Financial emergencies happen all the time and the worst part is that you may not be prepared for them. Imagine a sudden and unavoidable expense coming up when the payday is still a few weeks away and you don’t have anything in your savings account. Procuring quick cash is the only way out and this is easier said than done. What can you do in such a situation? Of course, you may explore options like taking up a part-time job, borrowing money from a friend or pawning your valuables. But the only glitch with these ideas is that they will not give you instant cash, which is something that you probably need the most when in a problem.
You can consider taking a personal loan but that too has to be quick, considering the emergency you may be in. There are lenders who may be willing to help when you need money asap but you have to look around to find them. Again, you have to be selective about the lenders because everyone may not be able to provide instant cash and some may demand a high rate of interest. Also, you can follow some smart tips and tricks to maximize your chances of availing a loan quickly. Here are the ones you can try.
Online loans are the best option when you need money asap
When you need money urgently, an online loan serves as the best option. This is because you can get one approved in minutes by just filling a few details on the website. What’s more, you need nothing much in the name of documentation. This is a major time saver because paperwork is the main reason for delay when it comes to traditional loans. The convenience of online loans is unmatched because you need not even step out to meet a money lender or bank officer for the loan formalities. Just a few clicks and you can get an approval if you meet the eligibility criteria! And the best part is that the amount will be transferred to your bank account in just one working day.
They work even if you have bad credit
Getting a loan can be a challenge if you have a bad credit score because lenders will think twice before approving a loan, let alone doing it fast. But this does not mean that you cannot get a quick loan without perfect credit score and good credit history. Once again, a loan website is the best place to explore to get a loan fast even with bad credit. Such sites have a network of lenders and one or more of them will probably be ready to give you the loan considering your repayment capacity (rather than credit score). Moreover, you may even find a lender who is willing to lend without a credit check. If you have a good job and a checking account to prove it, getting a quick loan with bad credit will be easy.
Look for a short term loan
When you need a loan fast, it is best to look for a short term loan because lenders are less apprehensive about such loans. Since you will pay back within a lesser time span, the chances of finding a lender who may be willing to provide you a loan quickly are considerably higher. The risk factor is lower with short period loans, which is the reason why you can expect the lender to be lenient with the formalities, background checks, and eligibility criteria. When you are in a cash crunch and want a loan without hassles, it is best to apply for a short term one.
Explore the option of a payday loan
Another tip to get a quick loan is by exploring the option of a payday loan. As the name suggests, this loan option lets you borrow today and pay back the amount with your next paycheck. Essentially, a payday loan is a small amount that is lent for a short period of time, usually a few days or weeks. Though you have to pay a marginally higher interest rate on a payday loan, it can be a lifesaver during a financial crisis. The fact that you will repay it within a short span of time also justifies the interest rate. One reason that payday loans are ideal for getting fast cash is that there aren’t many formalities and eligibility requirements involved. So you can just go ahead and apply online or get it from a lender.
Opt for a cash advance or use a credit card
A cash advance on your credit card is another good option if you require cash asap and do not have time for the long-drawn formalities of a traditional loan. Just take your credit card to the bank or an ATM and get a cash advance against it. However, you will have to pay a credit card advance fee if you use this mode of cash procurement. Obviously, an online loan sounds like a better alternative because you get cash as fast as a credit card advance but can save on the credit card advance fee.
Try a secured loan
If the other options don’t work, you can try getting a secured loan by using an asset as collateral. The asset could be anything valuable, like gold coins, jewelry or your car. You may even get a secured loan against your retirement account. Security collateral definitely makes getting a loan easier because the lender is convinced about the repayment of loans even if you are in dire circumstances or have bad credit.
Quick loans can act like saviors when you are in a major financial fix. After all, you cannot afford to wait for a moment when a family member requires immediate medical treatment or you have a utility bill to pay off. At such times, you should make all the efforts to procure cash at the earliest and meet the vital expenses that cannot be deferred. The best approach is to look for aid from an online lender that offers loans in the fastest and most hassle-free manner.