The need for extra cash from time to time is common, and this need can create an immediate sense of dread and stress. Such emotions can cause you to lose focus at work, lose sleep at night and more. Unexpected expenses and cash shortages in your budget are just a few of the more common reasons why you may need extra cash as soon as possible. Applying for a traditional loan may take weeks or longer to complete, but you may need cash now. These are some of the more common solutions that you can consider using to get access to the money you need.
Use a Credit Card Cash Advance
Credit cards can be used to charge some expenses, but there are times when you need cold, hard cash to pay some expenses. You may think that using your credit card is not an option in these cases, but you actually can pull cash out of your credit card just as you would pull money out of your checking account using your debit card. You will need to know if you have available credit for a cash advance. You will also need to know your credit card PIN number and which ATMs in your area can be used for a cash advance. It is advisable to contact your credit card company to obtain this information if you do not already have it. This process often can be completed within a few hours or less, making it one of the fastest solutions available to you.
Use a Payday or Car Title Loan
Payday loans and car title loans can also be considered as fast cash solutions. A payday loan is an unsecured loan, and a car title loan uses the equity in your vehicle as collateral. Both may offer you $1,000 or more in some cases, and the loan term is usually 30 days. Generally, these lenders accept borrowers with lower credit scores, or they have no minimum credit score requirement. The interest rate and loan fees can be high on these loans, but they nonetheless can help you get by for a few more weeks. If you choose to apply for these loans, always have a repayment plan in mind.
Apply for an Online Personal Loan
Some bank loans take a considerable amount of time to obtain, but fast online personal loans are available through some reputable banks and credit unions. As a starting point, consider learning about fast financing options available through the bank you normally do business with. If this does not produce a viable solution, expand your search outward to local credit unions.
Ask a Friend or Family Member for a Loan
As a worst-case option, consider asking a friend or loved one for a loan. This should only be done with care and in the most critical financial situations. Borrowing money from friends and loved ones can create ill will between the two of you, and this is especially if you do not repay the money in a timely manner. Consider which friends or family members are more likely to have extra cash available to lend to you. However, bear in mind that many who appear to be well-off may also be struggling financially or may live on a tight budget. Many people live to the extent of their means rather than below their means, and this means that tight budgets are common even with well-off people. If you choose to borrow money, create a written agreement that states the loan amount, payment schedule, interest rate and other relevant details.
Finding yourself in a financial mess where you need access to extra cash but have seemingly nowhere to turn can seem stressful. While this is an unfortunately common situation to be in, the reality is that most people have access to more cash options than they realize. These are among the most common fast cash solutions available. If you have more than a few days to get access to the money you need, you can consider other affordable solutions, such as refinancing your car using a traditional, long-term car loan.