Get Access to Money When You Have Bills to Pay or a Purchase to Make
If you’re in need of money, your options for getting money quickly are fairly limited. Certain types of lending take entirely too long for you, while others you’re certain you’ll be rejected for right away. To get money quickly, try one of these five fast ways to obtain a loan.
One: Take Out a Car Title Loan
Car title loans let you borrow against the equity you have in your car. When you take out a title loan, you get cash that you’d pay back just like any other type of loan.
To be eligible to get a car title loan, you must own your vehicle outright and be able to prove it with the car title with your name on it. You cannot get a car title loan if you still have a lien on your vehicle. The title loan company will hold your car title as collateral and give you cash. When you repay your loan, you’ll receive your car title back.
Car title loans are usually available in amounts between $100 and $1,000, but there are outliers, especially if you own a valuable car and have more than a modest income. Even if you have bad credit, you can take out a car title loan, because there are no credit checks involved. Your car as collateral is enough assurance that you’ll repay your loan.
This is a short-term loan that you’ll likely need to repay within 60 days, but you can get this type of loan in as little as 20 minutes, especially if you’re pursuing a title loan in Kansas City, where many loan companies boast about their speed!
Two: Try a Payday Loan
Like a car title loan, you put up something you own as collateral in exchange for cash that you’ll need to repay over the short-term. A payday loan uses a personal check written in the amount of the loan, plus interest. The payday loan company will wait for you to repay your loan, but if you don’t, they will simply cash your check.
The amount you can borrow for a payday loan will vary upon how much money you make per paycheck, the amount of money you would like to borrow, and your monthly budget.
Most payday loans are good until your next payday, but some will extend through a couple of paychecks. Be sure to ask any payday loan company you visit what their terms are before agreeing to borrow money.
Three: Ask a Friend or Family Member
Perhaps the most humiliating way to borrow money fast is to ask someone you know for a loan. In order for this tactic to work, you have to know someone who has money to spare, and be comfortable with being vulnerable with them. If you intend to maintain a friendship or relationship with this person, you also better be dedicated to paying them back quickly.
The downside of using this tactic is that you will have to reveal your financial insecurities to other people, and they may not be comfortable with lending you money – or they simply don’t have it.
Four: Visit Your Bank for a Loan
A traditional loan from a credit union or bank can take longer to get than a car title loan, sometimes up to a week. If you have a little time to spare, applying for a loan at your bank may be just what you need to do to get cash quickly.
However, to qualify for a personal loan, you’ll need to make it past your bank’s strict requirements: a good credit score, good income, and low existing debt. If you’re unsure that you’ll qualify, it’s not even worth applying, because every application can lower your credit score.
Five: Use a Credit Card
A credit card is essentially a loan. Your credit card provider gives you a set credit limit – the total amount of loan you can take out – and charges you interest on every penny you spend. You pay it down in installments – either with a monthly payment, or micro-payments as you use the card.
A major downside of using a credit card is that it can have high interest rates and annual fees, and if you rack up lots of debt, it can lower your credit score.
Which Way Will You Borrow the Money You Need?
Do you know which route you’ll take to get cash quickly? Before you decide, weigh the pros and cons of each, and rule out any you know you won’t qualify for. In doing so, you can make sure that you’ve made the most informed decision about your loan.
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