans is that we don’t require your car in exchange for the loan. We simply need to see proof of the title as collateral.
Who is Eligible for Loans?
Anyone can be eligible for a loan, but of course, your approval will just depend on the type of loan you’re applying for and the requirements of that loan. Most loans will require a certain credit rating or income level to be proven on the part of the borrower. Car title loans are one of the options that do not require a good credit rating. These are secured loans, which can be a little easier to receive since you use something of value as collateral. This makes the loan process more secure for the lender and allows individuals with bad credit to still have access to the money they need. Call Get Loan Approved today and find out how our car title loans can help you!