Loan For a New Computer

April 22, 2014

If your current computer is riddled with viruses or has some serious malfunctions going on, it is probably time to get a new one. However, as computers tend to cost hundreds or even over a thousand dollars, doing so isn’t always easy.

Of course, you could try to get a loan from a bank, but they’ll probably require you to take out more than you need. This is because banks tend to offer loans beginning in the thousands of dollars. Below is a list of a few major banks and the minimum amounts that they offer:

 

Bank Minimum Loan Amount
Bank of the West $1,000
East West Bank $5,000
Citibank $500
Wells Fargo  $3,000
Bank of America $10,000

As we can see, Citibank and Bank of the West are the only 2 on the list that offer loans that are even remotely small enough to just cover the cost of a new computer without leaving you with thousands of extra dollars to pay back.

Alright, you may not like the relatively high minimum loan requirements, but you’re probably thinking that you can just walk into 1 of these banks and easily get a loan. Is this this case? Probably not.

To get a bank loan, you’ll typically have to wait days or even weeks for a decision. This is because banks have fairly strict lending requirements and run credit checks. Also, remember that few banks offer loans in the price range of a computer, meaning that you will end up with thousands of extra dollars that you don’t need (and must pay back). So, if you need a new computer quickly, have poor (or no) credit or don’t want to take on too much debt , you probably won’t do yourself much good by going with a bank.

 

What Can You Do?

If you own a vehicle, you can take it to a car title lender and have it assessed. The lender may then offer you a loan based on the value of your vehicle. At Car Cash Loans, you can get a loan for as little as $500.

Now, for a loan that covers the price of a typical computer, you could get a pawn loan. This would mean that you’d temporarily have to give possession of your vehicle to the car title lender, as some offer both pawn loans and car title loans.  However, if you just purchase an ordinary computer that costs, say, $500, you should be able to pay that loan off very quickly and get your vehicle back. Of course, if you want more, you can certainly apply for more money. In fact, once you pass $2,500, you could qualify for a car title loan and not have to hand over your vehicle at all when using Car Cash Loans!

Should I Visit a Car Title Lender?

Computers have become a mainstay in the modern world and many of us rely on them for various aspects of our lives. If you need a computer for work or any other serious reason and don’t want to wait for a bank loan, don’t want to take out more than you need or don’t qualify for one, then consider visiting a car title lender.

Remember that a car title lender may offer both pawn loans and car title loans. If you go with a pawn loan, be sure that you can get around until you get your vehicle back. Also, take out only the amount that you need to purchase a new computer so that you can get your vehicle back as quickly as possible.

A pawn loan or a car title loan can be a great way to finance a new computer, so give this option strong consideration.