When you need to get money fast, you may not have a lot of options in front of you. While there are at least a few accessible ways to borrow money, each should be carefully evaluated for its terms and conditions. What may be the right pick for one person won’t be for the next. For cheap, fast access to borrowing money, consider what you’re willing to settle for and what you can realistically manage in terms of repayment.
Here is how to borrow money quickly, in the smartest way possible, for your unique financial situation.
1. Personal Loan from a Bank
Look to your bank. They may be able to offer a personal loan, especially if you have great credit. The terms will be favourable. However, you may or may not be able to get your money fast enough. If this takes long and the loan repayment terms aren’t flexible, move on to the next option.
2. Personal Loan from a Credit Union
A credit union may offer different terms from a bank, a better interest rate, and more repayment flexibility. Though you must apply to become a member and then open an account, this may be the best option if a credit union can move quickly.
3. Try a Payday Loan
Payday loans are easy to use and allow you to get cash quickly. Borrow quickly. Pay it off quickly. It’s simple, easy, and straightforward. Once you do it once and recognize how easy it is to arrange, many customers return to payday loans when they need emergency financial support. It’s an excellent way to borrow money quickly.
4. Personal Line Of Credit
An alternative to a loan is a personal line of credit, which will grant you an unsecured amount of money similar to your credit card, allowing you to borrow up to a preset limit. Unlike a loan, you do not need to use the full amount and only have to repay the amount borrowed.
5. Home Equity Line of Credit
If you do not mind using the equity you have in your house as collateral, a Home Equity Line Of Credit is something to consider. Interest is low, and you can borrow large amounts of money through a HELOC, depending on what you’ve already put down in your mortgage.
6. Borrow From Your Savings
If you have personal savings or retirement savings, you can borrow from yourself. This way, you avoid paying interest; however, if you don’t pay back the amount taken, you are the one who loses out. Especially for retirement savings, this should be a last resort.
6. Apply for a Zero-Fee Credit Card
A cheap way to borrow money quickly is a credit card. Suppose you can pay off the balance quickly and have excellent credit to qualify. In that case, this is how many people cover unexpected expenses, such as medical bills, car repairs, and essential home renovations.
7. Cash Advance From a Credit Card
Taking a cash advance through an existing credit card is an approach. However, these amounts are often capped. You may only get a few hundred to a few thousand dollars. In addition, there are cash advance fees and higher-than-average interest rates to consider. It’s still quick and easy, should you want it.
8. Buy Now, Pay Later Companies
‘Buy Now, Pay Later’ services will finance the purchase of certain items and set repayment up in installments, sometimes without interest and with minimal fees. If you need to borrow money quickly for a specific purchase, a company like this may be a way to afford it.
9. Borrow From Family & Friends
It’s tough to ask, but borrowing from a friend or family member may be your fastest way to get cash. Avoid having to apply and wait for approval. No credit check, either. Just approach a loan like this with the utmost caution. Conflict often happens when the borrower cannot repay the loan on their agreed-upon schedule.
10. Sell Assets Quickly
Another way to go is to sell an asset. If it’s not something you use, consider offloading assets for quick cash. Though this is unpleasant, you can re-purchase similar assets later if you need to. This isn’t borrowing per se, but it is a sure way to get money quickly and potentially avoid going down unpleasant roads.
11. Try a Pawn Shop Loan
A pawn shop loan isn’t great. A secured loan requires you to put up an item as collateral. If you have additional financial difficulties, you lose said item. It’s a big risk, regardless of whether you offer jewelry, antiques, electronics, or a musical instrument. That said, you can often walk away with cash that same day.
12. Seek Out a Loan From An Online Lender
Online lenders offer convenience and speed, albeit frequently with high-interest rates. All you have to do is apply, and if approved, the funds are sent to your bank account. Factors like credit score and income come into play, but you may be able to shop around to different lenders to see terms and amounts.
14. Ask for a Loan From Your Employer
An employer you’ve worked with for a long time and that you trust may allow you to borrow against future paycheques. However, this is generally not the best idea as it takes from your future earnings and could cause stress.