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Suppose you need to see a dentist immediately because you have a sore mouth and find out that you need thousands of dollars to fix it. Or perhaps you had a bad day at the casino and lost all your emergency funds. Do you get the gist?
There are many instances or situations wherein you may need quick money. And the quickest way to get cash is through a personal loan, which is an installment loan from a financial institution or a bank that requires no collateral to secure it.
Nowadays, with the surfacing of online lenders, individuals applying for a personal loan can get their borrowed money directly in their bank account. For a little help, here’s how you can get a quick personal loan. So, take a read!
Get Quick Cash Through Online Lenders
Many online lending platforms offer multiple loan options with different terms and conditions, thus, enabling the borrower or debtor to select the most suitable and fitting option. Of course, borrowers can do the same thing through banks. However, applying for a personal loan online will help you save money and time.
These platforms have made obtaining a loan much simpler. In fact, you won’t need to visit a bank branch, fill out some documents, then wait for an answer, and eventually receive your money. Rather, you can get a loan via a smart device, tablet, or computer at your convenience.
Also, there are no set restrictions on how you use the borrowed money. If you’re in doubt, consult a financial advisor to sort things out or a finance broker whom you can find on many websites like https://adelaidebroker.com.au/personal-loans/.
Credit Card Cash Advance
The chief benefit of cash advances is that they are undoubtedly fast. All you need to do is head to an ATM, type in your pin number, and take out money up to the limit the issuer permits. However, take note that cash advances have a few significant disadvantages.
For instance, cash advances usually arrive with a higher APR compared to purchases. Also, unlike the latter, the issuer begins charging you interest rates right away, instead of offering you a grace period wherein you can repay the balance and keep the charges away.
Moreover, you typically need to pay a cash advance fee. It can add another five percent to the money you are borrowing.
Salary Advance
These days, it is massively customary for employers to provide employees access to their salaries in advance. As a matter of fact, a PYMENTS.com study in 2019, together with MasterCard, reported that about 44% of independent contractors in the US had obtained either a complete or partial advance on their pay, which amounts to $236 billion annually.
Additionally, a few regular employers are doing it too—for instance, Walmart. The company has created a mobile application that their workers can use to see earned wages beforehand at least eight times every year for free.
The disadvantage is that you are borrowing or taking your own money. That said, you will not have your usual amount on payday to fill in for your other expenses.
Family And Friends
If you need money right now, perhaps a friend or a family member can help you out. According to a survey in 2019 by Bankrate, 60% of Americans have provided a loan to a family member or friend, of course, with the guarantee of being repaid.
However, these loan transactions come with serious drawbacks, not only on the financial side. In the 2019 survey, 21% say their relationship with the debtor was wounded, while 37% of the lenders were not repaid.
Life Insurance
Another excellent way to get quick money is to leverage a life insurance policy and cash value. So, if you own a whole life policy, it might be a great idea to take out a loan against the cash value at a secured rate, taking many policies into account are paying interest or dividends back to the cash value.
Moreover, every life insurance policy needs to be reviewed and examined by a professional. However, there are several ways to balance the interest on the loan by the percentage participation. One drawback is that if you fail to repay the loan before you die, your children, sibling, or heir will receive a smaller death benefit.
Takeaway
There are a lot of ways to get quick money for sudden emergencies or life crises, from securing a paycheck advance to going through an online lender, and many more. However, it might be wise not to take out payday loans as they are due on your next payday. Thus, you won’t have enough money to cover other expenses. Nevertheless, rather than borrowing money, it is always much better to earn it. In fact, there are many ways to earn extra cash when you need quick money.
