Millions of Americans are incapable of coming up with $400.00 at a moment’s notice. We don’t know about you but we think that’s a serious problem.
If a person can’t come up with $400.00, how would they pay for emergency car repairs, roof leaks or any other unexpected expense?
The answer to that question is that they couldn’t. At least, not without the help of a loan.
Despite the fact that loans tend to get demonized in the media, without them, people in lower socioeconomic brackets would be left without a paddle when navigating the rapids of their financial life.
If you’re a person that needs to borrow money fast and aren’t sure what your best loan option is, consider the following 8 fast-cash options.
- Get an Advance at Work
If you get regular paychecks at work and need to get your hands on next week’s check sooner than next week, your company’s HR department might be able to help.
Shoot them an email and explain your situation. See what programs they may have in place that allow you to borrow against your future self.
If you work for a smaller company that doesn’t have a formal HR department/borrowing policy in place, sit down with your boss and see what they might be willing to do.
Most advances given at work won’t carry any interest.
- Pick Up a Payday Loan
Getting a payday loan is very similar to the first borrow money fast option that we suggested. The key difference is that payday loans cost a lot more.
When you take out a payday loan, you essentially write a check to yourself in the amount that you’re going to get on your next paycheck plus any fees that your payday loan provider charges.
You then give a payday loan representative that check, they give you cash and when payday comes, your loan provider will cash the check that you handed over.
Be wary of payday loan providers as some charge high-interest rates and fees that may make borrowing a bad deal.
- Ring Up Your Credit Card
Perhaps the easiest way to borrow money is via the credit card that you have in your wallet. If you charge something to your credit card and pay your balance back during the next billing cycle, you’ll have borrowed money without paying a penny in interest.
If you need cash from your credit card, you can also get a cash advance from an ATM. Be aware that cash advances carry immediate interest charges.
- Talk to Your Bank About a Short Term Loan
When most people need to borrow money, they go to their bank.
Banks offer a variety of loan products. Some are short term loans designed to be paid back within a year or so while others are long-term, multi-year loans.
The shorter your loan term is, the lower your total interest charges will likely end up being, so always try to get your loan paid back as soon as possible.
Be aware that with bank-supplied short-term loans, your credit will be ran to determine if your qualify for borrowing.
- Go to a Pawn Shop
Millions of Americans turn to pawn shops to acquire easy, no-credit-check loans. In all honesty, pawn shops are one of the absolute easiest ways to borrow money fast.
The big catch with pawnshops is that they require collateral and will only let you borrow money up to the value that they assign to that collateral. Also, if you don’t pay your loan back plus interest on time, you’ll forfeit your collateral to the pawnshop.
- Tap Family and Friends
If you’re in a tight financial position and need to borrow money fast, you might find that your personal network can help out.
Most family/friends offer no-interest, no-strings-attached loans. While the risk of upsetting your personal network by not paying them back on time is a real concern, if you’re a responsible borrower, this could be your best, most cost-effective bet.
- Head Online
Since banks are relatively conservative when it comes to giving out loans, many have turned away from their local lenders and instead, have started borrowing money online.
There are a bevy of online lenders that hand out hundreds of fast cash loans every day. While the quality and legitimacy of these lenders vary (always do be diligent before striking a deal) there are more than enough great lenders on the internet to make this option worth considering.
- Engage Private Charity Services
This borrow money fast option may be a little bit of a long shot but could prove to be fruitful depending on your community.
Many religious organizations are more than happy to loan money to congregation members that are in tight spots. Other private charitable organizations that are non-religious may also have programs in place to provide financial assistance to destitute individuals.
Poke around your area and see what might be available.
Closing out Our Ways to Borrow Money Fast
If you need to borrow money fast to deal with an emergency, you’ve got options. We hope that our insight has taken some of the pressure off of your cash search and we wish you the best as you look to get past today’s financial hardships.
Remember, if you ever need personalized financial help, going to a community-based financial advisor is always a great bet. Many of these professionals offer their services to low-income individuals free of charge.
You’re also welcome to dig up more information right here on our blog!