Sometimes you need money fast. Unfortunately, the bank is not a place to get a loan. They require long credit checks and an application process with so many boxes it can make your head spin. You need an alternative to meet your urgent monetary needs. There are places where you can get quick loans, however.
Let’s take a look at some of the places you can get money straightaway.
We do not often think of credit cards as a loan, but at heart, this is exactly what they are. If you still have credit available, it is a good idea to plug it in and take the money you need with no questions asked.
What you should beware of is eating up more than 30% of your total credit limit. This can hurt your credit score in the long-term.
Payday loans have gained a lot of bad press over the years for their high interest rates, but what is often forgotten is how many people they have helped in a bind. With these type of quick loans you can often receive the money the next day.
The key to making payday loans work for you is to do your research. Do not approach the first company you see and ask for a loan. Here are some tips to help you through this process:
- Research the company you want to take a loan from. Do they have a good reputation?
- Only take what you can afford to make the repayments on. People get into financial difficulties because they do not follow this step.
- Check to make sure that you can take a loan. While most companies perform no checks, some are starting to do this. Do not waste time applying to a company that will not pay you the money.
Family and Friends
If you need an urgent loan to get out of a hole, family and friends are a great place to look. Depending on whom you ask, this could provide you with all or part of the money.
Dictate terms before going through with this. Outline when you will have to pay the money back and whether there will be any interest. Write down the terms and conditions so there are no disputes later on.
Getting loans fast often means giving up the prospect of low interest rates and favorable terms. Before taking out a loan, think about whether you can trim your budget. You may find you do not need to ask for a loan after all.