You asap. Maybe you were in a car accident and need to secure money for the deductible. Perhaps you were out of work on family leave and you need some cash to tide you over until you get another paycheck. Or maybe your car broke down for the last time and you need a down payment to invest in a new one. These kinds of situations are hard to put off and getting cash is the only thing on your mind.
Borrowing the Cash
Borrowing is one of the first solutions consumers look to when troubles strikes. When you have the means to repay what you If youre in a real jam and need money now, this may not be the best option for you. If you have less than perfect credit, you may also be denied.
2. Payday Loans d probably be routed to a ton of payday loan providers. Payday loans are short term loans offered to those with less than stellar credit. Though it can be a quick financial solution, payday loans are often predatory. The interest rates are extremely high and borrowers are expected to pay the balance back in full within 2 weeks to avoid more interest and fees.
3. Installment Loans t have the credit to go to their bank is installment loans. Similar to payday loans, installment loans are short term lending products offered to consumers with questionable credit. All you need to apply is a bank account in good standing and proof of income. The reason installment loans are a fast payday loan alternative is because instead of having to pay all the money back in 2 weeks, consumers have more time to make the payments giving them time to get back on their feet without falling further into debt.
4. Reverse Mortgage or Line of Credit Retirement accounts are ideal for saving for your future, but can be a great financial resource in the meantime should you fall on hard times. In many instances, you are allowed to borrow on your pension or retirement account. If the money is repaid on time, there are no high penalties involved. However, if youll likely be required to pay the balance back in full to avoid early withdraw penalties.
6. Friends and Family t charge you too much for interest). The only problem with borrowing from family, however, is that it can create issues if youve weighed your options and have a clear plan as to how youve borrowed. Failure to do so could result in a web of unpaid debt that can take years to sort out.