Do you need cash to cover a repair or bill you didn’t expect? How will you pay for it if you don’t have much money saved, and your next paycheck isn’t enough or is still weeks away?
You could borrow a sum from a friend or family relative. Or you could sell unused stuff at home to raise the needed amount. However, if none of these options apply to you, you may consider taking out a loan,
In today’s world, you have a lot of choices to borrow the money you need, ranging from storefront to online lenders. Note that not every loan option allows you to access quick funding. Some loans may take longer to process or have more stringent requirements than others.
If your family needs to get money online fast, consider the following loans we’ve curated below and learn which works best for your situation.
Payday loans are one of the quick alternatives to tackle expenses your monthly budget didn’t anticipate. It’s an online loan that doesn’t require a credit check, meaning you can get approved regardless of your credit score.
Depending on the lender, you can have the fund deposited into your account within the same day. But, since it’s a short-term loan, you can only borrow up to $1,500, which you need to repay within two weeks or your next paycheck.
2. Peer-to-Peer Loans
Another way to access fast cash is by taking out a loan through a peer-to-peer (P2P) lending platform. Instead of borrowing from a traditional bank, the P2P lending website connects you to anonymous investors keen to loan out their money with interest.
All you need to do is apply online with your personal information. P2P lenders have flexible credit requirements and streamlined processes. Thus, you can borrow and receive the fund you need immediately.
Through online personal loans, you can also borrow a lump sum and repay it in fixed installments every month. A personal loan is a flexible financing alternative you can use for any purpose. The personal loan amount usually ranges from $100 to $50,000.
But how much you’re eligible to borrow will depend on several factors, such as your credit score and loan term. If you have bad credit and too many debt obligations, the lender may not extend you the loan.
If you get approved despite your poor credit standing, they may offer a smaller loan amount with a higher interest rate. The lender may deposit the money for your loan in your bank account or send it as an e-transfer.
If you have a car, you can use it as collateral to secure a title loan online. The market value of your vehicle is the most significant factor when applying for this type of loan. After the lenders review your online application and documents, they will appraise your car.
You’ll give the lender your car title in exchange for the loaned money if approved. Title loans have short repayment terms like payday loans. However, since the vehicle secures the loan repayment, you may lose it if you fail to pay back the borrowed amount.
It’s easy to get overwhelmed with financial emergencies. But, no matter your immediate cash needs, always choose the alternative that won’t hurt your finances more. Some loans are much safer and more affordable than others. Thus, besides considering the speed at which you can get the funding, it’s wiser to factor in how much it will cost you in the long run.