Everyone will find themselves in a financial emergency at least once in their life, and cash is not always available to cover expenses. Luckily there are many different ways to borrow fast money.
Here are some suggestions on what is the best way to borrow money, fast, depending on your personal situation.
What are the different ways to borrow money within a day or two?
1- Ask a friend or family member for a loan: It can be difficult to do so, but borrowing money from a friend or relative is one of the safest alternatives. Institute a fair interest rate for both parties, put the deal in writing and set up a formal payment plan. This must include payment dates and surcharges for late payments.
2- Request a salary advance from your employer: your employer can provide you with the alternative of paying you time. Solve the / sudden expenses by deducting the amount of your next paycheck. The terms differ: in some cases employers make a charge, restrict the amount of the advance to one percent of their regular salary or restrict the frequency with which they can request an advance. If you change jobs or get fired, it is obvious that before you leave, you must reimburse the amount.
3- Take a cash advance from the credit card: generally all credit cards, if you have credit available, authorize the withdrawal of money immediately at a bank or ATM. With this option you will have to pay a percentage per transaction. Additionally, it will pay interest at a percentage that is usually higher than the regular annual percentage (APR) of the card. Cash advances are usually limited to less than your credit limit.
4- Fast payday loan: payday loans are short-term, usually for less than $ 1,000. Lenders usually charge a fixed fee that is based on the amount borrowed. You have time to pay the loan plus the fixed fee, until your next payday.
5- Personal online loan: with a personal online loan, you can request from one hundred to several thousand dollars. Completing the online form makes the process faster. They can usually give you the cash between 24 to 48 hours. The vast majority of personal loans online are term financing. This means that you have to pay in a fixed term in subsequent months or a few years. If the lender does not perform a credit check, you will definitely have to pay a higher APR.
6- Loan by title of the car: a loan by title of car is a kind of guaranteed loan in which the title of his car is used as endorsement. If you own your car you can have the cash in your pocket after an evaluation. The lender keeps the title of your car in your possession until you return the borrowed money. If you can not return it, you could lose your car. This loan is very similar to a loan for pawn, but things of different value are presented as collateral (jewelry).
7- Financial assistance: if you are studying in the collage or in the university, ask the financial assistance department. They could offer short-term loans.
What are the different ways to borrow money for a few days to a few weeks?
1- Peer-to-peer lender: peer-to-peer lending platforms offer personal short term internet loans. This implies that the loan is made by an individual investor instead of a bank. The amounts usually range from $ 500 dollars to $ 35,000 dollars. Your credit score is taken into account and the transaction can take a couple of days. Upon approval of your application, the loan is added to the platform. After it is fully funded by the investors, the cash will be seen in your account. APRs may be lower than traditional loans granted by banks.
2- Personal loan from your local bank or Credit Union: if you need to request a lower amount of $ 3,000, a personal loan from a credit union could be a viable alternative. Federal credit unions have a maximum cap of 18% APR on most of their loans (interests of state unions could carry higher rates). Credit unions take into account your credit and score history and your monthly income to approve personal loans. On the other hand, traditional banks definitely take your credit into account. They generally grant loans from $ 2,000 and up.
3- Loan of your 401k: if you have been contributing money monthly to a 401k retirement plan, you are usually authorized to borrow money, but only up to 50% of the value saved in your account. The maximum that can be borrowed is $ 50,000. The interest rate will be established by your employer. The loan must be returned directly to your 401k account. Usually the loan is returned by deducting an agreed amount from your paycheck. The term can be up to five years. With the 401k loans there is no credit check, therefore this score is not taken into account. If you do not repay the loan, you would have to pay taxes on the amount borrowed plus a penalty for early withdrawal. In the same way, if you change jobs, you must repay the loan within a few months or you will have to pay taxes.
4- Life insurance loan: Requests cash borrowed for the value of your life insurance comes with a couple of benefits. These include that you should not make an application or verify the credit. Nor does it bring a fixed timeframe to be reimbursed. You can pay at the time you decide. Now there is a negative part, by not paying the loan, the benefits of the death policy decrease. In addition, as it takes time for the cash value to grow, in the first years of the policy, the amount available to borrow may be small.
5- Line of credit on the accumulated equity of the property: It is possible to borrow money on the value of your house. You can request an amount, usually up to 75% of the value of your home. You occupy only what you need, and pay interest only for what you have taken out. You must keep in mind that your property is put as collateral by not paying the borrowed money.
6- Personal credit line: as a, but without putting a property as guarantee. Personal lines of credit often require an excellent credit score and are quite difficult to obtain. Because no guarantees are placed, the interest and annual percentage (APR) on this line of credit will be higher.
If you need a loan online to assist you in managing a sudden financial event we are here to help. You can borrow on your own terms in our comparisons section. Apply securely and reliably online today and you could receive $ 500 to $ 35,000 in your checking account as soon as tomorrow or thereafter.