Looking for Instant Funds? Here Are Some Options

As much as we may try to keep an emergency from happening, the very nature of emergencies is that they happen when unexpected. Whether it's an unanticipated medical expense, urgent car repairs, or a plumbing leak in the kitchen—these things never happen when it is convenient. 

But, what do you do when you don’t have extra cash sitting around to cover these expenses? It’s important to know your options to access instant funds.

Payday Loans/Cash Loans 

When the unexpected happens, many people turn to payday loans and cash loans for instant funds. These options are exceptionally popular for those with lower credit scores who might not be able to qualify for a more traditional lending option. 

Not familiar with payday loans and cash loans? Here’s what you need to know.

Payday Loans

Payday loans are short-term, high-interest loans designed to cover immediate cash needs until your next paycheck arrives. Typically, you write a post-dated check for the loan amount plus fees, which the lender will cash on your payday. Alternatively, they may require authorization to electronically withdraw from your bank account. 

Payday loans are accessible to people with poor credit scores and are a quick solution for urgent financial needs, though they carry high interest rates and fees.

Cash Loans 

Cash loans are similar to payday loans, offering a swift means to obtain money. These are also short-term, single-payment loans intended to be repaid by your next payday. A cash loan can be paid off early if preferred, providing flexibility in managing the repayment. Particularly beneficial for those with limited or no credit history, one of the many cash loan benefits is that they have a high approval rate. 

At Cash Store, over 90% of applications are approved, ensuring you get the funds you require swiftly. Cash loan requirements typically include the following:

• Recent paycheck stub or proof of income
• Recent checking account statement for an account that has been open for 30 days or more
• Personal check and/or debit card
• Valid state-issued ID or driver’s license

Title Loans 

Another option for those in need of quick funds are title loans. These loans help you get access to fast funding depending on the value of your car. All you need is a car that has a free-and-clear-title. And, there are several benefits of title loans, such as: 

• Access to Quick Funds: Title loans provide immediate funding based on the value of your vehicle. This can be especially helpful when you need cash fast for emergencies.
• No Credit Requirements: You can qualify for a title loan from the Cash Store even if you have bad credit or no credit history. This makes it a viable option for those who might be ineligible for traditional loans.
• Continue Using Your Car: Even while your loan is outstanding, you retain the use of your car. This means you can continue to drive and use your vehicle as usual. No disruption to your daily routine!
• Flexible Repayment Options: The repayment schedule for a title loan is typically a series of manageable payments spread over time, making it easier to budget and plan your finances without stress.
• Simple Application Process: Applying for a title loan is relatively easy, often requiring just a free-and-clear car title and a few other documents. 

Installment Loans 

Sometimes, title loans, cash loans, and payday loans don’t quite meet your needs. You may want different payment terms or you may need more or less than what these other loans have to offer. This is where an installment loan might be the better choice. 

Here are some of the common benefits of installment loans:

• Predictable Monthly Payments: Installment loans come with a fixed payment schedule, allowing you to budget ahead with predictable monthly payments. 
• Higher Loan Amounts: Compared to payday or title loans, installment loans typically allow for higher borrowing limits. 
• Longer Repayment Terms: These loans often come with longer repayment periods, spreading out the repayment over several months or even years, reducing the monthly financial burden.
• Lower Interest Rates: Installment loans usually have lower interest rates compared to payday loans.
• Build Credit History: Making regular on-time payments towards an installment loan can help you build or improve your credit score, which can be super helpful in preparing for future financial needs.

Gig Work

If you are in need of additional money each month but don’t want to take on the financial burden of a loan, gig work might be the best choice for you. Gig work, also commonly referred to as side hustles, are an increasingly popular and highly effective way to give your monthly income some added oomph. 

Popular choices may include driving for Uber or Lyft, delivering groceries through sites like Instacart, or delivering meals to busy individuals through DoorDash. Hourly rates for these services vary, but one of the best benefits is that you can work at a time that is convenient for you. These side hustles are a great way to pad the pocketbook and help you increase your savings. 

In Need of Instant Funds? Consider Options from Cash Store 

Be sure to do your homework before applying for any type of loan. Look carefully at payment terms and conditions so that you don’t bite off more than you can chew. And if you need to supplement your monthly income or offset a lower salary due to job loss, be sure to consider gig work.

If you are in need of quick funds and live in Idaho, Texas, or Wisconsin, Cash Store can help. Get started today.

The content on this page provides general consumer information or tips. It is not financial advice or guidance. Each person’s circumstances are unique. The Cash Store may update this information periodically. This information may also include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.