Getting a same day cash loan can be hard. It’s not a simple case of applying and getting your money in minutes. Not everyone has the luxury of spending hours online doing research and comparing rates.
Fortunately, there’s a solution for Gainesville, Florida residents that not only gives same day funding 1but will also recognize and reward for simply making payments on time2.
Can You Get a Same Day Loan with Poor Credit in Gainesville, Florida?
There are a lot of lending options in Gainesville, Florida, but it may come down to how much you’re looking to borrow, how much you’re prepared to pay, and how soon you can repay.
Unfortunately, if you’re in a hurry, a bank loan simply isn’t an option. The initial inquiry process might only take a few minutes, but it could take weeks to receive an approval decision. You obviously can’t wait that long. Similarly, if you’re lucky enough to be a homeowner, you might consider taking out a second mortgage.
The problem here, again, is timing. If you need money today, it’s probably because an unexpected event has popped up with little or no warning. You probably remember how long it took for you to get the mortgage in the first place, and unfortunately there just isn’t a mortgage lender that can provide same day funding.
So, what about a personal loan through another lender? You may have already received mail telling you you’ve been pre-approved for a loan, so this could seem like a good option.
These personal loan lenders typically offer approval in minutes and funding in hours. They typically offer terms from two to five years with annual interest rates from 7% to 35%. While these rates aren’t as good as the bank, they’re probably still affordable. The challenge here is getting approved – regardless of what the mailer is promising you.
A lot of lenders will look at your credit usage to determine approval. If you’re maxing out your cards or missing payments, you might find it hard to find a lender who’ll grant approval.
Other lenders have strict rules regarding credit scores. If their policy states they won’t lend to anyone with a score below 650, it won’t matter if you have perfect payment history, you’re simply out of the running. This can be very frustrating, especially when you’re facing an emergency!
What Is a Short-Term Installment Loan?
There’s still hope. There are a few lenders in Gainesville, Florida with flexible requirements that aren’t too worried about credit scores. These lenders could get you approved within minutes and deposit the funds you need into your checking account within hours.
Sounds like a great solution, but again, there’s a few things to keep in mind. Firstly, as the lender will be depositing the money directly into your checking account, there’s no cash option. You must have a checking account, but be aware that your bank might charge you a fee to accept the wire transfer.
Since these loans are not heavily dependent upon a good credit score, the risk to the lender is potentially higher. As a result, the amount that can be borrowed will be less – typically up to about $1,500 or $2,000.
Similarly, being an unsecured, high risk loan, the lender is going to want their money back quickly. In fact, you could be looking at having to repay within 30 days or less. When you take out the loan, you provide your checking account information. Besides allowing the lender to deposit your money, this gives the lender permission to set up an ACH withdrawal to receive their money.
Lenders will also want to minimize their risk by seeing proof of income. In other words, if you’re out of work, you’re out of luck. Some lenders may also require you to receive your payroll by direct deposit, so if you get paid in cash, you might be ineligible.
Lastly, short term installment loans can be expensive. It’s not unusual for a lender to charge $30 for every $100 borrowed, meaning your interest rate could be as much as 1,564% over the course of a year.
How Does a Payday Loan Work in Gainesville, Florida?
Payday loans are similar to short-term loans, as approval is not heavily dependent on your credit score. That said, you must have a job and a checking account.
Terms are more restrictive for payday loans. For starters, you can only borrow $500, which might not be enough to resolve your emergency. In the state of Florida, borrowers aren’t allowed to have more than one active payday loan at a time. And loans must be repaid within 30 days.
That said, a payday loan could get you cash almost immediately. So if you need a relatively small amount of money for only a short period, it might be a good option.
Borrowing Funds from Friends and Family
Another option, if you’re lucky, is to borrow from family and friends. Of course, there are several issues with this option. First, family and friends may not have the money to spare. Even a relatively small amount, such as $400, can be difficult for some people to lend, especially if they’re living on a tight budget.
A second factor is how it could affect your relationship. It’s worth discussing how and when you’re going to repay the loan (not an easy conversation) and what should happen if you can’t make the payments. The last thing you want is for Uncle Bob to be making awkward comments about the situation at the next family get-together!
Lastly, even if they’re okay with lending you a few hundred dollars, it can be daunting to even ask. Regardless of the reason for the loan, you might be concerned with the perception of others. Will they think you can’t manage your money? What if they say no? How would you feel about that?
How to Get Same Day Money with a Car Title Loan in Gainesville, Florida
There’s one other option you may have already considered: a car title loan. These work by allowing you to use your vehicle as collateral for the loan. A lender will value your vehicle and then offer you an appropriate loan based upon the value of your vehicle.
Most car title loan lenders provide terms of two to four years, giving you plenty of time to pay back the loan. A credit check is almost always required, but because your car acts as security, an approval is more likely to be based upon how much your vehicle is worth rather than your credit.
Title loans are fairly common, and there are a lot of potential lenders to choose from. A simple Google search reveals a bewildering number of lenders in just Orlando alone. So which one is best?
Almost any car title loan lender could get you the money you need today. But how many would truly appreciate you as a customer? How many would be willing to reward you for simply making payments? Most lenders regard payments as something you’re required to do, but what if there was a lender who wanted to give you something back for simply paying on time?
ChoiceCash Title Loan: A Loan That Rewards Good Customers2
A ChoiceCash title loan serviced by LoanMart does exactly that. Besides offering eligible customers a minimum of $1,000 (depending upon the value of the vehicle), same day cash could be acquired without the hassle of waiting for a deposit.
There are many other benefits for borrowers to enjoy, such as:
- Repayment terms up to three years3
- Potentially borrow more money at any time1
- No prepayment penalties or fees
- Monthly payments that go down every month2
- Competitive interest rates
The real benefit of ChoiceCash Title Loans is the payments themselves. As the interest rate decreases each month, so does your monthly payment, allowing you to put more money back into your pocket2.
There’s a simple 5 minute online inquiry form1, so you could be approved in minutes and resolving your financial emergency in mere hours.1 In fact, the whole process could be completed from the comfort of your own home!
Stop spending your precious time online searching for a lender that gives same day funding in Gainesville, Florida. Save yourself some time – get started with a ChoiceCash Title Loan inquiry today!