You’re stuck in a rut or some kind of emergency, and you’re thinking to yourself “I need money now.” That is a common situation that a lot of us find ourselves in now and then. Emergencies occur every so often in life because life is unpredictable. That’s just the way it is. So, what do you do when you need money now? Well, you always have a few options that you can consider. All you have to do is have an open mind to the possibilities.
1. Your Savings
Of course, it only makes sense that this is where you would first look when you’re in need of fast money. It is advisable that you always have an emergency fund as part of your savings so you can turn to it in your time of need. When you’re taking money from your emergency fund, then you don’t need to worry about paying it back. Having an emergency fund set aside for hard times is a sign of responsibility on your part.
2. Your Friends and Family
Your next option is your family and friends. Apart from yourself, these are the people that believe in you. Whether you need money fast for some kind of personal emergency, such as to do some urgent repairs to your house or to fund your business, friends and family have a way of coming to your rescue. You will also likely feel a lot more comfortable having borrowed money from a close friend or family member as opposed to having borrowed it from a stranger. You can even make arrangements for the mode of payment, such as post-dated checks, as well as the payment period.
3. Credit Cards
Credit cards are an extremely fast and convenient way to get fast money. You can access the money through checks, bank withdrawals or ATMs. The amount of money you can access is determined by the limit on the credit card. You should be aware, however, that the interest rates can be pretty high.
4. Bank Loans
Another source of fast money that you can consider is a personal loan from a bank. With a bank loan, you know you won’t pay interest rates that are too high, and the payment terms won’t be punishing. You do, however, need to have good credit to access a personal loan from a bank. It might also not be as fast as you want because it could take a few days while you need it immediately.
5. Personal Installment Loans
Personal installment loans are a great option if you need money immediately but can’t get it from a bank, either because the bank is too slow or you have bad credit. Such lenders will give you an instant loan without checking your credit. You will, however, pay a much higher interest rate than you would pay at a bank.
6. Payday Loans
If you want an instant loan and want to use your salary to pay off, then a payday loan is a fast and convenient way to get the loan. Payday loans can be applied for online within a matter of minutes and can also be approved within the hour. You should pay them as soon as your salary rolls in, however, to avoid higher interest charges and penalties.
7. Securities and Items of Value
Do you hold any stocks, money market securities or personal things of value like jewelry or an extra vehicle? You can sell them immediately and get cash. If you try to get rid of them quickly, however, you remember that they might not attract their true value. However, if you’re willing to take a little less for them than they’re worth, then this is also a way to get fast money.