While it’s always financially savvy to only spend money on what you can afford with the cash you have on hand or in the bank, there are definitely times when you need money immediately and have few options. If you have car trouble, a utility bill that’s overdue or an emergency room charge to pay, you may not have time to wait until you can save up, or even until your next payday. Here are a handful of quick cash options you may not know about.
Cash Advance from Credit Cards
Some credit cards will give you a cash advance, which you can collect at the ATM. Typically, the cash advance amount is a portion of your credit limit. This is a good option if you need finances now, but you can’t use your credit card and instead need cash. However, keep in mind that cash advances come with a high-interest rate, even higher than your credit card’s regular interest rate. You’ll probably also be charged a cash advance fee.
A good alternative to a payday loan is an installment loan. With providers like Blue Trust Loans, you’ll have more installment loan options to work with, like longer repayment schedules. Unlike with payday loans (see below) you have a longer time to pay them back in full, which could make the entire process less stressful on your bank account.
In order to get a pawnshop loan, you’ll need to leave something with them for collateral, which is their insurance that you’ll pay. If you don’t end up paying the loan, your credit won’t be affected, but the pawnshop will keep and sell the item you left as collateral.
Payday loans are instant cash loans that have to be repaid on a predetermined schedule, usually on your next payday. You won’t have to undergo a credit check, but you will need a bank account and regular income in order to qualify for this type of loan. Payday loans have to be repaid when you agree to – they usually have a high-interest rate, so if you don’t pay back the loan in full on the day it’s due, you could get trapped in a cycle of having to pay higher and higher charges. Part of the drawback of the payday loan options available is that if you don’t have the money to put out one or two weeks before you get paid, you may not have the money to pay the interest required, especially if you miss your first payment.
Quick Cash Loans and Credit
Quick cash loans are typically for lower amounts, ranging from $1,000 to $5,000. Quality lenders will base your loan amount on your credit score; the higher your credit score, the more money you’ll be able to get from a loan. However, if you have a low credit score, you’re not necessarily out of options – some lenders work specifically with people who have poor credit. Whatever type of loan you get, never miss a payment – it’s easy to fall into the trap of owing more and more money if you start getting behind on your payments.
When you’re in desperate need of money, quick cash loans can provide the relief you’re after. Just make sure to pay your loan on time. Otherwise, you could get hit with higher interest, extra fees or even seizure of the collateral you offered.