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Fast Cash

Fast cash is exactly what it sounds – quick access to money. When you think about fast cash, what comes to your mind has to be the amount handed to you in the middle of an emergency. These urgent funds usually come in the form of personal loans or payday loans.

If you find your financial luck leaving you when you need it most, then you’re not alone. Many people are going through this problem. However, you need to know what to do to get some funding for your emergencies, and payday or personal loans may be just the solution you need.

Fast Cash

Before You Get a Loan

Although getting a fast cash loan will be the fastest solution to your financial problems, you need to first make sure you tried all the other available options before trying a loan. As such, here are some ways to get some fast cash before you borrow money from a lender:

Sell Things

This is one of the most used options for people looking for extra money. Selling items could be a quick way to obtain a certain amount of cash while allowing other people to make use of items that you don’t need anymore.

For instance, you can sell unused gift cards, if you have any. Back in 2015, about $973 million in gift cards were unused. So, why not give your unused cards to someone who actually wants them? This way, you can make some money and someone else will benefit from that card.

Another option would be selling old phones. Most people still have their old cell phones that they’re not using anymore, so why keep them since chances are you’re reading this on a smartphone? Selling your old phone can be a good way to get some quick cash and use it for whatever emergencies you’re dealing with right now.

Ask for Payroll Advance

One of the things that you can do as an employee is asking for payroll advance. It’s convenient because you’re essentially borrowing from yourself. The cool thing with payroll advance is that no fees are involved usually. You just get it, and then pay it off through payroll deduction.

Renting Rooms

Do you have a spare room that you don’t use? Then you can definitely rent it for people such as tourists, who want a nicer and much cheaper option than a hotel. As long as your area allows short-term rentals, it’s great to rent a room and get some fast cash from it.

Get Money for Rides

If you have a car, you can try working as a driver and having people pay you for rides or deliveries. It’s an easy and fast way to make some cash if you’re in urgent need of money, so it’s worth considering.

Take a Loan from Your 401(k)

You probably started making savings for your retirement, and if you have a considerable amount of money in your 401(k) already, then you may want to consider borrowing from it. It’s a nice way to get some money quickly and, what’s more, you’re not getting it from another person – it’s still your cash, at the end of the day.

You just need to be aware that you can only borrow money from your IRA one time per year, and as long as you can respect the 60-day term to repay the cash.

Quick Payday Loans – All You Need to Know

If none of the other options are available and you’re still in desperate need of money, you can always try a quick payday loan. This is a fast cash loan that many people use whenever they encounter a bad situation. Not to mention that it may be one of the best ways to get the money you need on time, despite having a few disadvantages as well.

What Are They and How Do They Work?

A payday loan is a type of financing that you take out within a day and goes towards specific expenses such as bills, medical treatments, a broken cat tire, or anything of the sort. Taking this fast cash loan means that you agree to pay it off by the next paycheck.

Therefore, it’s a short-term form of borrowing that is usually a part of your next paycheck. Since the cash is for the short-term and a little riskier, there are usually high interest rates associated with it.

Basically, the payday loan will be based on the amount of money you earn. This is why you will have to provide proof of your income when you apply, such as a paystub.

How to Obtain a Payday Loan?

To obtain a payday loan, you need to make sure you qualify for one in the first place. That being said, it’s essential to look over the lender’s requirements and make sure that you are eligible for one. Gathering all the necessary documents before applying is an important consideration too.

So, in order to get a payday loan, you have to:

  • Be 18 years of age or older
  • Have an active checking account
  • Show evidence of your income
  • Have a valid identification
  • Specify the address
  • Live in a state where payday loans are legal

It doesn’t take too long to apply for the loan either. You just have to complete the application process, where you specify the loan amount you’d like to borrow, an email address, and some additional information. Once an appropriate lender is found for you, you can discuss the terms.

If approved, the loan will be deposited into your bank account within a day. Interest will be calculated depending on the amount that you borrow, and you are expected to pay off the loan when you get your next paycheck.

How Much Can You Borrow?

With a fast cash advance, you can only borrow a specific amount of cash, which will be calculated depending on how much you need and how high your income is. Since it’s a short-term loan, it’s only normal that there’s a limit to how much you can borrow.

It’s also important to know that there are differences between states, as laws will establish the maximum payday loan amount and even limit the ability to make multiple loans. In general, you can borrow between $50 and $1,000 with payday loans.

Pros and Cons

Pros and cons should be considered before you make the commitment to take a loan. Payday loans have their fair share of pros and cons.

On the pro side, this short-term financial aid is amazing for emergencies. You may be dealing with an urgent situation when your wallet is empty. So, when you think that everything is lost, you have payday loans to save you. Since they are offered in up to 24 hours, you can rest assured that you will be able to solve your problem before things get bad. It’s a great option when you have limited time on your hands.

Another advantage is that you can apply online, without having to go to a physical office to get one. You just look for a lender online, share your personal information, and checking account information, and you will be granted the loan in no time.

A quick cash advance can also be a great way to boost your credit score. If you pay your loan on time and can handle the amount added by the interest rate too, you’ll prove how responsible you are, and your credit score will get a boost.

On the bad side, though, payday loans have high interest rates. Since it’s a short-term financial help and it’s offered so quickly, lenders don’t want to take any risks – that’s why they add higher interest rates. Because of this, it may be harder to deal with the payment. Not to mention that not paying the loan on time will affect your credit score negatively.

Auto Title Loans

Auto title loans are also a form of short-term financial aid that you can obtain quickly when you are in a bad spot and have no money. The difference with these loans is that they require collateral, more specifically your car. Also known as car title loans, these are only available if you own an automobile and still have the free and clear of the car. The vehicle works as a form of security for the lender – if you don’t repay the loan, they will take ownership of the car and sell it to get the money back.

Auto Title Loan Requirements

If you want to get a car title loan, you need to present evidence of your title to the lender. In addition, you will have to show your driver’s license and car insurance too, and the actual car, of course.

Some lenders will ask the borrower to install a GPS tracker inside the vehicle, but they may also install a device that can disable the car ignition in case the lender needs to take over the car.

Pros and Cons

Car title loans are great fast cash alternatives when you’re in a desperate situation. Maybe you’re unable to pay the rent, or someone dear to you is in a bad health condition. When this happens, you can borrow money using an auto title loan. The money you receive can go towards solving the problem. Furthermore, bad credit score doesn’t matter – so, these loans are a great option even for people with poor credit ratings.

Nevertheless, they have the disadvantage of coming with bigger fees, more specifically a higher interest rate. Aside from having to pay more when making repayments, you also risk losing your car if you’re unable to pay it off.

Personal Loans

Personal loans are great when you need to make a specific purchase. For instance, your old car may have stopped functioning altogether, or you urgently need to pay for your college tuition. Of course, they are not limited to these situations only – personal loans can be used for anything.

Personal loans are quite easy to get, so they can be a good solution when you need some fast cash. As long as you make sure to apply for one online, then you can get it much faster. It’s best to avoid credit unions or banks if you don’t want to wait too long.

What Are the Requirements?

If you want to be approved for a personal loan, you will have to provide proof of a few things, such as housing costs, income, SSN, official ID, and debt. You can fill out a form online with a lender, and wait for the results. As long as you have these documents, there shouldn’t be any problem.

Also, you need to be 18 years old or older if you want to obtain a personal loan.

Pros and Cons

The coolest thing about personal loans is that they can be used for just anything. The lender will usually ask what you need the money for, but as long as the reason is a good one and legal, there shouldn’t be any problem. Also, they have decent interest rates and can help consolidate debt. The monthly payments are fixed, and you don’t need the best credit to obtain one.

On the bad side, though, you will have to deal with origination fees, and if you pay it off too early, there may be penalizations.

Payday Installment Loans

Payday installment loans are similar to normal payday loans, except the repayment term differs. Usually, the term can be increased to a period of three years, which is great if you aren’t sure whether you can pay it off on time or not.

Pros and Cons

With a payday installment loan, you don’t have to worry if something happens and you’re unable to pay off the loan by the next paycheck. Good credit is not required, and you just have to meet the same requirements as you would for a payday loan. They are also easy to find online.

However, they come with higher interest rates, and these rates may mount very quickly.

Final Thoughts

If you need fast cash, it’s best to know your options. There are multiple alternatives you can consider, and each one has different eligibility criteria. Settle for the one that is most convenient for you.

Have a question?

Customer notice: Short-term loans are not intended to be long-term financial solutions. Customers with credit difficulties should seek credit counseling. A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive.

Equal Credit Opportunity Rights notice: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Consumer Financial Protection Bureau, 1700 G Street NW, Washington DC 20006 and the Federal Trade Commission, Equal Credit Opportunity, Washington DC 20580.

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