Need to borrow money quickly? When a financial emergency crops up, it can be extremely stressful. Not having the cash that you need can lead to a wide range of issues, with financial stress contributing to poor sleep, weight gain or loss, and issues within relationships.
However, the good news is there is a lot of help out there these days. You no longer have to rely upon traditional borrowing methods which can notoriously take a long time to process, as well as prove difficult to be accepted for.
If you’re in need of money quickly, here are some of the options available to you.
Payday Loans
The quickest way to borrow money these days is through a Payday loan. However, this should only be used as a last resort. The interest rates can be notoriously high, although they are great for those who only need a small loan amount quickly.
Some jurisdictions have banned payday loans completely, while others have strict regulations that need to be followed. So, if you do decide to go down this route, you’ll want to make sure you research as much as possible.
Credit Cards
Credit cards are another fast way to borrow cash. Many offer cash advances too, alongside generous borrowing amounts. However, like Payday loans, these do come with a lot of risk.
Millions of Americans have found themselves in financial difficulties due to misusing their credit cards. So, it’s an option you’ll want to consider carefully before taking out a credit card.
Personal Loans
If you need quite a large sum of money, personal loans can be an effective option. Many banks also offer same-day loans if you need them. With this option, the interest rates do tend to be lower than other forms of finance. The only thing to be aware of is that they aren’t always easy to get. Unless you have a great credit rating, there is a high chance you’ll be turned down for a loan from your bank.
However, there are a lot of online lenders available these days which can provide fast personal loans. They don’t tend to have the same strict lending requirements either.
Pawn Shops
You don’t have to take out credit to get the cash you need. You could also turn to pawn shops if you’re in immediate need of a small cash injection. With this option, you can either pawn your belongings for good, or you can buy them back within a set time period. If your cash flow issues are temporary, pawn shops can be a great alternative to seeking credit. However, you might not get the full amount that the item is worth.
There are a lot of different places you can borrow money quickly. Before applying for credit, it’s a good idea to see whether you can get the finance you need via other methods. Asking friends and family, for example, or using a pawn shop could be a better option than taking out a loan or credit card.
