Quick Ways to Borrow Money - Make Money Online

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Quick Ways to Borrow Money

We may need emergency funds for all kinds of reasons, such as sudden car repair, medical expenses, etc. Listed below are some quick ways to borrow money.

Ask Friends and Family
The easiest and quickest way to borrow money is from your loved ones, family, or friends. In this case, you can get a quick loan with no credit check on the same day, the repayment time is adjustable, and no collateral needs to be put up. It may, however, be noted that you can borrow money from parents, friends, or siblings, etc., only if they have disposable income with them. If they do not have it, then you would need to seek other avenues for financial assistance. Also, in most cases, friends can usually offer a small loan and not a big one.

Personal Loans at Banks
Different banks and financial institutions offer varied types of loans, including personal loans. Such personal loans from banks tend to fall in the range of $500 to $3,500. However, the banks will run a credit check, and verify other details like a job, residence, etc., before passing the personal loan. The interest rate also tends to differ as per the credit score. Thus, personal loan interest rates for a person with a low credit score tend to be higher than those with better credit ratings. Individuals who are in a phase of financial struggle will often find that they may not be able to avail of personal loans from banks.

Using Credit Cards
You may also use your credit card to borrow money quickly. Most credit cards have an option where you can withdraw a limited sum from ATM. Individuals can repay the withdrawn amount in the next credit card bill. It may, however, be noted that this cash amount that you can withdraw differs from one credit card to another. Also, the interest rate on such credit card cash withdrawals is higher than the rate on average credit card expenditures.

Loans from Pawn Shops
Pawn shop loans are another source of emergency funds. People can take many items such as jewelry, furniture, gold, computers, television, smartphones, etc., to the pawn shop and get quick loans against such items. It is one of the fastest and easiest ways to borrow money. The pawn shop owner will check the item and decide on its value, and if you agree, then the owner will give you the cash after you sign a few documents about the deal made at the shop. You will need to repay the loan to the shop owner within a period of 30 days or as stipulated in the signed documents. If you fail to repay, then the shop owner can sell off the item and make up for his losses. The main disadvantage of this method of emergency financial help is the fact that you will usually get a small percentage of the total value of the item you pawned. For example, you can get a loan of about $50 for an item that is worth $200.

Payday Loans
Payday loans are prevalent in the United States. When you find quick cash loans near you, they can be used by people who are 18 years old or more and have a decent income paying stable job. This type of loan is given by an upcoming paycheck of a borrower instead of his/her credit score, collateral items, or other data. Borrowers must provide proof of work and must have been working there for at least 90 days. Also, their bank statement must be clean for at least the past 90 days. People without a bank account cannot avail of such loans. The borrower needs to fill an application form with details about the bank, etc. and sign a contract after which the lender disburses the amount that into his/her bank account. On the due date, the lender will take the amount from the borrower’s bank account.

Peer-To-Peer Lenders
This process is relatively new in the United States. Peer to peer lending sites allows borrowers to get quick loans ranging $1500 to $40,000. In this process, people from all over invest and help the person who needs the emergency funds. To borrow quick funds, you will need to open an account at a peer to peer lending website, undergo a rigorous verification process, provide financial details, and answer different questions about your public records. After successful verification, you may request for a loan by creating an advertisement for the need for the funds, the repayment plan, and other details. The ad can run for a day for many days. Investors will then chip in and make the capital available for the borrower. It may be noted that people with a credit score of only 640 and above can apply for such loans.

Other Options
Other quick ways to borrow money include car title advances, installment loans, credit union loans, and gold loans from financial institutions, etc.
Quick Ways to Borrow Money Quick Ways to Borrow Money Reviewed by Jhon on 4:43 AM Rating: 5