When you need money, people may tell you to tap into your savings account or ask friends and family—but when that isn’t an option, what can you do? Here are some ways that you can get cash quickly and without a lot of hassle.
Merchant Cash Advance
Small businesses sometimes need money to make ends meet or to complete a project. A merchant cash advance isn’t considered a loan in the traditional sense because a finance company is purchasing future credit card sales rather than lending money. Getting a merchant cash advance is incredibly easy and the funds can be available within a week of applying. It sounds like a great deal for anyone looking for fast cash, but there are some disadvantages to a merchant cash advance. Sometimes the factor rate can be quite high, and fees make it difficult to repay the finance company.
Payday loans are extremely easy to obtain, but they can be difficult to pay off. This type of loan works by a finance business giving you a small amount of money (typically under $1,000) that you are expected to pay back on your next payday. The interest rates for these loans can be quite high, but it can be a fast way to get money on a short-term basis.
Auto Title Loan
An auto title or car title loan is when you use your vehicle as collateral for a sum of money borrowed from a finance company. This secured loan is very quick to complete, but it often has high interest rates which make it difficult to pay back. One of the reasons someone may choose this type of loan is because it usually doesn’t involve a credit check. Someone with bad credit can borrow money using a vehicle as collateral.
Banks and financial institutions offer personal loans for someone looking to borrow money quickly. Choosing a bank may take longer than if you were to get a personal loan online. Interest rates, in this case, are based on your credit score. The better your credit score, the better the terms. However, if you have a poor credit history, the interest rate may seem unreasonably high.
Credit cards offer another way for someone to get money quickly. The limits on different credit cards vary, but most companies use your credit history to determine terms and maximum amounts on each account. There are various types of credit cards such as a traditional credit card, rewards credit card, and a student credit card.
Featured Image: Thinkstock/RomoloTavaniPosted on February 15, 2017