Most of us may encounter difficult times during our life. And at least once, we will need to find ways to borrow money fast from somewhere or someone because we don’t have enough cash to cover up the expense. The ones that usually end up lending money are direct lenders, a bank, or credit unions but most of the time you will struggle to repay the money due to the conditions.
The good news is that those aren’t the only way that you could use to borrow money fast.
If you need funds quickly to pay your bills, here we suggest some of the best ways for borrowing money.
7 ways to borrow money fast
In the US economy, you will find several ways for you to get some extra money fast in case you need it. Of course, a lot of them aren’t free, so if you are sure to follow this path, be prepared to pay some fees and interest rates and have a backup plan to pay back the money you borrow.
Get money from your friends and family
The ones you should go to first are your friends and family, they are the most willing to lend you money without having to pay fees, interest, or having to qualify for a loan.
Of course, it’s a matter of trust and you must pay them back to maintain the trust within your loved ones. Think of this as a loan without any kind of fee or collateral.
Get a paycheck advance from your employer
Sometimes your employer can give you an advance when you need the money. So, instead of receiving your income on schedule, you will get it sooner so you can use it. This may work as a sort of loan that you will repay when you get your next paycheck.
This is not a smart financial move, but it may solve your funding urgencies at once. Have in mind that some employers may charge a fee for this transaction. This doesn’t require you to have a credit score or to talk with payday lenders.
Credit card cash advance
You can get instant cash from most credit cards by using your credit available and requesting an advance at an ATM. You will pay a banking transaction fee for financing you and some interest that is higher than the usual APR.
These kinds of services are limited when you don’t have a lot of limits on your credit cards.
Ask for a Payday loan
Payday loans are short-term loans, and because of this, you are able to get up to $1,000 at once without any problems. A lender will charge you a fee according to the amount you want to borrow. Borrowers have until you reach the next paycheck. A payday lender is one of the easiest ways to borrow money fast with no credit check, but be wary of fees and high-interest rates.
Also, make sure that you can afford repayments before signing the contract.
Life Insurance Loan
Your life insurance plan may give you some advantages when it comes to getting money without banks or personal loans. You won’t need to apply or review your credit history and you end up paying at your own time.
The bad thing is that if you don’t pay, your death policy benefit will be reduced.
HELOC or Home Equity Line of Credit
You may get credit by using your house as collateral and you will be able to borrow as much as you need, with a limit of course, and pay some interest on that amount that you’ve requested. You need to think this through though because this line of credit works as mortgages, so if you don’t pay the creditor could foreclose your home or start a court judgment against you.
Financial aid
Financial aid could help you solve your problems if you’re in college. The financial aid department of your institution may offer short-term loans that will allow you to overcome difficulties.
Beware though, that interest rates may be higher than you expected them to be.
The bottom line
As you can see, there are a few fast ways for you to borrow money without having to recur to online lenders or a personal loan for finance matters. You can always find ways to get fast cash, the difference relies on how you do it.
Now, these suggestions may only work for short-term urgencies. If you are looking to solve emergencies and pay them over time, your best option will always be personal loans or installment loans with a company that lets you pay affordable installments.
After all, interest rates will be much lower and you will have more control over your finances.
