Where Can I Borrow Quick Money?

Many reasons warrant borrowing money. I mean, we need money to see us through college, get a new car, for mortgage purposes, or just to get us through until the next paycheck arrives. The world is money driven, and there is no denying the fact that nothing goes without involving money one way or the other.

According to a study done in 2016, 43 million Americans have used a quick loan for no credit for a student loan. According to another source, 71 percent of homeowners have a mortgage to pay. Even data from Experian reveals new cars owner’s loans have risen to an all-time high. So, if you need to borrow money, if you have decided to dip into the loan market, you’re not alone.

Borrowing money can be a very risky and stressful process (hope you have done your homework!). Particularly if you don’t know the right places and channels to look, your search is over! This guide gives you a comprehensive list of the most popular and common places to get a loan.

Banks

Would any list of this sort be complete without the traditional commercial banks? Traditional Brick-and-mortar banks are still, to a large extent, everyone’s best option for borrowing the most substantial amount of money at the lowest interest rates. You may also get the longest repayment terms if you need them.

Of course, it is not the quickest option if you need fast money. And the stress, lengthy process and massive collateral required to get it over the line are well documented. But it’s still a great option – people still complete the enormous paperwork and get their money.

Credit Unions

Credit unions are becoming popular alternatives to traditional banks. They are usually based in the locality they serve. Hence, desirable and appealing options for small businesses and entrepreneurs within the region.

On the average, credit unions offer rates that are competitive and sometimes lower since credit unions are nonprofits with less overhead. The qualification may be as simple as living in a locality, and the requirements are less stringent compared to banks.

Online Lenders

Many small business and individuals still find it difficult to obtain a loan from more traditional channels like banks. Hence, there is a growing number of online lending services available to interested parties. Some online lenders directly lend money to themselves, while others opt for peer-to-peer models which allow individual investors to fund your request. The bottom line is, if you’re part of the “where can I get quick cash loans near meseekers”, online lenders are your go-to guys. Most lenders can get you your money in a week or even less. The requirements are relaxed and time is at a minimum. The major drawback is the interest rate is considerably higher than most traditional lending channels.

Peer-to-Peer Lending

Peer-to-peer lending is the oldest and most traditional method of borrowing. This type of financing includes getting a temporary, personal loan from a family member or friend. The major advantage of this option is that there may not be any interest charges involved at all. On this note, it’s easily the best and most convenient option for most people. But the consequence of not meeting expectations could result in a strained relationship with your lender – which in most cases, are members of family and friends.

Social Borrowing

This is very like those mentioned above and which is in fact, another form of peer-to-peer lending. The process is commonly performed through the internet and come from people who are not necessarily members of family or friends. As a result, there is some form of interest involved.

Request Cash Advances

This is a quick and fast option in case of an emergency. With your credit card, you can request a cash advance at the ATM and in seconds, have access to the cash. Sounds good enough? The only problem is that much is expected in return. The interest rate is staggering, and most credit card facilities charge outrageous fees and hidden expenses – which makes cash advances only appealing if you are really in an emergency.

Private Businesses

Some businesses sell big-ticket items and can provide you with a loan instead of you paying cash instantly. It is much easier if you are already purchasing from them. They may even offer attractive discounts and usually involves no extra charges on repayment. It is particularly useful for getting an item like a furniture piece or car in a time of need.

Payday Loans

Most of the time, struggling borrowers have a limited credit history, and that may hinder one’s chances of acquiring loans. And in the case of emergency, you may be boxed in a tight situation. That’s where payday loans come in handy. Payday loans are short-term loans that are available in case of emergency. This type of loans goes by different names and terms – post-dated check, deferred deposit check loans and so on. They are short term loans usually due in a few weeks. Requirements often involve a photo identification and proof of income in the form of previous pay stubs.  Typically, in exchange for the amount borrowed, the lending institution will ask for a post-dated check plus a fee. Be sure to read the terms of the agreement before signing any documents.