When you find yourself in a situation where you need a loan, whether it’s for home improvement, repairs of some kind, or just about any other reason, you need to look at the options available if you need money now and want it fast.
If you own your home and have equity built up, you may have a few options allowing you to borrow against the value. If you have a credit line, this is another option. But depending on how fast you need the money, sometimes these options won’t help when you need money now due to the process taking some time before you are able to cash out.
But what if you don’t own your home, and don’t have an emergency fund? Well, you can talk to a bank or credit union. Or you might take cash advance on your credit card. But even these ideas aren’t exactly options for some.
Get Money Now
One option for quick cash can be to sell something. From unused electronics to gift cards, if it has value, someone might want it. When looking for a buyer, you could try a pawnshop or try your luck with marketplace or craigslist. You could also look at side jobs that might pay the same day. With a pawnshop you might not get the amount you hope for, but it’s a quick solution. With something like marketplace or craigslist, it can take longer than you might hope, depending on the item you are looking to sell.
Sometimes asking for forbearance on a bill like utilities or cable tv can be an option. Since they don’t charge interest on late payments, if your request to delay your payment is approved, you could have the money you need to cover any emergency needs you may have.
If you have life insurance or a retirement account, these can also be options to borrow against that might help. You might also look into community services and religious or non profit organizations that could possibly be of assistance.
There’s always the possibility of borrowing from friends or family. Since this isn’t an option for everyone, a short term solution like payday or installment loans can be the answer.
Finding Fast Cash
These are unsecured loans that even people with bad credit are often eligible for. Sometimes they are promoted with language like no credit check loans or guaranteed approval, but these are misleading and false statements that some lenders use to attract customers. There are many online lenders that are also an option.
Whatever loan you decide to use, it’s important to ensure that you are using responsible borrowing habits. In other words, only borrow what you can afford to repay, and don’t leave yourself in a tough financial situation trying to make payments.
Most loan agreements provide the details of the terms and conditions, including your monthly payments and any other fees, should there be any. Carefully read all of the agreement and make sure you understand it. If you find yourself needing to take a high interest loan, this is a sign that you need to start building an emergency fund in the near future.