Payday Loans With Low Interest: Essential Tools To Get Money Fast

man collecting cash after acquiring a payday loans with low interest

How To Find Payday Loans With Low Interest?

Are you looking for a small payday loans with low interest to get by until your next paycheck?  Life is full of little emergencies.

Sometimes those emergencies cost more than what you have in your bank account. You’ll have enough money the next time you get paid, but that’s not right now when you need it. What do you do?

man with cash in his hand on payday

Know that you’re not alone. About 10 million Americans each year are looking for payday loans.

You’ve heard about payday loans for these situations. But you’ve also heard the horror stories of how much interest they charge. Do payday loans with low interest exist?

They do! Let’s take a look at a few options and compare payday loans.

What Is a Payday Loan?

First of all, let’s be clear what we’re talking about. Payday loans are small loans, often between $200 and $1000. Most lenders don’t lend more than the typical amount of one of your paychecks.

The idea is to give you an “advance” on your next paycheck. You will usually be required to pay the loan back as soon as you receive your next paycheck. As a result, these loans are supposed to be very short-term.

The problem with these types of loans is that you pay a premium for the convenience. In fact, these fees can add up quickly if you’re often running short on cash.

Let’s look at why. On average borrowers pay $15 per $100 borrowed. And roughly 4 out of 5 borrowers are re-borrowing their loan within a month’s time. Every time they borrow they incur more fees and the loan gets harder to pay back.

The government has placed new regulations on the industry in an effort to help borrowers. We have yet to see how this affects the industry as a whole. But for now, payday loans with low interest may be becoming easier to find.

Title Loans

Title loans are another type of quick loan that is like a payday loan. Many companies that offer payday loans also offer title loans.

The difference is that you put your car up as collateral. For instance, if you have a car (that you own outright) the lender can put a lien on your title to secure a short-term loan.

person assigning auto title for payday loan

In many cases, you can score a lower interest rate with this method. This is because the lender is taking less risk since they will get something even if you default. You can still use your car, but your title won’t be clear until you pay back the loan.

The amount you can get is often capped at 50% of your car’s value. So the amount you can get is dependent on how nice your car is.

The good thing for you is that you can get a better interest rate on your loan. The bad thing is that if you default, you could lose your vehicle.

Payday Loans with Low Interest

There are various companies that offer a way to get a little money fast. On the other hand, payday loans with the cheapest interest rates may be a little difficult to find. But with a little shopping around you can find a good option for you.

Interest rates will vary by state and the amount you want to borrow. It also can depend on if you have collateral to offer. Consequently, secured loans tend to come with the benefit of lower interest.

Let’s look at a few options.

Check Into Cash

Check Into Cash has been around for many years and has locations in 30 states. They’ve kept up with the times, however, and you can take out an online payday loan from the comfort of your own home. Sit down with your computer and you can usually have the money in 1-2 days.

US currency dollar and other denominations

If there is a location near you, you can also take advantage of their title loans and cash advances. Whatever your needs, Check Into Cash may have a good answer for you.

CashNet USA

CashNet USA makes everything easy. You can find their rates and policies clearly explained. Above all, it’s nice to know what you are getting yourself into.

You can get a payday  quick loan from them within 1 business day. This makes them a great option for getting fast payday cash loans.

TitleMax

TitleMax focuses more on title loans and offers excellent interest rates. You can secure a loan with them with the title to your car or motorcycle. They also offer some personal loan products.

The process is quick and painless and it’s a great option to get money right when you need it.

Speedy Cash

This company started out in California but has since spread to Canada and the UK. If you live in Washington, Oregon, or Nevada you’ll know them as Rapid Cash. Canadians know them as Cash Money.

This company does their best to live up to their name and you can get cash fast from them. Apply online and swing by a store to walk out with the cash in hand. Or show up with your car for a quick appraisal and title loan.

amusement park goers upside down on turbo ride

They offer a variety of services, not just quick cash. You can send wire transfers, get cash for gold, or take out a regular installment loan with them.

LoanMart

LoanMart is a great option for securing a title loan. They even have an in-house DMV!

But the best part is their Five Day Peace of Mind Guarantee. If you’re nervous about taking out a title loan, this is a great option for you.

If you take out a loan and decide it’s not for you, it’s ok. Return the money within 5 days and they will waive all the fees.

Find Your Payday Loan Today

Life happens and sometimes you find yourself a little short of cash. The great thing is that there are options for you and you don’t have to settle. You can find payday loans with low interest.

Check out a few of these companies and shop around. You can find the right option for you with a little digging. If you have more questions or need help, feel free to contact us. We’re here to help you figure out all your financial needs.

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