Have you suddenly found yourself strapped for cash? Whether it’s because you just lost your job or you’re needing to make some car repairs while traveling out of town, the reality is, going to the bank and applying to a loan may be out of the question. Because of strict credit terms and underwriting policies, getting a loan from your local bank or credit union may be out of the question and additionally, it takes time to go through the process.
Fortunately, there are some alternatives to a traditional bank loan. Here are some examples on getting your hands on cash quickly when you’re in a financial bind.
One way that you can try to get past the financial burden of an unforeseen emergency is to obtain a personal loan. You can get one from your bank, and if your credit score is high you can expect to get the funds you need within seven to ten business days or sooner, depending on your bank’s loan policies. Another option is to seek a personal loan through a short-term lender, which tends to involve less stringent credit criteria and offers cash out options as soon as the next business day. Qualifying is generally easy and includes:
- A bank account that is valid and has been open for at least six months or longer and doesn’t have a history of overdrafts
- A verifiable income that is deposited into your account on a regular basis
- Not having an active bankruptcy case or be involved in a debt repayment program
- Be able to provide proof of identity and current address
You can get a personal loan that fits the needs of your existing situation. Choose a lender offering alternatives to payday loans with easy credit terms and a fast cash return.
If you’re looking at getting some cash right away and paying it back in small increments, an installment loan may be a good option. Many installment loans are set up to withdrawal money out of your checking account in regular, frequent increments. This allows you to pay back your loan and not fall further behind with your finances. You can stretch out the terms of the installment loan so it’s something affordable for you. Most of the time, you can obtain an installment loan and get approved, even if you have shaky credit. A past bankruptcy? Gaps in employment? Late payments? Most short-term lenders will look past your credit blemishes and approve you right away.
Extend Existing Lines of Credit
While getting a loan from an online lender may seem quick and easy, it still might not meet all of your financial strains. Do you still need more cash? Do you need to pay back your loan right away? If so, you may wish to see about extending your existing lines of credit through your lender or credit card company. This may not be available to everyone, and you may not qualify. But if you have a lengthy relationship with your credit card company and you have your balance paid down or close to being paid down, you may want to ask about it. If you have a good credit, your credit card company will either allow you to skip a payment or two or offer to raise your borrowing power so you can take those funds to pay off your bills or get cash to handle a sudden emergency.
Selling Personal Items
While one of the last things you wish to do is sell off some of your precious jewelry or expensive antiques you’ve been hanging on to, there is this option if need be. Your local pawn shop will offer quick cash for authentic items such as memorabilia and jewelry. You can also pawn it if you wish to gain a temporary loan to help pay off a financial snag that you’re experiencing. In some cases, you can sell items through local online garage sale groups or online through reputable auction sites.
Combining multiple methods to obtain fast cash is the best way to dig yourself out of your money problems. If you don’t have the best credit, don’t sweat it, there are many lenders available to obtain credit and loan terms from.
*featured post made possible by Jenna s