In modern society, speed, safety, and convenience are almost everything. This also holds true for the lending market as these factors strongly affect the borrower’s choice when shopping around for extra cash. Thanks to the Internet, many creditors offer distant services allowing you to get online loans from the privacy of your own home 24/7.
When People Usually Need Quick Money?
Our life is full of surprises, and no one knows what awaits him tomorrow. There can be various scenarios when you might need extra cash to save your situation or simply cope with unexpected costs. Fortunately, today’s financial market provides plenty of ways to come up with extra funds for life’s sudden emergencies. Let’s clear up what options of taking out quick advances we have today.
Ask Employer for Payroll Advance
Payroll is a kind of cash advance that the employer agrees to pay in advance. Usually, employees apply for payroll advances in order to cover unexpected bills that cannot be postponed until the next paycheck. Businesses offering payroll advances usually employ specific guidelines as per which the borrowed amount must be paid off. Some companies provide access to salary in advance up to eight times per annum.
Take Cash from Your Credit Card
Taking out money from a credit card is one of the quickest options to have cash in hands. What you need to do is find an ATM and withdraw as much as you want, of course, within your credit limit. However, there is a serious drawback: unlike most of the traditional lenders, credit card companies usually charge higher fees that may reach up to 5% onto the borrowed amount.
Turn to Payday Lenders
Payday loans are short-term advances that are due on the borrowers next paycheck. In fact, these loans are a very good option to obtain additional funds, but they are not everyone’s cup of tea. Payday loans are designed as a quick financial relief to help borrowers get emergency funds quickly. Lenders do not require any collateral to back up the loan, but they compensate risk with higher APRs. These loans are especially advantageous for those with bad or no credit scores as no hard credit checks apply while qualifying your application.
Take into consideration; you can take out a payday loan only if you are okay with a short repayment plan and a lump sum payment. Otherwise, you will have to roll over your credit and more likely get stuck in a debt trap.
Apply for a Personal Loan
Getting a personal loan to cover unexpected costs may be the cheapest option worth examining. However, your credit score needs to be much or less satisfactory in order to get qualified. Hence, if your credit score is less than good, you may still manage to get a bad credit loan.