Where Can I Borrow Money Fast?

iQuanti: Many people have had an upcoming bill or an urgent expense come up, like rent or medical bills, and lacked the cash to cover it.

Luckily, there are numerous ways to borrow money as soon as today when you need some extra cash right away. Here are some methods you can consider to borrow money fast:

1. Online Lenders

Online lenders offer some of the fastest loans nowadays. They usually have short applications directly on their website and let you upload any necessary financial documents. Many online lenders evaluate factors in addition to your credit score, like your income and employment history. This means that borrowers with poor or fair credit can still get approved.

Online lenders often have instant or quick approval decisions. Once you're approved and electronically sign the loan documents, they can often disburse the funds to you either the same day you apply or in a few days.

2. Credit Card Companies

Credit cards let you borrow money whenever you need it and pay it back on a flexible schedule — as long as you meet the minimum monthly payment on each monthly statement. Plus, credit cards often come with perks like cashback that can help you slightly reduce your bill later.

Remember that credit cards generally have high annual percentage rates (APRs), and interest is added to your balance. Try to avoid carrying a large balance for a long period of time to save money.

3. Friends and Family

When you're in a tight spot financially, friends and family may be able to help. If a loved one agrees to loan you money, create an agreement to avoid any confusion. You can even put the agreement in writing so that you can refer to it if any questions come up. Make sure to stick to the repayment terms you come up with and pay the loan back on time.

4. Cash Advance Lenders

Cash advance lenders offer short-term loans that last two weeks to one month, depending on when you get your next paycheck. These lenders often have lenient credit score requirements, so you may get approved with poor or fair credit.

Cash advances often have easy applications and quick approvals, so you may be able to get the funds the same day you apply. Just make sure you can pay back this loan before applying to avoid paying extra in interest and fees.

5. Title Loans

Title loans let you get a fast loan using your car title as collateral if you own the vehicle outright. Lenders will appraise your car's value, and then offer you 25% to 50% of its value as a loan.

If you accept the offer, you can get the loan funds that same day. Better yet, you can drive off in your vehicle and continue using it while the loan is outstanding.

The Bottom Line

If money is tight, you're not out of luck. Whether you get a loan online, from a cash advance or title lender, use a credit card or even borrow from friends and family, there are plenty of ways for you to cover cash shortfalls. Just make sure you can pay back the loan before using any of these methods to avoid paying extra in interest or causing confusion with friends and family that lend to you.

Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.

Source: iQuanti, Inc.

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Categories: Personal and Family Finances

Tags: financial services, loans, personal finance