Need urgent money? Yes, you do. How will you get the urgent money if you don’t have adequate savings? Or what if your savings are in a fixed locked account where you can’t access them until the maturity date? Well, you still need urgent money. So, how will you get it?
It depends on the level of urgency. If you need it in a day, you can work for it but if you need it in an hour, then borrowing will be the best-suited option. Where will you borrow the money or work for it? Let’s get to the answer.
So let’s see where to get urgent money?
1. Take loans
Loans are a great way to get urgent money. They can be borrowed from physical banks or mobile banking, credit unions, or other online lenders. Each lender has different terms and requirements for loan qualification. Some of these loans include:
Personal Loans
Personal loans may not be the most urgent loans but they are worth it. They have a relatively low interest depending on whether they are secured or not.
Secured personal loans have a lower interest rate of between 3% to 6% depending on the lender. On the other hand, unsecured personal loans interest ranges from 10% to 36% also depending on the lender plus other factors like employment, age, credit score, and more.
A personal loan can be granted after a day or extended to 5 days. A loan with a higher amount and secured will probably take a longer time to be approved than a personal loan with a smaller amount. It’s important to do your research to find the best lenders with a fast approval time and with the best terms.
Payday Loans
This is a short-term loan that is supposed to be paid back within the next paycheck. That means the payment is mostly due in a month. Payday loans are so quick to get approved. You only need a pay stub to show proof of a stable income, active bank account, your national ID, and your residency.
To find such a lender’s website, just google “loans places near me” and you will get a list of websites or payday loan apps. They don’t need you to have collateral nor do they check your credit score.
Well, despite the payday loans having all these benefits, they have a major drawback. Their interest rates are so high. The fact that they don’t have security nor a credit score to check, means that the risks involved for default payments are quite high hence to cater to this, the interest rates involved are high.
For this reason, payday loans are not allowed in some states in the United States. They are allowed to operate in 27 states in the US. If you can manage to pay the payday loans in time, it can be the best option in terms of urgency.
Payday Alternative Loans (PAL)
Just as the name suggests, a payday alternative loan can be a great alternative to payday loans. They are short-term loans that can be accessed from the federal credit unions with lower interests than payday loans. The maximum annual APR interest is 28% but the regulated PAL credit unions offer an average annual interest rate of 18%.
The PAL credit unions also don’t check for the credit score of their borrowers. They will only charge an application fee with the maximum amount being $20. The main disadvantage is that you need to be a member of a certain credit union.
That means you’ll need to work or school in a particular place where the credit union is. The work can be based on teaching, military service, religion, or the organization you work with. You’ll also need to pay a small fee to join the credit union membership.
Once you are a member, it can be easy to get approved on these loans as they will only require the application fee, national ID, and proof of income.
Credit Cards
Credit cards are mostly known to cover purchase expenses. They are used by a large population in the US. One study found that even after paying a total of $8.3 billion in 2020 on the credit card balances, credit card borrowing is on the rise again.
But did you know that you can borrow cash against your credit card? This can be done through the credit card cash advance. To get the loan, you must first have an account with a credit card lender.
Check if your credit card lender offers the credit card cash advance service. The loan limit also differs and it will be lower than the normal credit card. Once you borrow the cash advance, the balance will be added to your credit card monthly balances which you are supposed to pay when the repayment time is due mostly in a month.
2. Borrow From Your Family Or Colleagues
Borrowing money from family members or friends can be both easy and difficult. If you have ever borrowed from a friend and paid it back on time or with some interest, the friend will lend you the money when you need it again. They can be free money helpers.
However, if you have never borrowed some cash from a friend, or you borrowed once and paid late or even never paid it back, it will be difficult to get money help. You’ll need to find a nice effective way to convince your friend to lend you the money.
3. Work on a Day Job
If you have no income and need the money, you can consider working somewhere and getting paid the same day. For instance, you can clean your neighbor’s car, babysit a child, work on a delivery service or take care of a pet.
You can also sell unwanted stuff that is still in good shape, for instance, your phone, your laptop, or jewelry. Market them through various social media sites like WhatsApp or Facebook (Meta). These are some of the fastest ways to get customers.
You can also use online marketplaces sites but they will not be that quick in selling. Some freelance clients also pay on the same day of work delivery.
In Conclusion, you may see that getting urgent money does not have to be that difficult. You only need to evaluate the place to get the money.
