Fast Money: A Guide to Fast Secured Loans

Here is a useful guide to fast secured loans. Here is a useful guide to fast secured loans. Sometimes it seems as though there's nothing you can do? you need money and you need it now, but you don't get paid for another week or more. You need to find a fast secured loan, but banks can sometimes take weeks to process your application and there's still no guarantee that you'll get the money that you need. Luckily, there are other options available for fast secured loans.

Cash Advance and Cheque Cashing
Cash advance stores and cheque cashing services are one of the simplest forms of fast secured loans. You go in and fill out some paperwork, write them a cheque for the amount of your loan plus their service charges, and walk out with either cash or a cheque that you can take to the bank. You usually have two weeks to pay off the loan, and may or may not be able to make partial payments. If you haven't paid your debt within the appropriate timeframe, then they'll submit your cheque to the bank for payment? and if you don't have the money, the cheque will bounce and you'll be looking at service fees from both the cash advance store and your bank.

Title Loans
A title loan is another form of fast secured loan, working much like the cash advance store but with the loan provider putting a lien against your car title (meaning that they have loaned you money, and therefore are considered to be legal owners of the vehicle) instead of you writing a cheque. Title loans usually allow for greater amounts to be loaned, and in almost all cases you get to keep your car? the down side is that if you don't pay the loan back in time, then the lender is able to repossess the vehicle. If you don't pay them back after they've repossessed (as well as pay for the repossession fees), then they're free to sell the car in order to get their money. Title loans usually aren't recommended unless you have a dire need for money, and know that you'll be able to pay back the loan before the payments get out of hand or behind.

Pawn Shops
One of the most popular forms of fast secured loans is the pawn shop. The way that a pawn shop works is that you bring in some item of value (ranging from rings to computers, and sometimes even your car title) and they loan you the amount that they estimate it to be worth. Their estimation will be much lower than the actual value, and they'll keep the item as collateral; when you pay back the loan (usually within 30 days), then you'll get your item back. If 90 days pass and you haven't picked up your item or made payments on the loan, then the pawn shop is free to put it on their shelves and sell it to whoever wants it.

As you can see, fast secured loans are fast and can get you the money you need if you have a desperate need? but they have some serious drawbacks as well. Use caution when deciding whether you really need the money that badly, and go in with a definite plan for paying the money back.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

Globe and Mail

As condition of loan, UAW can't strike against GM Detroit Free Press, United States - 2 hours ago The US Treasury set myriad conditions on GM as part of the plan to loan the company $13.4 billion for survival. Those terms had not been fully disclosed ... UAW strike would put automakers in default of federal loans DetNews.com Autoworkers union begins talks on concessions The Associated Press GM chief's accounting of taxpayer loans a refreshing contrast MLive.com The Associated Press - Detroit Free Press all 329 news articles

WSAV-TV

Consumer Borrowing in US Falls Record $7.9 Billion Bloomberg - 9 hours ago Non-revolving debt, including auto loans, dropped $5.2 billion for the month. Fed policy makers last month cut the benchmark interest rate target to as low ... Consumer borrowing falls by $7.94B in November The Associated Press Consumers borrow less than expected CNNMoney.com US ECON: November Consumer Credit Falls By Record $7.94 Bln Forbes The Consumerist - Xinhua all 209 news articles

AFP

Citigroup, Senators Agree on Bankruptcy Role to Trim Loan Rates Bloomberg - 51 minutes ago The revised bill Citigroup endorsed would give judges the ability to adjust principle payments or interest rates on existing loans, and could extend the ... Citi Reaches Deal With Lawmakers on Home Loans New York Times Citi reaches deal with lawmakers on home loans The Associated Press Citi Will Support Bill to Rework Bad Loans TheStreet.com AFP - Wall Street Journal all 495 news articles

Javno.hr

Loan Delinquencies Hit Record High Last Year Washington Post, United States - Jan 7, 2009 By Nancy Trejos Delinquencies on auto loans and home equity lines of credit reached their highest levels on record during the third quarter of 2008, ... Late loan payments hit record high in Q3 USA Today US consumer loan late payments at 28-year high Reuters Home-equity delinquencies at record level Newsday Minneapolis Star Tribune - WalletPop all 63 news articles

Sallie Mae Raises $1.5 Billion for Private Loans Washington Post, United States - 8 hours ago Reston-based Sallie Mae has secured $1.5 billion worth of financing from investment bank Goldman Sachs for a batch of private student loans, a sign that ... Sallie Mae shares falter despite financing BusinessWeek Lump of Coal from Sallie Mae AACRAO Transcript Sallie Mae Closes $1.5 Billion Financing WELT ONLINE MarketWatch - RTT News all 25 news articles

PennyMac, Led by Ex-Countrywide Head, Buys FDIC Loans Bloomberg - Jan 7, 2009 Known as PennyMac and led by Stanford Kurland, the firm is paying an average of 30 cents to 50 cents on the dollar for the loans and the FDIC is sharing ... FDIC Unnationalizes Some Debt Forbes BlackRock, Highfields-backed firm to share gains and losses with FDIC MarketWatch PennyMac Completes Purchase of $558 Million in Mortgage Loans from ... Associated Content The Associated Press - PR Newswire (press release) all 80 news articles

Globe and Mail

Banks Pare Fed Loans After Increase for Year-End Cash Bloomberg - 9 hours ago Outstanding loans to banks through the Term Auction Facility dropped to $384 billion from $450.2 billion, the Fed release showed. ... Fed Says M1 and M2 Rise, Loans to Banks and CP Loans Fall CEP News Banks borrow more, investment firms less from Fed The Associated Press Will asset-backed securities return? Pottstown Mercury The Olympian - Sun newspapers all 780 news articles

Boston Globe

Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies Bloomberg - 1 hour ago Fed policy makers have expanded the central bank’s total assets by $1.25 trillion to $2.14 trillion over the past year by increasing loans to banks and ... Rosengren sees path to recovery Boston Globe US FED: Rosengren Supports Expanded FHA Mortgage Lending Forbes Hub’s Fed chief: Deep recession confounds forecasts Boston Herald Reuters - RTT News all 47 news articles

Fresh News

Lyondell Can Borrow $2 Billion in Largest US Loan Bloomberg - 23 hours ago US Bankruptcy Judge Robert Gerber in Manhattan approved the loan at half-past midnight, after lenders spent five hours negotiating to resolve objections to ... Judge OKs LyondellBasell loans after Ch. 11 filing Forbes Bankruptcy loans approved for LyondellBasell Chemistry World Lyondell gets over $2 bln in bankruptcy financing guardian.co.uk Reuters - Financial Times all 428 news articles

IMF resumes loan accord talks with Turkey guardian.co.uk, UK - 17 hours ago Turkish business leaders and investors have long called for an IMF loan accord to stabilise the economy, which has slowed sharply as the global crisis hits ...