Quick Cash Loans
How to obtain a quick cash loan when you need it the most
Life is so unpredictable; you never know when an emergency occurs. In most cases, emergency situations entail huge financial obligations caused by issues like medical emergencies, unemployment, delinquent debts or college admission. To manage such unavoidable emergency events of life, you may need to borrow emergency loans, also known as quick cash loans. There are a number of places to obtain a quick cash loan from. However, the best would be your own emergency fund, if you have already created one.
The best places to find quick cash loans
It is true that there are many sources of emergency loans, but before you borrow a loan to fulfill your financial obligation, you can ask your family members or friends to help you overcome the crisis. If you’re really going through a financial hardship, they might be willing to lend you money. However, before borrowing money from a relative or a friend, make sure you can pay it back in time; or else your relationship will suffer. If you don’t have such an option, you can borrow elsewhere. Here are some potential sources of quick cash loans.
Payday loan – This is perhaps the best example of quick cash loans. You can get such a loan, even if you don’t have good credit rating. Unless you have good credit, you won’t be considered as a qualified borrower to get a loan from conventional lending organizations like banks or credit unions. When your credit is poor and the conventional lenders refuse to provide you loan, you can consider taking out a payday loan to get through your financial crisis.
Payday loans are also called as check advance loans; cash advance loans, deferred deposit check loans and post-dated check loans. These quick cash loans are small loans offered for a short period of time with very high interest rates. To obtain a payday loan, you’ll need to write a personal check payable to your lender for the loan amount along with the pre-decided fee. You can also authorize a wire transfer from your active checking account on your next payday. However, you must be aware prior to borrowing a payday loan that it can make your financial situation worse. The APR for such a loan can be even several hundred percent, if not paid in time. Therefore, make sure you won’t extend the loan term or delay in paying back the loan.
A small quick loan from a bank – Sometimes the banks offer small and quick cash loans to their existing customers as well as applicants with good credit. Borrowing from a bank would be your best bet, when you don’t find any other resource to get an emergency loan. The banks offer emergency cash loans through a number of ways; for example,
- A home equity loan
- A home equity line of credit
- A signature loan
- A charge on the credit card
Credit unions also offer quick cash loans. You can also contact local credit unions for borrowing a quick loan.
An auto title loan – Auto title loans are short-term loans that let the borrowers pledge a title to their asset. This type of loans is commonly known as car title loans, as people mostly pledge a title on their car. However, they can also use other valuable assets as collateral for getting such loans. Sometimes these loans are called as cash title loans or motor vehicle equity line of credit.
Lenders prefer to provide auto title loans because in the event of nonpayment, they can sell out the asset and free up the unpaid loan balance. However, from a borrower’s perspective, it may not be considered as a good source of quick cash. Even if you take out such a loan, make sure you pay it back in time, otherwise you may loose your asset used as collateral. Also remember that auto title loans are expensive loans, which require the borrowers to pay higher interest rates.
Cash advance from the employer – You may ask your employer to pay you an advance and deduct the amount from your salary. Generally the employers don’t charge any interest on the cash advance. This is a better option, if compared to other conventional quick cash loans like payday loans or auto title loans, because it does not require you to pay in interests.
Cash advance on credit card – Although getting cash advance on your credit card is an expensive option, yet to some extent; it is a better option too. Make sure you pay off the credit card debt in time to avoid any unwanted financial hardship in future.
Liquidation of personal assets – As the last option, you can consider liquidation of some of your assets. You have to decide whether or not you have something that you can sell or liquidate to cover the cost of the emergency and handle it efficiently. This is, however, a better option than owing a debt or borrowing a loan, as liquidation of assets won’t require you to pay any amount in interests.
In life, you must always expect the most unexpected. Emergency occurs when you least expect it. That is why you should start creating your own emergency fund, which you can use to cope with unexpected and untimely financial obligations. Set aside whatever amount you can, every month and deposit it into a separate bank account. Don’t use the fund, unless there is a genuine emergency. However, if you don’t have such a fund, you can look for quick cash loans to handle your financial emergencies.
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