Rent is due in just a few days and you don\u2019t have the cash. You have an emergency dental appointment \u2013 what do you do? If you need to borrow money, you may have options. Even if your credit isn\u2019t great, you can still get a loan from one of many places. In this guide, we\u2019re going to look at:<\/p>\n
Need money now? Here\u2019s a fresh look at where to get a money loan in a hurry.<\/p>\n
Risk: Low<\/p>\n
Amount: From $500<\/p>\n
Interest: 5% to 36%<\/p>\n
Ease of Application: Easy<\/p>\n
Term of loan: 2 weeks to 5 years<\/p>\n
The first option you have when you need to borrow money is your local bank. This is arguably one of the best options, especially if you have good credit. Even if you don\u2019t have a great credit history, though, you can still borrow money from your bank or credit union. You\u2019ll have several options to choose from.<\/p>\n
First, many banks and credit unions allow you to borrow against your next paycheck. When you have direct deposit from your employer, your bank will verify your income and loan you up to around $1,000, payable upon your next pay date. The downside to these loans is that they\u2019re generally higher interest than a normal loan.<\/p>\n
You also have the option of taking out a personal loan. These loans are longer-term, usually around 3 years or so, and are available in higher dollar amounts than a paycheck loan. You\u2019re likely to be approved for a personal loan if you have fair to good credit and a steady employment history. Personal loans usually range from around $1,000 all the way up to $10,000.<\/p>\n
Finally, depending upon where you live, your bank may offer collateral loans. With a collateral loan, you can use something you own \u2013 such as your car \u2013 to secure your debt until it\u2019s paid off. Be careful with collateral loans, though! If you don\u2019t pay them, you could be left without a vehicle or other property!<\/p>\n
Risk: Medium<\/p>\n
Amount: From $300<\/p>\n
Interest: 100% to 400%<\/p>\n
Ease of Application: Easy<\/p>\n
Term of Loan: Short Term<\/p>\n
The next way to get cash if you need to borrow money is an SMS loan, sometimes referred to as a payday loan. In most parts of the world, these are very high interest loans that will cost you a lot in the end. For that reason, we don\u2019t really recommend that you look at these as a first resort, but a last resort instead.<\/p>\n
An SMS loan is just what the name says it is. You\u2019ll text and reply to an SMS text in order to apply with the lender. Then, you\u2019ll be asked to provide some information about yourself, including your bank account information. Money is wired into your account quickly, usually the next business day.<\/p>\n
SMS loans may be something to consider if you have absolutely no other options. But the interest rates are ridiculously high on these loans, so think very carefully before you apply. For instance, you may take out a loan for $1,000 today, but find that by next month you owe as much as $1,200.<\/p>\n
Payday and SMS loans are fairly easy to get approved for. You\u2019ll pretty much need a steady paycheck to get the money you need. Be mindful, though, that in some parts of the world these methods to borrow money are marked as predatory because of their high interest rates, and aren\u2019t legal.<\/p>\n
Risk: Low<\/p>\n
Amount: From $5<\/p>\n
Interest: From 0%<\/p>\n
Ease of Application: Extremely Easy<\/p>\n
Term of Loan: Varies Greatly<\/p>\n
Okay, the next way you can borrow money when you\u2019re in a pinch is to ask your buddies to spot you. Whether you\u2019re headed out to the club and need cover or are in a pickle with the landlord, your buddies can come through for you.<\/p>\n
There are things you\u2019ll need to consider when you borrow money from friends.\u00a0 First of all, you need to be sure you can pay them back \u2013 if you value your friendship. Many a friendship has been broken when money gets in the way.<\/p>\n
Secondly, consider paying your buddy interest even if he\u2019s not asking for it. It\u2019s just a kind thing to do, and your friend will be more likely to loan you money in the future if you need it.<\/p>\n
Thirdly, don\u2019t always ask the same friend to borrow money. You\u2019ll get a reputation for being sloppy with your finances, and your friend may get quite annoyed with you. But, conversely, it\u2019s probably not a great idea to ask all <\/em>your friends to borrow money, either. Use this tactic sparingly.<\/p>\n Risk: Low<\/p>\n Amount: From $100<\/p>\n Interest: From 0%<\/p>\n Ease of Application: Easy<\/p>\n Term of Loan: Varies<\/p>\n The Bank of Mom and Dad is a great place to visit when you need to borrow money. After all, your parents don\u2019t want to see you lose your house, your car or the weight you\u2019ve gained from eating healthy foods. So why not talk to your parents when you need to be loaned a few extra bucks.<\/p>\n Mom and Dad probably won\u2019t charge you any interest, and there\u2019s an advantage to asking your parents for money. That advantage is that they may simply give<\/em> you the money you need. That is to say, they may not expect that you repay them.<\/p>\n Don\u2019t take advantage of your mom and dad though. They care about you, but you\u2019re not going to be doing anyone any favors if you keep on asking them to pay your way through life. Allow your parents to help you get through hard times, then grow up and learn to handle your finances a bit better.<\/p>\n\n
4. Your parents<\/h2>\n