What Options Do I Have When It Comes To Borrowing Money Immediately?

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There are plenty of ways one can borrow money. Choosing the right option depends upon your personal financial situation. You never know when a financial emergency can occur and if you don’t have enough funds saved up the only means of tidying you over is to borrow money.

There are luckily many ways to obtain quick cash if you find yourself in a financial crunch. Remember it is always best to borrow only as much as you need as borrowing money isn’t cheap and the last thing anyone wants is to default on loan payments as they can impact credit scores and damage your credit report making it harder and more expensive for you to borrow money in the future.

In this article, we will look at some of the most popular options when it comes to borrowing money quickly and why these options can be ideal for you if you find yourself in need of quick cash.

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7 Ways To Borrow Money Quickly

Every option on this list has its own set of pros and cons and therefore it is always best to explore every option in order to determine which one is best suited to you.

1.    Payday Loans

When you are in need of cash immediately there is no better service than payday loans. These short-term loans, usually due on your next payday, have very quick loan processing times (in some cases under an hour) and few restrictions on who can apply.

As long as you are of legal age, have a valid ID, an active bank account, and proof of income you should be able to apply and get approved for a payday loan. No credit checks or background checks are required.

Payday loan services are available online and through storefronts. The loans allow you to have easy and quick access to cash even if you have bad credit which is one of the greatest advantages of payday loans.

Drawbacks of payday loans include high borrowing costs and relatively short payback periods.

2.    Personal Loans

This type of loan can generally be applied for through your bank, an online lender, or a credit union. Personal loans do not require any form of collateral and are considered unsecured loans just like payday loans.

Unlike payday loans, however, personal loans have longer processing times and approval is generally dependent upon how good your credit score is and how much you earn.

The advantage of personal loans is that you can get the money in as little as a few days. You also won’t lose any collateral if you are unable to pay the loan. And lastly, these loans tend to be more affordable than payday loans.

The disadvantage of personal loans is that they are largely dependent on credit scores. For people with bad credit personal loans just aren’t an option.

3.    Credit Card Advance

If you own a credit card you can likely take out a cash advance through an ATM. Most credit card providers will charge a fee for a cash advance along with higher than normal interest rates. The APR for a cash advance is often much higher than your card’s normal APR. Depending on your card limit the amount you can withdraw can also be nominal as compared to other options.

4.    Line Of Credit

Obtaining a line of credit generally allows you to take a loan of a large amount with generally low-interest rates. However, applying for a line of credit can be a time-consuming process and you will most likely have to put up collateral often in the form of your home making this type of loan a risky proposition if you are unable to pay it back.

5.    Pawnshop Loan

This sort of loan is often seen as a last resort when it comes to borrowing money immediately. A pawnshop loan works by you bringing a valuable item to a pawnshop and leaving it there as collateral. The pawnshop will usually lend anywhere from 25%-60% of the value of the item.

The way a pawnshop loan works is that if you are able to repay the loan amount and any additional interest charges or fees within the assigned due date the pawnshop will give you back your valuables. However, if you are unable to pay, the pawn shop can sell your item to recoup the money.

6.    Peer Lending

There are several P2P websites online that will lend you money through private investors. Peer lending largely depends upon your credit score. If you have a good credit score you can get some great deals with low-interest rates, however, if you have bad credit you might find the deals you get to be too pricey to even consider.

7.    Retirement Account Loan

It is never a good idea to touch your retirement accounts such as a 401(k), 403(b), or 457(b). However, if you are faced with a financial situation that leaves you no choice but to borrow, taking money out or taking a loan against part of your vested retirement account balance may prove to be a viable and potentially low-cost option.

Retirement account loans usually don’t show up on a person’s credit report and such loans don’t require credit checks either making for a short application process and quick loan processing times. The interest on such loans is also much lesser than other forms of borrowing money.

However, the drawbacks are just as severe. Inability to pay the loan in the time frame can lead to heavy penalties and if you leave your job you may have to pay the loan in its entirety which can be quite difficult.

Final Thoughts

There are many things that one needs to keep in mind when borrowing money. Factors such as interest rates, repayment terms, fees, funding time, terms and conditions of Payday LV loan use, and choosing secured over unsecured loans can all make a difference in terms of how much you end up paying on amounts borrowed.

If urgency is of prime importance then nothing beats payday loan services. Depending on which state you live in these loans can be offered at competitive rates with money being delivered into your account within just a few minutes of sending in your application. Their convenience, ease, and availability make payday loans the most popular option when it comes to borrowing money immediately.

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