When most people are in need of money, they opt to go for a loan. While it would be nice if everyone had all the funds they needed in life, this is hardly ever the case. In fact, tens of millions of people borrow money in the USA alone. While there are many quality lenders out there, most standard unsecured loans can take a while to be granted. This could mean days or even weeks before the money finds itself coming your way.
This might be fine for some people but not others. If you need money in a few hours or a day for emergency travel, due bills, or some other impending situation, these standard options simply won’t get you what you need in time. Thankfully, there are other ways to borrow. This article is going to examine 3 ways to quickly and safely borrow money.
1. Get a Car Title Loan
One of the most underrated ways to get the money you need is to use car title loans. Unlike a regular car loan, this one is when you use your car to borrow money. It is essentially a loan that is secured against your vehicle. If you own a car, and it has some value, a car title loan can get you the money you need fast.
You can continue to drive and use your car as normal as well. This is not only great for those who need money quickly, but also for those who need a large sum and don’t have the best credit or financial history. Of course, be sure to only borrow an amount you can afford to pay back. If not, you could lose your vehicle.
2. Ask Friends and Family
While some people might have too much pride for this, it really is one of your best options. Your friends and family might be willing to help you out, and it will almost certainly cost less than going to the bank for a loan. Also, they can likely get you the money quickly. However, this will depend greatly on how much you need and when you need it by.
Of course, borrowing from family or friends can be a dicey situation. This can ruin a relationship, and that’s the last thing you want to take place. As a result, there are some rules you should abide by when borrowing from friends or family. You should only borrow what you can pay back, ensure you are making steady repayments, and maybe even pay them some interest.
3. Utilize a Payday Loan
While this should often be the last resort, it is often one of the easiest ways to get money quickly. A payday loan is a short term loan that is easy to get approved for, and you can generally get the funds you need in hours or less. They are generally paid back within a few weeks or a month as well. When you have no other option and need a few hundred up to a few thousand dollars, they can work.
While they seem like an attractive option, they also can come with huge interest rates or fees. So before agreeing to anything, be sure to look over the terms. Many payday loans are completely legitimate and a good option, others can be predatory in nature. Some can charge interest rate percentages in the hundreds, so be careful and ensure the lenders you work with are legitimate.
Hopefully, this article has been able to help you out in those situations where you need to borrow money quickly.