If you are in a situation where you need to borrow money, there are a few personal loan options available. Understanding your options can help you to select that which is best for you and your situation. These personal loans can save you during a difficult financial time. Whether it is an unexpected bill or a job layoff, when you need cash consider which of the following options would be best for you.

Payday Loans

If you have a job, you can take a payday cash advance against your next paycheck. When you need a few hundred dollars very quickly, a payday loan may work. If you have a rent payment that is due and cannot cover it until your next paycheck, a payday loan is an option. You can often get your money in minutes with a payday loan.

Credit Card Cash Advance

If you own a credit card or cards, you can use them to take out cash advances. You will be limited by your credit limit and will incur large cash advance fees. Plus, you will be subject to the high interest rates associated with credit cards as you repay the money. Still, when you need a few hundred dollars and need instant access, you can use a credit card to get it.

Home Equity Loans

If you are a homeowner, you can use the equity in your home (assuming you have it) to borrow money. Interest rates are much lower and depending upon the amount of equity that you have, you can access larger sums of money. The problem is that you will have to go through the typical traditional loan process and access to your money may take a few weeks.

Car Title Loans

If you own a vehicle, preferably one that is paid off, you can use it as collateral to obtain a loan. In exchange for the car’s title, a lender like Embassy Loans will allow you to borrow against its value. Typically, you will be able to borrow up to 50 percent of the value and access to the money is quick. If you submit your documentation quickly, you can have access to your money in a day or two. Since car title loans are secured by a vehicle’s title, there is no need for the credit and background checks that hold up traditional forms of borrowing. Most car title loans are for a few hundred to a few thousand dollars.

There are advantages and disadvantages to each form of borrowing listed above. Take the time to examine each and make sure that what you choose fits your situation.