Different Types of Loans in Fresno California
When you find yourself in need of extra cash, it is normal to feel stressed and overwhelmed. There are many unexpected expenses in life that can cause you to need extra cash quickly.
- Medical bills
- Car trouble
- Job loss
When you find yourself in dire financial straits, there are many things to consider. You might consider downsizing your home, selling your valuables, or looking for extra work. While these are certainly viable options to escaping a financial emergency, you can also consider different types of loans.
Borrowing money can give you the extra cash you need to make ends meet. Luckily, if you live in Fresno, CA, there are plenty of different types of loans to choose from.
Check out the different types of loans below to figure out which one is best for you.
If you own a car while you are facing unexpected expenses, you might not realize that you have a major asset on your hands that can be used to procure a substantial amount of money.
Title loans are a way to use your vehicle as collateral in order to get cash from a lender. Depending on the make, model, year, and mileage of your car, you can take home a substantial amount of money in minutes. While title loans do carry higher interest rates, there is no better option among the different types of loans if you are looking to get extra cash quickly and easily.
Additionally, there are plenty of great lenders who offer title loans in Fresno.
Personal loans, unlike title loans, are not necessarily based on the collateral you can produce. Instead, personal loan lenders – which can range from banks, to credit unions, to independent businesses – examine your credit history and income.
The assessment these lenders make is dependent on their belief of whether you can pay back the loan. On the plus side, with a personal loan you don’t run the risk of losing any collateral and your interest rates will stay relatively low.
However, if you have bad credit or a lower income, chances are you won’t be approved in the first place.
Credit cards, unlike title loans or personal loans, might not seem like loans in the traditional sense, but they are in fact just a type of loan with a different name.
Credit cards, like most personal loans, are considered unsecured personal loans. A credit card is issued and supported only by the borrower’s creditworthiness and reliability based on the credit card company’s assessment of an application.
It is harder to get a “good” credit card with bad or no credit. This means that interest rates will be higher if you miss a payment and you will not be able to take advantage of the many reward programs that credit card companies offer.
Finding the Right Loan in Fresno
When you are looking for the right loan, there are plenty of options to choose from if you are based in Fresno, California. Whether you choose a title loan, personal loan, or a credit card, you will be able to find the extra cash you need to pay off any outstanding bills or expenses.