Sometimes, as much as you try to plan out your finances, you find that you need money quickly. What can you do when you’re in need of money? Here are six tips to help you find a loan fast.
Borrow from a Family Member or Friend
This is the quickest way that you can get money. As long as the person is willing to lend it to you, you don’t need to worry about sending in paperwork or getting qualified. The person might not even charge you interest on the loan, which makes it an even better option for your current financial situation.
A Payday Loan
When you are in need of a small amount of cash in a short amount of time, you might be eligible for a payday loan, like payday loans El Paso TX. These loans will generally require that you pay them back fairly soon, but check with your bank or banking institution for all of the options. Be sure that you will have the finances to pay back the payday loan to avoid getting behind on your other bills.
Credit cards are one simple way to use money now and pay it back later. Take advantage of the credit card float, which is the time between the time of the transaction and the payment due date. When using credit, be sure that there will be a way to pay back the money when the payment is due. Too many people get stranded with piles of credit card bills and no way to pay them off. Use them sparingly.
Home Equity Line of Credit or Loan
This process isn’t always quick, and it could take a few months to go through. However, if you have equity built up in your home, you can receive a line credit or take out a loan from it. Ask the bank how long it generally takes for these transactions to process, and be sure to have all of your paperwork ready to make it run smoothly.
You can also apply at a credit union for a loan, so check out the ones that are near your town. Credit unions often have better interest rates that banks, so find out what they offer. They often require that you have a full time job, but they can be a great way to get a low interest rate.
When you need money fast, follow these tips to get the money you need.
This article was written by Dixie Somers on behalf of Power Finance Houston.