best 6 month personal loans ways to get fast money

8 Ways to Get Money Fast

Sometimes, despite your best efforts to keep to a budget, you need to borrow money just to get by. It may be because you lost a job, had a medical emergency, or unexpected car repairs. What do you do when you need money for an emergency, but don’t have the savings? You are certainly not alone. According to the Federal Reserve four out of every ten Americans would need to borrow money if they had to pay for a $400 emergency expense.

Luckily, you still have options. Read on to learn 8 ways to get cash fast!

1. Take out a cash advance from credit card

If you have a credit card in good standing, you may be able to take out a cash advance. However, you’ll probably have to pay a fee to do so. You’ll also have to pay interest on the amount you withdraw until you repay it in full.

If your credit card allows for cash advances, this is a great option when you need money right away. All you need to do is go to an ATM.

WEIGH THE RISKS & BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • Fast access to cash
Cons
  • Need a credit card with the cash advance option.
  • Credit cards require passing a credit check.
  • Cash advance amounts may be limited.
  • You have to pay a fee and interest.
  • Raises your credit utilization rate which can hurt your credit score

2. Look for a short-term loan

A short-term loan has a repayment period shorter than one year — sometimes even as short as two weeks (as is the case with payday loans). Short-term loans usually have lenient credit and income requirements, which make them easy to secure.

But there’s a catch. The costs of short-term loans are usually high, and the repayment periods are short. This makes them difficult to pay back on time. Borrowers often fail to repay short-term loans on time and are forced to renew the loan for an additional fee.

You can find short-term loan lenders online and in brick-and-mortar locations.

WEIGH THE RISKS & BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • Easy to get approved.
  • A credit check may not be required.
  • Quick cash.
Cons
  • Short repayment period.
  • High cost.
  • Small loan amounts.
  • These can be difficult to repay on time which can result in multiple extensions.

3. Apply for an installment loan

If you qualify, installment loans can help you get money fast. There are a wide variety of lenders to choose from, all offering a diverse range of rates and terms. You can apply online to get pre-qualified, which won’t hurt your credit score.

If your application is approved, some lenders will direct deposit the loan into your bank account in as little as one business day. The rates and terms on personal loans are typically easier to repay than short-term loans, thanks to their lower interest rates and longer repayment periods. The catch is that they are harder to qualify for.

SuperMoney’s personal loan engine can help you quickly find your best rate. Apply to pre-qualify with our network of reputable lenders all at once, just by answering a few quick questions. Plus, it won’t hurt your credit score. Apply now!

WEIGH THE RISKS & BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • Competitive rates.
  • Flexible repayment terms.
  • Higher loan amounts.
  • Easy to shop around with SuperMoney’s loan engine.
Cons
  • Not everyone will qualify. Approval is based on income and credit.
  • Fees may apply.

4. Pick up a side gig

If you need a smaller amount of cash, or if your timeline is more flexible, consider picking up a side job. There are many online one-off gigs w ith quick turnarounds available. With payment services like PayPal, you may be able to pick up a job, get it done, and get paid within a day or two.

You can look for jobs on job platform websites like Fiverr or even on Craigslist. Common jobs include writing up a piece of content, data entry, research, transcribing an audio file, and acting as a virtual assistant. You could also look into becoming a rideshare driver, delivery person, or dog walker.

WEIGH THE RISKS & BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • Earn money to get quick cash.
  • Find opportunities to continue earning extra money.
Cons
  • May be difficult to land a job at first.
  • Cash may not be as fast as you need it.
  • May not be able to earn enough right away.

5. Launch a crowdfunding campaign

If you have access to a large audience on social media, consider launching a crowdfunding campaign. On sites like GoFundMe, you can create a page that explains your situation and how much you need. Then, share the page and ask for help. Donors will make donations on your page, and those donations will go straight to your bank account.

There are a couple of downsides to this option. In order to get help, you’ll have to publicize your problem, sacrificing your privacy in exchange for assistance. Also, if you don’t have access to a large online audience, it might be hard to find enough donors to cover your expense. If this is the case, consider asking a friend or contact with a larger audience to help signal-boost your cause.

WEIGH THE RISKS & BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • Raise money by asking your social connections.
  • Pay no interest or fees.
Cons
  • Need to market your campaign to get donations.
  • Have to create a campaign page.
  • Must share your situation publicly to get money.
  • Might take too long.
  • Might not find donors if your problem does not resonate with an audience.

6. Visit a pawn shop

Is there a pawn shop near you? It may be time to swing by. Pawn shops offer quick cash in exchange for an item of value. You may have to sell the item, or the pawn shop may offer to hold it for you as security for a loan. While you will probably not get full value for your items, you can get cash fast.

WEIGH THE RISKS & BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • You can get your property back if you repay the loan on time.
  • Get quick cash.
  • Pay no interest.
Cons
  • Must give up an item of value.
  • Won’t get full value for the item.
  • May lose the item if you use it to secure the loan and can’t repay it on time.

7. Take out an auto title loan

Lastly, if you own a car free-and-clear, you can take out a loan against it. Auto title loan lenders will lend you 25 to 50% of your car’s value. And while you’re repaying the loan, you get to hold onto your car. But there’s a catch:  you have to pledge your auto title as collateral. That means that if you fail to repay the loan, you lose the car.

Worse, auto title loans typically have short repayment terms (around 30 days) and high fees, which make repayment difficult. As such, this loan option should be your last resort.

WEIGH THE RISKS & BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • Quick cash.
  • Keep your car while you repay the loan.
Cons
  • Must have a car you own in full.
  • High costs.
  • Short repayment periods.
  • Can’t borrow the full value of your car.
  • May lose your car if you can’t repay the loan on time.

8. Get a loan from a friend or relative

If you’re in a bind, you can always ask a friend or relative to lend you the money. This may be the most affordable option but is likely not the most comfortable. Be sure to make a clear plan for repayment, as your relationship is at stake. Then stick to your plan and repay the amount as promised.

WEIGH THE RISKS & BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • No formal approval process.
  • Get quick cash.
  • Custom repayment terms.
  • Often much cheaper than a regular loan.
Cons
  • May strain the relationship.
  • Need to find a person who will lend you the money.

Find the right fast cash solution for your needs

Coming up short on a medical bill or emergency expense can be a nightmare. But there are places you can turn. Consider the above eight options carefully, and be sure to weigh the pros and cons of each before going ahead with one. Fast cash always comes with a cost!