Sometimes you don’t need large loans such as those you get for a house or a car, you just need a small loan that can cover you until your next payday. Maybe you needed a small car repair, or your children needed something extra for school. In these times you don’t want to take out a large personal loan or refinance your home. You just want to get by with something small. There are a few different types of loans that you can use for this.
You will need to do some research to find a company that can provide small loans. One thing that you can do is visit billigeforbrukslån.no/smålån who has a list of providers for small loans. They can help when no one else can, so you should visit their site. There are other sites that are similar to this one and they will be able to help, as well.
This article will help you to find out some information about small loans that you can get when you have those small needs. These loans would be good for gas money or that special dinner out for you and your significant other. Many of these loans will not require a credit check, and for those that do, a score of 580 or better will help you to get the loan.
Types of Small Loans
1. Secured Personal Loan
You could get a small personal loan if you needed more than $500 or so. You could get about $1,000 or more if you needed it. This would be great for those small car repairs that were needed suddenly or for that special field trip to the capital for your child. Your credit doesn’t need to be spotless to get this small loan, but it helps if your credit score is above 580. If you have a good credit history, that will help as well. With a secured loan, you would need some type of collateral such as a car or other valuable item to secure the loan. If you fail to pay off the loan, the lender would be able to take your collateral.
2. Unsecured Personal Loan
This is just like the secured personal loan, except that you won’t have to have any collateral to secure the loan. This is a loan that is better for people who have a credit score of at least 600 and have a great credit history. You can get about the same amount of money as you could with a secured loan. There are many things that you could use the cash for including that trip to your parents that you have been putting off.
3. Payday Loan
Although this is a good loan to get in an emergency, you want to be careful when getting one. It would be best if you only got one if you knew that you would have the money to pay it back without rewriting it on your next payday. These loans usually go up to $500, sometimes $1,000 and you don’t usually need a credit check to get it. The downside of this loan is that it is expected that you will pay it in full on your next payday. These loans can sometimes have a spiraling effect meaning that once you get it you will continue to need to rewrite it each month to pay your normal bills. See here for more dangers of payday loans: https://www.yahoo.com/video/why-payday-loans-dangerous-190034642.html. They are scary loans to get for many reasons.
4. Pawn Shop Loan
If you have something of value – a gaming system, a weapon of some sort, or other types of electronics or collectibles – you might be able to take it to the pawn shop and get some money from it. You won’t have to do a credit check, but the item that you bring in must be worth at least as much as you borrow. The pawn shop will take your item and give you some money for it and you will get your item back when you pay off your loan. If you fail to pay back your loan, you will lose the item that you brought in.
5. Title Loans
If you have a vehicle that is paid off and you have the title for it, you could do a title loan. These loans can be for quite a bit more than the other loans mentioned so far. You will give the lender your vehicle title and they will give you the money that your car is worth. You have to be careful with this kind of loan because if you don’t pay your loan off, they will take your car. Think hard before you get this type of loan if you are using your only means of transportation. There is usually no credit check for this type of loan.
6. Payday Alternative Loan
If you don’t think that you can pay your payday loan off by your next payday, you could check out federal credit unions who have payday alternative loans. You will have to qualify for it, but you will have a longer period to pay it off. See here for more information about payday alternative loans. You can usually get anywhere from $100 to $1,000 for this type of loan, but you will have from one month to six months to pay it off.
7. Home Equity Loan
This is another larger loan that you will have to qualify for, and you need to own your home to qualify for it. If you have any equity in your home – the difference between what you owe on your home and what it is worth – you might be able to qualify for this loan. You will probably need a credit score near 600 to qualify, but you will have up to a year or more to pay the loan off – sometimes up to five or ten years.
8. Credit Card Cash Advance
Some credit cards will let you take out cash advances from the card. This will come in handy if you have already qualified for the card and don’t need a lot of money. You can get up to your credit limit from this type of advance and have months to pay it off. You will need to make a payment each month to keep the card in good standing, but it might be easier for you to get this type of advance.
These are just a few of the smaller loans that you could get – some with a credit check, others without one. You could use these loans for a variety of reasons including a much needed time away from home, a car repair, new appliances, or anything else that you don’t need a large loan for. You will be able to get a small amount of money without having to have collateral in most cases, so you won’t have to worry about losing an item of value.
You can get most of these small loans with a credit score of 580 or above, if they check your credit score. Most people would be able to qualify for these smaller loans because the lenders would be more willing to loan these smaller amounts. They have less to lose in these cases and are more giving in these cases.