Everyone finds themselves short of money from time to time. This may be due to an unexpected expense, a past due bill or disconnect notice. No matter the reason, there are short-term loans that can help you cover the need and save you time and the embarrassment of having to ask friends and family for money. These types of loans are usually termed payday loans, quick cash loans or payday advance loans. They are for emergencies to cover until the next pay day. Loans for eliminating debt are called settlement loans. Both types of loans have requirements to be eligible and must be repaid by the due date. Here is a mini-guide to quick cash loans.

Bank Loans

If you are a member of a savings and loan, the bank may be the first place to turn when looking for a quick cash loan. Although banks generally make loans on large expense items, they also make small, short –term loans as well. Depending on your credit and the type of loan applied for, you may qualify for secured or unsecured loan. A secured loan is one for which you must make a deposit, or security payment in good faith towards repayment of the loan.  An unsecured loan requires no deposit and the credit requirements are usually less strict.


Pay Day Loans

These types of loans require no credit check and all you need is a valid checking account and ID. This is technically considered a secured loan because it is secured for repayment by your signed, post-dated check. These are the easiest types of loans to get and you can expect to receive the money the same day you apply.  Repayment is the amount of the loan plus a percentage of interest. The loan is usually for a term of two weeks or until the applicants next scheduled pay day.

Cash Advance from an Employer

These are simple loans made by your employer through a petty cash fund or directly. You usually sign an agreement to have the amount deducted from your next paycheck. These loans are quick and easy, but not many employers are willing to do it because they would be overwhelmed if everyone did it. In special circumstances or if you have been a loyal employee for many years, you may convince an employer to do it.

Cash Advance from a Credit Card

You can also get quick cash from your credit card at an ATM the same way you would withdraw cash from your bank account or debit card. You simply insert your credit card and follow the prompts. This method delivers the cash immediately and you will not have to pay it back until you make your regular credit card payment. Be advised though that cash advances carry a higher interest rate, so you will be paying more for it.


Loans from Pawnbrokers

This type of loan is secured by an item of jewelry, power tools, musical instrument or any other item of value the broker can hold until the loan is repaid. It is easy to get these loans; all you need to do is bring in an item of value to have it appraised. The broker will decide the amount they will loan on the item and you will need to sign an agreement to repay the loan by the due date.  The loan will need to be repaid for you to claim your property. The loan term is usually a maximum of three months but you can pay it off any time before that. Be warned, if you fail to repay the loan by the due date, the broker will be entitled to keep your property you pledged for the loan.

Hopefully this information will help you make an informed decision on which type of fast loan to apply for.