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Being in need of money is never an easy experience to deal with, especially since it usually involves a lot of emotional pain on the part of the recipient. But here’s the good news for those who find themselves in a similar situation: This guide is about how you can go about finding the cash you’re looking for.
Just a decade ago, there were only a handful of ways you could borrow a good amount of cash on a same-day basis. Nowadays, there are dozens of lines of credits and loan types that can grant you access to the funds within minutes or hours of your approval.
A common mistake that many people make when they’re in urgent need of cash is applying for multiple check advance loans simultaneously without inquiring about whether those loan applications will show up on their credit report. The moral of the story there is that you should be careful about what kinds of loans you sign up for, especially if your credit score is already on the decline.
That doesn’t mean you have to completely avoid all kinds of borrowing to keep your credit intact. Actually, sometimes borrowing money is exactly what you need to get out of debt and get caught up on your bills. To help you get past these tough times, here are 10 steps you can try taking to get cash urgently:
If you have a job or another source of income and you just need urgent cash to get you through a down period, you could probably get approved for a payday loan. Out of all the urgent loans you can get, a payday loan offers the highest odds of approval and the fastest method of payment. Even if you opt for an online payday lender, you can still have the funds loaded into your account on the same day. Many payday lenders will let you get pre-approved and most will not conduct a hard inquiry on your credit. As long as you can show your proof of income, identification, and provide an account and routing number, you can be approved regardless of what your credit score or report looks like.
If your credit score is low but not absolutely horrible, you might be able to get approved for a poor credit personal loan based on your income proof. In many ways, the approval process for these loans will be similar to that of the payday loan except you will need to have a credit score that is at least in the low 500s. Alternatively, you could have no credit history at all and get a small personal loan on the merit of “non-existent but not bad” credit.
Short-term loans require you to pay them back in full in just a short repayment period of a few months. In exchange for you having to pay the money back so quickly, the lenders also make sure you get access to your money quickly. On the other hand, you’ll also pay higher interest rates than long-term loans because the lender has to ensure that they’re still making enough to account for the high rate of defaults in the short-term loan sector.
Pawning your vehicle’s title is one way to get quick access to cash, especially if you have a reasonably valuable car. It sounds like a horrible plan but in reality, it can work out just fine if you make the payments. You get to choose the loan amount up to the maximum that they’ll set and then you typically have between 30-90 days to pay it off. This kind of loan can get you out of a jam quickly, but it could also lead to the loss of your vehicle if you default because then the title pawn company would have the right to repossess your vehicle.
Pawnshops provide the most basic and least beneficial form of secured borrowing you can find but they also offer guaranteed approval as long as the item you have carries a decent amount of value and popular appeal. The only problem is, they will only want to give you a small fraction of what the item is worth. The bright side is that you’re not actually selling your items and you can have them back as soon as you’re done paying off the debt.
Crowdfunding sites have created countless financial miracles for people by giving them thriving platforms to share their fundraising campaigns on. Setting up a crowdfunding campaign is relatively simple – it’s the process of attracting traffic to your page and getting the donations that can be difficult. If you have a legitimate and good cause to create a page on a crowdfunding site, you might as well give that a try. Luckily, you don’t need much of a reason to put a page on a crowdfunding site as the categories range from business to personal and everything in between.
If all else fails and you can’t find the urgent loans you need, it might be time to think about selling something valuable that you own. Perhaps you could sell your car or your house? Those might sound like a dubious proposition but it’s never a bad idea to sacrifice assets in the short-term if you’re really in need of an emergency cash solution for a major problem. An even smarter approach than selling your own stuff is to find free or low-cost stuff to sell for a profit. Many people have used the motivation that comes from being down on their luck to start online eCommerce businesses from scratch. You could get a loan or raise some funds by following one of the other tips on this list and then invest some funds into a few small items, selling each one for twice what you paid and continually doubling your money. Your consignment business would start small, but if you kept doing it, your temporary solution to an immediate need could turn into an additional revenue stream in the long run.
Before anyone makes a rash decision that includes doing any of the above, talk to someone from the bank or credit union. There are plenty of credit unions that might be willing to help you establish your credit and obtain a small personal loan. In today’s world, it really is just about finding that person who will be nice enough to approve you for the loan. It just so happens that a lot of those friendly people work in your local community and they may be more likely to sympathize with you during a face-to-face conversation. On the other hand, credit unions are not an ideal option for someone who has very bad credit or other financial history hurdles – they’re not as quick to approve you as payday lenders and poor credit personal lenders.
Ultimately, while each bank, credit union, and private lending firm will have their own policies to adhere to, the decision to approve or deny you comes down to the discretion of the agent that you speak to. As mentioned, it’s often easier to find a friendly clerk who will approve you at a credit union because they are often given incentives to attract more accounts. Likewise, it’s often easier to gain pre-approval through online lenders because it’s a numbers’ game – you enter the right (accurate) information in a form and you’re pre-approved. Or, you’re denied, and you’ve wasted a few minutes – not a bad price to pay for the opportunity to borrow thousands.
It’s important to remember that the banks are still competing for your business even when you think they don’t want it – there are still probably a few banks that could help you but you’d never know unless you do the research and submit the applications. Still, it’s imperative that you make sure no hard inquiry is being run on your credit report, as this can have a negative effect on your credit. Hard inquiries can also deter other prospective lenders from approving you in the future because they could be put off by the fact that other lenders recently denied you. Seeing that another lender has already decided not to take the risk with you is enough to make subsequent lenders follow suit in their deliberations.
If you do end up giving something up, just do it with the mindset that you are giving up something that will help you to make it through the tough times. If people around you are causing you to spend your money frivolously due to peer pressure, you might need to find a new circle of friends. You shouldn’t associate with people who expect you to go out and have fun and be flashy while being selfish about the financial future of yourself and your family.
Finally, in today’s world, proof of income is really all that matters when it comes to getting yourself a nice loan to cover expenses between paydays. If you can show that you’ve been gainfully employed for many months with the same employer consecutively, most alternative lenders will take your application seriously.