7 Practical Ways to Borrow Money Fast

Borrow Money

If you’re short on money, there are several ways you can borrow cash to fill in the gaps in your expenses. Whatever your reason for borrowing money, there are many options available for your choosing.

This article lists out several options that can help you borrow money fast. Take a look at the options at your disposal below.   

Apply for an Online Loan

One of the fast ways to borrow cash is by applying for a loan online. With an online loan, you can loan a few hundred to several thousand dollars. 

Applying online allows you to get cash fast. Online lenders can provide the money within a day or two. 

Use Credit Cards

Using your credit card is a way to borrow money. Your credit card company is paying your purchases for you.

It’s also possible to get a cash advance using your credit card. This is a good option if you need a small amount for a short time.

If you already have a card, you don’t need to pay an application fee for a cash advance.

If you constantly pay your balance on time, you’ll get a 0 percent interest rate for a cash advance. But, if you don’t, some companies charge a 20 percent interest rate for a loan.

One disadvantage of a cash advance is it reduces your chances of getting loans or from other lenders.

Ask for a Paycheck Advance

You can always request a paycheck advance from your employer. A paycheck advance allows you to receive your paycheck before payday.

You can repay this loan to your employer by deducting the loan from your next paycheck. 

Some employers charge a paycheck advance fee. They can also limit the amount of loan on your request.

If you resign from your job, you may have to repay your loan before you leave. The same is also true if your employer lays you off.

Take a Payday Loan

A payday loan is a short-term loan that you’ll need to pay until your next payday. 

This is usually for an amount less than $1,000. Lenders also charge a fee based on the amount you borrow. 

When applying for a payday loan, you need to be wary of high-interest rates and other fees. Make sure you can afford to pay back the total loan balance before going through with the loan.

Loan From Pawn Shops

If you own a valuable object, like a diamond ring or other jewelry, you can pawn them for money. 

Pawnshops provide a loan of up to a percentage of the full value of your pawned item. The item will remain with the lenders until you repay your loan, usually within 60 days.

Get an Auto Loan

Getting an auto title loan is availing of a type of secured loan. You use your car title as collateral for an auto loan. 

If you own a car, you can have cash after an appraisal. 

The lender will keep your car title until you repay the loan. If you don’t pay the money back, you could lose your car. 

This is much like a pawn loan. The difference is that you’ll put up a different object of value as collateral.

Check Out Installment Loans

If you need to loan a large amount of money, an installment loan can be a smart option for you.

You can repay this type of loan in installments over a long period. Time to repay can range from three to 36 months.

These are your options if you’re looking for a quick way to borrow money. But, before you go through with a loan, be sure that you have a way to repay.

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