Personal finances can be a tricky and frustrating thing to manage. Keeping afloat in a big city can be difficult, even when there are no emergency expenses to worry about. It can be difficult when you find yourself in financial trouble, but it can be even harder trying to figure out what you should do about it. If you need money fast, there are several ways to get cash quickly.
1. Cash Advance Loan
If you’re in need of a quick loan before payday, a cash advance loan might be the one for you. A lot of companies offer these and a payday loan works like any other line of credit, except you can get it much faster, and it has a relatively lower cap. Basically, it’s a type of loan where you borrow a small amount of money for a short time period – usually, it’s to get you by until your income starts rolling in. This is one of the most popular choices because you can get your cash in 24 hours or less. When you take out a loan, it’s usually up to $1500 which should cover most emergencies and other unexpected expenses like car repairs.
2. Bad Credit Loan
Let’s say you’ve had some trouble with credit cards in the past, or maybe your credit history isn’t so great. When it comes to an emergency, this can put you in a real bind because when banks see that you have a bad credit score, they’ll be less likely to approve loans for you quickly – or at all. A bad credit loan is ideal if you don’t have any financial records, or if you’ve had a lot of trouble in the past. This works for people who have absolutely no credit rating – or simply not an ideal one, and can help them rebuild their credit. It’s also useful for those who have been rejected from traditional lenders because they don’t fit the “perfect candidate” mold.
3. Savings Account Loan
You can get a loan using your savings account without withdrawing the balance. If you have a poor credit score and cannot get a normal personal loan, a passbook loan might help you. This loan usually has smaller interest rates than loans for people with bad credit.
People sometimes call these passbook loans or savings-secured loans. You can get money by borrowing from your own savings. Like a secured personal loan, your savings account is the safety for the bank. If you do not pay back the loan, the bank might take your savings to cover what you owe.
4. Pawn Shop Loans
When you’re in dire straits and need cash fast, one thing that can help is pawning your items. Many people don’t realize this, but there are actually pawn shops everywhere, and if you’ve never been to one before, it’s time to learn about what they do. For those who don’t know, a pawnshop loan works by you bringing in one of your valuable possessions – like jewelry, for example. The shop owner will assess its value and give you a loan based on that – however much the item is worth at minimum. You can also sell these items outright, but if you choose to pay it back with interest, typically the longer you take to repay means more interest is tacked on. If you need money fast, this is one of the quickest ways to get it.
5. SBA Loan
An SBA loan is a type of loan offered by banks and lenders that is partially guaranteed by the U.S. Small Business Administration. If you have a small business, it is important to know what SBA loans are for.
It is designed to provide financial assistance to small businesses that may have difficulty obtaining traditional financing. SBA loans can be used for various purposes, such as starting a business, purchasing equipment or real estate, working capital, or expanding an existing business.
6. Co-Signed Emergency Loan
If you live with someone who has a decent credit rating, they may be willing to co-sign an emergency loan for you. All this entails is that they are your guarantor, or if anything goes wrong you are their responsibility. They will have to pay back the money if you do not, and it might be in their best interests to do so. If you can’t pay it back, they could be the ones held accountable by the lenders and incur penalties for not complying with their terms. This is a great way to get fast cash if you don’t have any other options, and your credit rating alone isn’t good enough – but it’s important that you pay back your loan in a timely manner so that the other person doesn’t get stuck paying it.
Every day, there are thousands of people who need money fast and can’t get a traditional loan. That’s why these alternatives exist – to make sure no one gets left behind when it comes to getting out of debt or saving up for an emergency expense. Even so, each option will come with its own set of terms and conditions, so it’s important to know what you’re getting into.