Borrowing money is and always will be a way to get access to quick cash. Sometimes, when you're struggling and have no other alternative to make money, borrowing money makes sense. Just as long as you are fully responsible with your loans, you can get immediate financial relief with some extra money.
Here are 6 ways to get access to more money quickly.
1. Take a payday loan
A payday loan is as fast cash as you can get. You typically receive a relatively small amount of money (a few hundred dollars) and are expected to pay it back on your next pay day. You are charged a very high interest rate, so you would only take a pay day loan if you really need money right now and have no other alternatives, but you also know you'll receive your pay check by the end of the week and can pay back this loan.
Here is an easy and reliable place to get an online loan.
2. Peer to peer lending
Peer to peer lending is a way to make money by loaning money to other people and making money off the interest you charge. You do need money to lend money, so this won't work if you're someone who just needs money immediately. But if you have money, peer to peer lending is an incredible way to make passive income quickly.
The most popular peer to peer lending company is Lending Club. Click here to visit them.
3. Loan against your home
If you own your home or have paid enough money into it to take a loan against it, then you can apply for a home equity line of credit. A home equity line of credit basically means you are borrowing money out of the value of your house. Interest rates are typically low on HELOC's, which is fantastic.
4. Loan against your car
Just like a home equity line of credit, you can also take a loan out against the value of your vehicle. It's called a car title loan. Car title loans are good if you don't have much else of an option and want to get money quickly. They also have high interest rates so carefully weigh the pro's and con's of taking out a car title loan.
4. Open a new credit card
If you needed money really fast, there are few things that will give you access to money faster than a credit card. Just remember that opening a new credit card is a loan and you will need to pay it back someday. I would only open a new credit card if I needed money badly and had little options elsewhere, AND I knew I could pay back whatever I borrowed in a reasonable time.
5. Open a line of credit
A line of credit is a loan just like a credit card is. However, line's of credit typically have much lower interest rates than a credit card. Just like a credit card, be responsible and only borrow from a line of credit when you know you can pay it back responsibly.
6. Get a cash advance on your credit card
One of the costliest ways to get money fast is to take out cash advances on your credit card. You will pay a fee just for taking out the cash, and also pay a high interest rate for whatever amount you borrow. Expect around 20%. But, again, if you are in a big pinch and have no alternative, then this is an option. Just make sure you are able to pay it back in a reasonable time so you don't fall into the abyss of debt.
