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Got a medical emergency? Had an unexpected job loss? There are times when you might need money now.
Today, when you run out of cash or in case you find yourself in an emergency situation where you need quick cash, there are numerous options that you can choose from to settle your expenses.
If you do not have an emergency fund, and you need money now, here are a few options that you can choose from.
Most people are usually reluctant to borrow money from friends, even if they are willing to help. This, however, is the best option because your friends are less likely to charge interest, and they are likely to understand if you have an erratic repayment schedule.
The downside of this option is that you can potentially ruin your close relationships if you fail to repay the loan, and some of the friends and family may not have the spare cash to lend you.
If you decide to use this option, it is recommended that you have clear loan terms, for instance, a written agreement.
You can either outright sell the item or pawn it with the intention of getting it back to get some quick money now. Even though both options can be used for getting extra cash, they both have their downsides.
If you decide to sell your things, you might need to set up an online account. The process might be time-consuming, especially when you need the cash urgently. Additionally, it is always risky to meet up with strangers from the internet.
Pawning your stuff, on the other hand, will not give you the full value of the item, and you are likely to pay high-interest fees to get the item back.
This is not the best option of getting cash unless you are facing an urgent financial emergency. If you cash in stocks or bonds, especially those in a retirement account, you may have to pay taxes.
And your investment broker or your bank may not give you the cash immediately either.
Most credit cards give cash advances via cheques, ATM, or bank withdrawal that works as short term loans. The lenders usually charge a transaction fee and an interest rate that is higher than other available options, but it is a great way of getting money fast.
The small limit on the card is the borrower’s cash advance limit. You should first check if the amount can cover your financial emergency.
If you don’t like the options above, you can always apply for an emergency loan. You will only be eligible for this option if you have a reliable and regular source of income.
Short term advances or emergency loans offer a quick solution to meet the borrower’s emergency needs. This option is perfect for individuals who need emergency loans since the funds can be used to get the borrower to their next payday.
The loans help individuals meet their basic needs, and since the requirements will differ among borrowers, the loan amount available for the borrowers’ will also differ. If you need emergency money now, you should choose a loan that can cover your financial needs and one that you can easily repay using your next paycheck.
If you want to access emergency money now, it is recommended that you first understand the differences between unsecured and secured loans so that you can make the right decision when applying for your loan.
Unsecured loans are loans that are offered to borrowers who do not give up assets to secure their loans; they include short term loans that can be sourced from banks or other financial institutions.
On the other hand, secured loans are offered against an asset or a fixed property that is in your name. This type of funding is common among lending providers that lend large amounts of money to borrowers.
If you are unemployed, you can still obtain a loan. Some of the loans for unemployed that you can choose from include payday loans, personal loans, car title loans, and getting a loan with a guarantor.
To get a quick online loan, you will go to a lender’s website, fill out the loan application, and submit it . The lender will carry out a credit check to evaluate your creditworthiness. Based on the evaluation, they will decide whether to approve your request or not.
If your loan request gets approved, the lender will deposit the money to your bank account (usually within 24 hours).
Instant cash loans, especially the payday loans, come with a high-interest rate. The interest rate for the first month may be low, but if you fail to repay the loan within the specified due date, late fee charges will also be added.
If you need to borrow money now, you can borrow a small payday loan ranging from between £100 and £1,000.
There are a number of UK loan providers that specialise in offering quick loans. Other than traditional banks, you can borrow money from pawnshops, payday lenders, credit cards, credit unions, online lenders, or from family and friends.
Getting an emergency loan with bad credit may be difficult, but you can still find some lenders who are willing to do business with you. The two main loan sources for persons with bad credit are loan brokers and direct lenders.
With a loan broker, your loan application will be taken and then connected with a lender who will be willing to give your personal loan. For direct lenders, your loan will come from a financial institution when your request is approved.