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Thursday, January 1, 2009

Finding Fast Cash Personal Loans

By Dave Davis

If you are in need of money fast, consider a fast cash personal loan. Perhaps you need some extra holiday money to get the kids the presents they really want. Or maybe youve had some unexpected medical expenses. Whatever the reason may be, you can borrow money, and get your hands on some cash quickly to be able to pay for your needs.

There are actually a few different ways you can secure fast cash. The first is by getting an unsecured personal loan, otherwise known as a signature loan. With this type of loan, you are basically putting your credit on the line, but you don't need collateral.

Another type of loan you could get is a cash advance loan, otherwise known as a payday loan. However, payday loans usually carry interest that's quite high so make sure that you pay the loan off on time. Additionally, never use a payday loan unless it's an emergency. Usually it's smarter to spend on a credit card than it is to get this very expensive type of loan.

If neither of those loan types works for you, you can consider taking out a collateral loan. People often take out loans on cars and homes and if you have such assets, getting a loan will be quite easy for you. These loans usually carry the best interest rates because the bank isn't taking on as much risk.

Some people don't like to use loans with collateral because they are afraid of losing their home and/or car. If you can't repay the loan, the bank can take your assets. Never take out a loan unless you're absolutely sure that you can repay it.

If you need a longer term for your loan, providing the bank with collateral will really reduce your interest and payments. Since the bank has less risk, they will give you a better deal. If you can pay the loan off quickly it would be better to not tie up your assets.

If you need the loan within 24 hours, the best method for you will be to get a payday loan. You can then get a real bank loan that you can use to pay back the payday loan. The bank loan will take a few days and the payday loan can secure your funds now.

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