Three ways that people could get quick loans are through payday, car title and pawn loans, notes U.S. News & World Report. All of these loan options usually require having collateral to cover the amount, either in the form of a future paycheck or a physical possession. The loan amount is limited to the value or a percentage of the value of the collateral.
People can apply for payday loans online or in person, and it can take an hour or less to get approved for such a loan, notes CashOne. Payday loan lenders usually place a limit that a person can borrow, and it can take longer than an hour for the funds to be deposited to the borrower's bank account. A credit check usually isn't needed, and the lender may offer a variety of payment options. However, the interest rates on these loans can be extremely high, warns U.S. News & World Report.
A person who owns a valuable item can secure a pawn loan for a portion of the value of that item. Cash America is one place that offers these loans. The person can receive the item back after the loan is paid; however, there are high interest rates and fees. The pawn shop claims the item permanently if the borrower doesn't pay.
Car owners can also opt for a car title loan for a portion of the car's value. The borrower has to give the keys to the lender, and if the borrower doesn't pay back the loan, the lender can take the car away permanently, warns U.S. News & World Report.