Guaranteed Loans Now!

5 Great Borrowing Options to help you in an Emergency

Those who are in desperate need of funds for an emergency expense that has suddenly arisen will find that there are a number of options they can potentially turn to. If you are in need of cash right now and absolutely cannot wait, it is crucial that you know exactly what your options are like before making a final decision.
Payday Loan
You will find that getting a payday loan can be extremely helpful, especially if you are in an emergency situation that requires you to get as much money as possible immediately. A lot of people get these kinds of loans every year, and the best thing about them is how quickly they are typically processed. When you get this type of loan, you will most likely be approved the same day. While it’s true that the interest rate on these loans is usually fairly high, it can be worth it depending on how bad you need the cash.

There is a fairly short payback period for these loans, and you will usually have to pay back the full amount (including interest) with your next paycheck. If you are in a very bad financial situation, it is highly recommended that you make a point of looking into this particular option because of everything it has to offer. These loans are great for those who have poor credit, because lenders do not typically perform a credit check, or only soft checks. You also won’t have to worry about putting down any collateral to get the loan.
Personal Loan
A personal loan can be tremendously helpful for those who are in a situation where they absolutely need funds immediately and cannot wait because of some emergency circumstances. There are a number of great things about a personal loan, but it’s important that you know everything about these loans before deciding whether or not to apply for one.

When you apply for a personal loan, it’s important to keep in mind that you will have to put some property of yours up as collateral, such as one of your vehicles or even your home. While a personal loan can be very helpful for those who are in need, you will be risking your car or home if you cannot pay it back on time. Also, a personal loan can be a bit tricky to get if you have poor credit. You can always find someone to co-sign on the loan for you, but if not you might have to look elsewhere. A lot of people have benefited from personal loans, so you will want to at least consider this option.
Credit Card Advance
A credit card advance can be an excellent way to get the cash you need fast. A vast majority of credit cards offer cash advances through bank withdrawals, ATMs or checks that function the same way as short-term loans. There will probably be a transaction fee as well as an interest rate that you will need to pay. The interest rates on these loans are usually very high, but it’s still a good option for people with poor credit who have to get cash as quickly as possible for whatever reason.

These days a lot of people are taking out cash advances on their credit cards, simply because it is one of the fastest ways to get the money they need without having to worry about their credit being a hindrance. The smaller limit on your credit card is the limit for your cash advance, so you will want to make a point of checking your cardholder agreement to see if the cash advance limit is adequate. It’s important to keep in mind that a credit card advance can be very helpful in a tight financial situation, but you will need to consider the rest of your options first.
Retirement Account Loan
If you want to use your own money to help with taking care of your emergency, you will be able to take out a loan from the money you have accumulated in your 401(k) or IRA. One of the best things about this option is that the interest rates are usually low, and it will not have a negative impact on your credit score. You will, however, have to pay this loan back within a certain period of time or face the consequences.

The penalties for not paying back a retirement account loan on time can be fairly severe, so you will therefore want to make a point of weighing your options before making a final decision. You will not want to go with this method of borrowing if you think you might lose your job anytime soon. Typically you will have to pay back the whole amount of the loan if you leave the job, or else the loan will be considered an early withdrawal.
Peer Lending
The last borrowing option that you are going to have is peer lending. There are a number of P2P websites that you can get a personal loan from, though there are some risks associated with doing this. The interest rates for these loans are set based on your credit score. If your credit isn’t very good, you can expect to pay a fairly steep interest rate.

When you are applying for a P2P loan, you might be required to provide recent pay stubs so you can prove how much you make. It is highly recommended that you take a close look at your credit report before applying for one of these loans. It’s also important that you take the time to look for the right private lender, because there are going to be quite a few of them to choose from. The more time you take to do this research, the better your chances will be of getting the funds you need without any issues. Peer lending is not exactly the best borrowing option, but it is one that can be quite appealing for those who don’t have many other options.