Most of this world runs on the free exchange of goods, and we typically trade time for money to fund our lives. This hard-earned cash is vital to pay for a place to live, transportation and food, among other essential and non-essential items.
Usually, we can plan for our purchases and take the time and discipline to save for various purchases, but this is not always the case. There are situations where you need to come up with money quickly, which can be a struggle.
Are you in need of cash and not sure how to get it? Here are six ways to borrow money easily. If you suddenly need funding, take advantage of them and get back on the financial track.
Apply for an Online Loan
Going into a bank or credit union to request a loan is daunting. They hold a position of power, and while it is their function to lend money, they are in the driver’s seat. To get funds, you must pass their stringent criteria, which often takes time for this loan process. A much easier way is to get a loan from an online bank.
In this digital era, most people do online banking, and many new virtual banks are hungry for business. They have simple applications and can usually get you an answer fast. Their lending criteria may differ, so you will more easily qualify for your needed money.
Easy Loans
If you don’t have a good relationship with a bank or they turned you down, another avenue is to get an easy loan. This is an advance of money from an alternate lender that is a legitimate business, and they work with all kinds of people daily to help them financially.
Easy loans usually have more lenient requirements for loan approval, and the funding is fast. Other terms for them are emergency loans, payday loans or bad credit loans, but they are money lent based on your requirement and qualification to pay them back. These loans are either payday or instalments, and you must pay them back according to company policies.
These loans require you to repay the amount back plus fees and interest on your next paycheck, and often, there is a flat lending fee. Instalment loans have a regular payment schedule and usually don’t require and collateral.
Family and Friends
Most people want to portray an image of success to the outside world and their family and friends, making them proud and gaining respect. If you are short on money and need help, these people love you, and if they can help, they will.
It isn’t easy to ask for assistance from those close to you, but you will find them more receptive than you think. Be humble and honest with your needs and have a detailed repayment plan to get your money back as fast as possible.
Get an Advance at Work
Most people work hard and are valued employees at work, which doesn’t go unnoticed by your supervisor and business owner. Companies want to keep their staff happy, so they are usually willing to help you out financially if you approach them.
Ask your boss if you can meet them first thing in the morning. This is a good idea because they haven’t yet taken on a busy day and are probably more receptive to your request for an advance on your paycheck. Ensure that it is just a one-time event as you have an urgent financial need, and then thank them once they approve it.
Afterwards, the best way to show your appreciation is to work hard and even go the extra mile, reminding them that they made a good decision on advancing funds to you.
Use Credit
Sometimes, you may have to use yourself as the lender by taking a cash advance on a credit card. This is easy to do and doesn’t require asking for permission, but it comes with immediate interest and is high. This is a better option if you have a credit line, as the interest rate will be much lower when you can make these bills your top priority to pay off so you can get back to square one.
Pawn Shop
A pawn shop is a business that trades items for cash, and it is a viable option when you need easy money. All that is required is that you bring in a personal possession that has value, and they will lend you a portion of the recoverable cost. The staff will assess the worth, condition and resale potential and make you a reasonable offer.
This item becomes collateral for the loan, and you will be given a ticket or receipt for it, along with a time restraint for which you need to pay back the money and get your item returned. If it passes this period, the shop can sell the item to recoup their money.
