Any person may urgently need money – for treatment, car or apartment repair, study and other needs. Getting a bank loan may take a lot of time and effort without a guaranteed result. After all, the refusal to give a loan without explaining the reasons is quite a frequent occurrence. What to do in such a situation, where to get money quickly?

Method number 1: Get Fast Money “On the Security of Good Relationship”

Of course, it is most profitable to borrow from friends or relatives, as there is usually no need to pay interest, and you can give it whenever possible, without deadlines and any sanctions. But asking for money is not so easy, and not necessarily acquaintances will have as much as you need. Even if you are lucky to be given the necessary amount of money, most people feel far from comfortable in such situations. And in case of sudden difficulties with the return of money on time, it will be very difficult to communicate with a creditor friend.
As a rule, people start to avoid contacts in the hope that the situation will soon be corrected, but the black strip may drag on for years. There is a proverb: If you want to lose a friend – lend him money. Let’s look at possible pros and cons of this way of borrowing.

Pros:

  • Lack of interest;
  • You do not need to collect documents and / or provide bail;
  • Flexible payment schedule;
  • Fast cash.

Cons:

  • There is no guarantee that the required amount is available;
  • The search for money can take a long time;
  • Negatively affects the emotional state;
  • You can forever ruin the relationship with close people.

Summary:

This method can turn out to be a good choice if you are sure that your lender will not require money within the short period of time. Weigh all pros and cons before borrowing from friends as this may influence your relations.

Method number 2: Get a Bank Credit

Banks are quick to make decisions on giving the borrower the right amount only if the bank offers such a product as an express credit, otherwise the process can stretch for days, so that it will not be possible to get money quickly. The speed of issuing a loan depends not only on the efficiency and professionalism of employees, but also on your credit history and other factors. For example, a client with a salary card of a certain bank will receive an express loan much easier and faster than a person who doesn’t use the services of the bank. More convenient are those offers in which there is an opportunity to apply online and only in case of approval to contact the bank directly. In addition to speed, other conditions may vary. For example, the rate for such a product is almost always floating, you will be announced only at the time of approval.
Exact rates in today’s economic conditions are difficult to name. Until recently, they ranged from a relatively modest 20-30% per annum to 60-70%. The amount you receive will not be determined in advance. It can be very insignificant, even if in advertising they promise to give up to several thousands. The terms of payment are more dependent on the chosen credit institution and, as a rule, vary in the range from 6 to 36 months. It is clear that for speed and lack of collateral one will have to pay extra – banks compensate their risks with high interest rates and can pawn additional surcharges in contracts.

Pros:

  • Registration of a loan with a minimum package of documents;
  • No bail and guarantors are required;
  • Average interest rates;
  • Cash on hand.

Cons:

  • Ability to refuse after several hours of clearance;
  • The amount approved by the bank may not be sufficient;
  • Not quick decision-making process;
  • Large fines for late payments;
  • “Hidden” interest.

Summary:

A bank credit can be considered as an option only if you can boast with the good credit history. If your score is poor, there are no chances to be approved as those who have a poor credit score are considered high-risky borrowers.

Method number 3: Use a Credit Card

An ordinary credit card is suitable for obtaining a “quick” loan only if it has already been issued, since the total period for filling out the documents, producing the card itself and receiving funds can take several weeks. But there is an analogue of express cash loans – quick cards that can be obtained directly on the day of treatment. Interest is slightly higher than for express loans in the same bank. In addition, please note that for the withdrawal of cash you will have to pay a large commission. Express cards are less secure in comparison with the usual ones and therefore are “cut down” in terms of functionality. For example, with their help you cannot pay for purchases over the Internet. On the other hand, most of these “credit cards” provide the possibility of an overdraft – this is the period during which the bank does not charge interest for using the loan, usually within 30 to 50 days.

Pros:

  • Simple loan processing,
  • A minimum package of documents;
  • No bail and guarantors are required;
  • A short period of decision-making and clearance;
  • Possibility of overdraft.

Cons:

  • Commission for cashing;
  • Only small amounts are available;
  • Large fines for late payments;
  • Limited functional and weak security of cards.
  • Risk to damage your credit history in case of the late payment.

Summary:

This method may look the most attractive, however, it has its own cons as well. Moreover, having a credit card people use credit money even when they really can do without it. The temptation to buy something as there is an illusion that you have money leads to debts and ruined credit history.

Method number 4: Apply for a Payday Loan Online

Micro-loans or short-term payday loans online are usually handled by small financial institutions that impose less stringent requirements on their customers than banks. All customers who are at least 18 and have some income that can be proved have chances to get the necessary amount of money the same day.
The main niche of this product is loans for those who were denied by banks. Bad credit borrowers use payday loans more often than anybody else as banks don’t approve those who have a poor credit score.
Virtually anyone applying for a payday advance will receive money but only within the minimum amounts. Usually customers are offered from $100 to
$1500 only some payday lenders will offer more than the mentioned amount. The terms of the loan are short, from one or two weeks to 30 days maximum.
The main disadvantage of internet loans online is that the actual interest rate on them is very high and ranges up to 400% per year.

Pros:

  • Not many requirements to be approved for the same day loan online;
  • No need to go out anywhere as the process of payday loan application takes place online;
  • No bail and guarantors are required;
  • Bad credit score isn’t a problem;
  • A short period of decision-making, which takes several minutes only.

Cons:

  • Small amount of money that can be insufficient to satisfy your current needs and wants;
  • Very high annual percentage rate;
  • Serious penalties for late repayment;
  • Risk to find a not reliable payday lender.

Summary:

Payday loan is the best possible solution in case you need up to $1500 as using this method you can’t get more. The most important thing to take into account if you have decided to apply for no collateral loan is that it is intended to be used for a couple of weeks only. You don’t take risks if you are sure that you will be able to make the loan repayment on the due date. Otherwise, you risk overpaying much more than borrowed initially. Be careful choosing the direct payday lender only.

Method number 5: Get Money Secured by Something of Value

Another place where you can make a loan of money quickly – pawn shops. To get a loan, you need to leave a valuable thing in the mortgage: a piece of jewelry, household appliances, a smartphone, a laptop. The list is quite long. The amount received depends on the value of the collateral, usually a third or a quarter of the amount assigned by the appraiser.
The term of using such a loan can be determined in the range from 2 days to one year, with the possibility of renewal. Interest rates vary greatly. The most common range of interest rates for such a loan is from 40% to 200% per annum. A progressive rate can be applied, in which in the early days of the loan the interest is small, but then increases. In case of non-return of money, the pawnshop sells your thing and thereby compensates for its losses.

Pros:

  • Simple loan processing with a minimum package of documents;
  • No guarantors are required;
  • A short period of decision-making;
  • Possibility of receiving a large amount;
  • Average interest rates;
  • Small fines for late payments;
  • Cash on hand.

Cons:

  • Inability to use the pledged property;
  • If the loan is not returned, you can lose the collateral.

Summary:

This method of getting money should be considered as the last resort. Sometimes it can really come to the rescue when you need money immediately and don’t have time to wait for the lender’s decision. However, always bear in mind that you may lose something that has a special value for you, for example, jewelry that was presented by a close person.

Method number 6: Use Your Car as a Collateral Getting a Car Loan

Almost every citizen at least once felt the need to borrow credit. But to get a necessary amount you need to collect a lot of documents, and this requires a lot of time and effort. What to do if the money is needed now and there is simply no time to collect various information? Those who have their own car can issue a loan secured by auto. Almost all banks and car dealerships are happy to provide this type of lending. The preparation of the contract will take a few hours. In addition, a loan secured by auto is issued without a certificate, which proves the solvency of the borrower, and even without guarantors.
This type of lending is gaining popularity. This is because such loans are issued much faster than a loan secured by any real estate.
Before making a loan agreement, the borrower’s car will be evaluated by the bank’s competent employees who have the necessary level of accreditation. When the market value of the vehicle is known, the borrower can expect to receive a loan. The amount of the loan will be equal to a maximum of 80% of the real value of the car.
What is necessary to obtain credit funds? In order for a bank to issue cash on a loan secured by a car, the borrower must provide evidence that it is he who is the sole owner of the vehicle. In the case when the car was purchased on credit, it must be fully repurchased or the money on the loan must be repaid at least by 60%.

The requirements for issuing a car loan:

  • The borrower must have a permanent residence in the territory of the country;
  • The car must be registered to the borrower;
  • The car should not be subject to financial claims from banking organizations or other people;
  • The vehicle must be completely exempt from taxes, as well as a variety of insurance premiums.

In recent years, especially popular are car dealerships. This is explained by the fact that they issue loans much faster than banks and other financial organizations. In these institutions, you can get a loan on the security of any car, even if it was bought in credit.

Pros:

  • Fast money the same day;
  • Minimum of requirements;
  • Bad credit history doesn’t play any role;
  • Quick decision-making process;
  • An opportunity to get a large amount of money for your needs.

Cons:

  • This type of getting money is only for car owners;
  • The amount of loan will depend on the condition of your vehicle;
  • You risk losing your car if not pay the loan back.

Summary:

As you can see, an auto loan can be a good deal if you need money urgently. Its main disadvantage that it is available only if you have a vehicle and if you are ready to risk. In case you have financial problems and can’t pay money back, be ready to be left without your car as it will be taken instead of your loan debt.

Pros and Cons of Fast Cash: Top-6 Methods to Get Money Urgently