There are times when an emergency or opportunity emerges where you need cash in a hurry but your own available finances are inadequate. You will then need to borrow money in a hurry. Fortunately, there are several ways in doing this.
Here are several suggestions for borrowing money quickly:
- Get a cash advance from your credit card. This technique has the convenience of an ATM with the interest rate of a credit card. Simply insert your credit card into an appropriate ATM then type in the amount needed. Cash advances have a withdrawal limit and hefty interest rates that depends on your credit card company.
- Borrow from a friend. One of your close friends or relatives can lend you the money you want with no interest rate, by treating it as a favor. If your friend doesn’t have the amount of cash you need, ask several more of them. This type of loan may have an indefinite time period to pay back, based on how close you are to your friends. You may not expect to borrow more until you have paid off the initial loan. Also, if you are notorious for not paying back your loans, expect your remaining friends to form excuses not to lend you money. Of course, you can then ask a sibling or friend to borrow in your behalf.
- Pawn off a valuable. Your jewelry, appliances and electronic gadgets may fetch you an amount based on the pawnbroker’s estimated value of the collateral. Interest rates usually start at 3 per cent. If you aren’t able to pay back your loan, the pawnshop will auction off your item in order to recoup their losses.
- Ask your boss for an advance. If you are a good employee and in good relations with your boss, he will only be too happy to give your paycheck early without penalty fees or interest. This loan is not to be abused frequently or it will create a tense working environment.
- Ask for a pay day loan. Whether based locally or online, payday loans are short-term borrowings that cover expenses until the next payday. Visit local stores that offer payday loans or search online.
- Apply for a bank loan. Some banks will promptly lend you money meant for emergencies. Ask your bank what loans they have you can obtain within a day and the requirements needed for it. Make sure you are in good standing with your bank to get a positive response.
- Request for an extension. The person or business you need the money for may grant you an extended period to pay your bill if you request it.
Some of these options have no interests and can be accomplished in mere minutes, while others impose stiff fees and take several hours to process. Exhaust your friendly choices first before resorting to the unfriendly variety, which may create an even larger financial problem in your near future. And don’t forget the power of friendship: some will help you now while your financial worries are minimal rather than later when you inevitably approach them with a more dire debt situation.