Short-term lending is a staple financial service many individuals and businesses need, but in recent years it has been covered very negatively in a lot of media reports. In part, this is due to a lack of consumer choices. Not all short-term lending is equal, and payday loans are not appropriate for every cash emergency. That’s why you need a cash advance lender Mississippi with the options to provide you with all the necessary tools to meet your needs, including tools that let you use assets beyond your pay stub.
Title Loans and More
Title loans are a great example of an option more people should know about. You might not realize it, but you can get a loan on an asset you own outright, like a vehicle. These loans give you a longer repayment time and usually a bigger pool of working capital than a payday loan, and most of the time their overall interest and fees are less, as a percentage of the whole transaction. This makes them very attractive as options when payday loans would consume a whole paycheck and when they wouldn’t be big enough to cover the whole commitment.
You can also find unsecured installment loans if you look for the right lender and you have credit that matches their requirements. Each lender has a slightly different approach to qualification when it comes to installment loans, and their rates also vary a lot. Installment loans are basically the same kind of credit as credit card debt, and borrowers do need to be prepared for that if they are planning on making another large asset purchase soon, but they are also very convenient when you need more than you can pay back in a single shot and you don’t want to put up the title to an asset as collateral.