Loan by numbers- what types of loan you can get?

If you need money urgently, then opting for a loan will be a great option. There are various lenders worldwide offering loans at different interest rates. Here we are going to talk about how you can get a Loan by numbers

Installment loan- 

When you apply for this loan, and it proceeds, then your repayment amount is divided into installments. The installment amount is very easy to pay over a given time period. Hence, that way, you can repay the loan by paying in small parts and maintain your budget. There are hundreds of financial institutions that offer this type of loan, so the best way to start is to search for one close to where you reside. For example, if you live in Illinois, try searching for installment loans in Mount Vernon Springfield, or Chicago.

One drawback of this type of loan is that as you are going to repay in the long term, the interest period will also be extended, and thus, your loan cost will increase. 

Also, keep in mind that if you just want 200 dollars, this loan will be given as a payday loan or installment loan but will have few installments. 

Payday loans- 

Loan by numbers can also help you get payday loans if it is legal in your state. There are many lenders offering payday loans, but the thing is that you will be charged a high fee example, a lender may charge 20 dollars per 100 bucks. Thus, if you will borrow $200, then you have to return $240. If you compare, other loans have a very high APR and concise duration.

How to get payday loans? 

If you want to get a payday loan, then go to a store and get the application, fill it up. The application process is not so long, also some lenders take the help of credit report agencies. So, people with bad credit scores can also get the loan. 

Once the application for a loan is accepted, the borrower has to fill out a check having the full loan amount or give the lender access to your account. If you go for the check option, then they will give you money and keep the check and deposit it when the due date for a loan is close. If you give lenders access to your account, they transfer the loan amount directly and pull the loan amount directly on a due date. 

Payday loans are quick, and so you can quickly get the loan on the same day as you give application. Another advantage of this loan is that you can get loan approval very easily, unlike another loan. 

The disadvantage of this type of loan is that the loan fee is high, and the repayment duration is short. So, when you take this type of loan, make sure you pay back the money on time, or you will fall into the payday loan trap. 

Pawn loan- 

Someone who lives in a town can easily find a pawn shop nearby. A pawn shop sells the used goods and makes cash, which they use for lending small loans. You can easily get a $200 loan from the pawnshop. 

To get this loan, all you have to do is take something which has good value and rush to the pawn shop. You can use the item as collateral and get the loan. It is a much quick and hassle-free method of getting a loan. 

How to get a pawn loan? 

A pawn shop will keep the item as collateral and give a portion of the item as a loan. Hence, you should be bringing an item that has more value than the loan amount. Your item should at least have 3 times more value than the loan value. So, if you want a $200 loan, then bring an item worth $600. 

The benefit of this type of loan is that it is very quick and needs no credit score. You just need to find an item of good value. Also, as you are dealing with the shopkeeper, hence your chances of walking out with money in your hand increases. 

One drawback of a pawn loan is that they can charge hefty fees. The fee of interest will be high as it also includes document and storage fees. 

If you are in urgent need of money and have a bad credit score, you can go for this type of loan.

Borrow from a friend- 

Taking a loan from a friend is a little complicated; however, if you stay loyal in returning the loan, then you can get advantages like an interest-free loan. It is important to note whenever taking a loan from a friend, don’t take it for granted. Also, when paying back, include some extra amount as thanks. 

How does it work? 

In this type of loan, you need not fill in an application or use collateral. All you need to do is ask your friend for a loan and pay it back as soon as you get your salary. Make sure to document the loan so that there are no confusions later. 

The benefits of this type of loan is that you don’t have to write an application, and involve no interest rate. It is a quick method of getting money ASAP. 

The only disadvantage is that you will lose your friend’s trust if you do not pay back the money on time.

So, these are some of the loan options if you are in need of 200 dollars or more… There are many more loan options, but you have to be careful. Look at the pros and cons of different types of loans, and then choose one that suits your needs. 

A loan by lenders is not a lender directly. However, they give you access to a wide range of lenders online. These lenders will be listening to your loan request and will give you a loan even with a bad credit score. 

All you have to do is fill the quote form from their site, enter basic information. Submit the form and wait until you get the answer. If you receive a loan offer, it is up to you to take the offer and get money. Lenders will give details of the loan due date and interest rate.

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