Everyone always tends to find themselves in a period where they’ll need quick cash. Some may require this to pay off some pending loans, while others have an emergency repair that wasn’t counted in the budget plan. Regardless of the expense, money has to be borrowed.
Some people tend to shy away from fast ways of borrowing cash because of how tough the conditions can be to return the money. People may turn to their family and friends when borrowing some dollars, but that can cause even a rift when things get messy.
If you’re in a good financial position and there won’t be any problems paying back a loan in the future, there shouldn’t be anything to worry about when borrowing fast. Search for a loan that aligns with your terms. Here are some of the best and the quickest ways to borrow money:
1) Personal Loan
Getting a personal loan is the best option when it comes to speed in borrowing money. A reputable lending service is much easier and faster to talk to compared to traditional banks or credit unions, and there’s a shorter application process waiting for you.
Plus, there’s no need to worry about your credit score when you’re trying to apply and inquire about personal loans. Especially if you talk to the right people. Lenders accept plenty of people who have varying credit scores as is. It’s ideal to get a personal loan that will let you pay in installments and have a reasonable enough APR as a fee.
2) Credit Cards
Credit cardholders may eye using their cards to pay for the expense that they’re facing. However, if that’s not a viable option, there’s also the possibility of using your credit card for a cash advance. Acquire money by withdrawing a few hundred dollars from an ATM.
However, this is one of the riskier ways of borrowing money. Although it does get you the cash quickly, there are also the fees from the bank and interest rates that can easily pile up. If you aren’t prepared, these extra expenses may overwhelm you and put you in debt.
3) Pawnshop Exchange
If your conditions are a complete lack of cash, you can eye going to the pawnshop. Exchange a valuable of yours such as jewelry or an heirloom as collateral to get some bucks. The price that your possession amounts to is subject to an offer from the pawnshop, though.
If you can’t pay back the price, they keep the item too. This is considered one of the downsides as it means losing a certain belonging of yours. Plus, there are also interest rates stacked up on the payment for insurance purposes.
4) Payday Loan
Payday loans refer to borrowing money and paying it back by your next paycheck. This is fairly quick to arrange as the requirements are usually just your income and bank account. The hassle is no problem here if you have a stable enough job.
However, the issue lies in the costs that payday lenders tend to charge. Borrowers who take out this loan are known to have trouble covering the fees. Some even go into debt just to pay back the expenses, which doesn’t leave much room for peace of mind.
Each way of borrowing money does have its own pros and cons. When it comes to getting quick money, it’s a common theme that there are tough fees involved. Your safest bet to borrow fast is a personal loan that allows installments.
Need a personal loan? Shelby Finance makes the borrowing process quick and simple for those looking to build or rebuild credit, consolidate a few bills, or are simply caught in a bind. Get in touch with us today.