Have you ever found yourself needing to get your hands on some money very quickly? A family emergency, a forgotten utility bill or a temporary job loss are all good reasons that may trigger a need for quick cash. If you don’t have money in savings, you could be facing a crisis situation that could make or break your existing budget. Not having money available when you need it can trigger a financial disaster that could take weeks or even longer to recover from. Here are a few suggestions, including pros and cons to each that may help you climb out of your financial rut.
Installment Loans
An installment loan allows you to borrow money from a lender quickly and pay it back in convenient installments. This is a great way to gain access to the money that you need and pay it back on affordable terms. The main pros for an installment loan include flexible repayment option, shorter loan terms than most traditional finance offers, fast and easy loan approval and no face-to-face interviews. This may seem like a great option for you, especially if you suffer from bad credit or are trying to establish your credit history. But there are some things to be cautious of. One of the main pitfalls of an installment loan is that you have to make your payments online and by a specific date. Be sure that you have funds available before the due date to avoid any late fees or added interest rates. Because there is not a face to face interview meet with a loan officer, you need to make sure you are not giving your personal information to a scam company. Choose a reputable payday loan alternative company, like Blue Trust Loans to ensure that you’ll be getting funds from a business that stands behind their installment loans.
Cash Advance or Wire Transfer
When you need cash and you’re in a financial bind, getting your hands on cold hard cash is important. If you don’t have a checking account or you’re traveling outside of the U.S. you may need to get a cash advance or even a wire transfer to get access to money and get on your way. You can receive any amount of money at an approved kiosk or ATM machine. Some wire transfer companies may also deliver money to your door. A wire transfer can take minutes and cash can be picked up at designated stores or banks in most metropolitan areas and cities. Keep in mind that there are a few negatives to getting cash delivered to you in just minutes or hours, this includes large fees for wiring money, especially if it’s overseas. Finding someone who is willing to send you the cash and pay the fees to transfer the money. Using caution when agreeing to wire money or receive money from anyone, unless you know them personally and they send it from an approved kiosk. Plus the fees can be steep with wire transfers. Find a location that offers low transfer fees and guarantees and insures delivery.
Credit Card Advances
Cash emergency? If you already have an existing credit card in good standing, you may be able to use it to extend your credit and access cash from it. This is sometimes referred to as a cash advance. If you already have an extensive line of credit, you may able to do it right away, otherwise, you’ll have to gain approval from the credit card company. Some pros include quick cash that you can withdrawal from any ATM or acquire from your bank. No fees or interest until the next billing cycle and in most cases, no need to apply for a new loan or wait for underwriting to approve the final amount. The biggest drawback would be the high-interest rate and fee on the next billing cycle. The withdrawal fee is typically not split into small payments and will need to be paid before the due date. This can also lower your credit score by increasing your debt-to-income ratio.
Personal Loan
When it comes to getting the cash you need, you may be able to call your bank and ask for the money. This is only beneficial if you have a high credit score and a good reputation with a bank. If you’ve had late payments or defaults in the past, it can be easy to get turned down by a lender.
Getting past a financial pitfall is hard for everyone. Decide what is the best route for you to obtain the money you need and move on with your life.
