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- April 3, 2024
How to Borrow Money Fast: 7 Super Smart Ways
The average person has almost $9,000 stashed away in their savings account for a rainy day. They can use this money to pay for an emergency car repair, an unexpected medical bill, or whatever else they need to use it for.
But there are also plenty of people who don’t have any money set aside in savings. More than 60% of people have less than $500 in their savings accounts right now.
How to Borrow Money Fast?
If you fall into the second category, you should learn how to borrow money fast in case you ever need to do it. Should the need arise, it’s good to know where to turn to get your hands on money.
Here are 7 super smart ways to borrow money fast.
1. Ask Your Family Members or Friends for a Loan
Borrowing money from family members or friends can be a tricky situation. If you aren’t 100% sure you can pay them back, you shouldn’t borrow money from them since it can throw a wrench into your relationship.
But if you’re confident in your ability to pay back the loan, don’t be afraid to ask them if they can spot you for a few weeks. Put a repayment plan into place and let them know if you suspect it might take a little longer than expected to pay them back.
2. Take Out a Cash Advance on Your Credit Card
Do you have any credit cards in your wallet? If so, you might be able to take out a cash advance on one or all of them.
There are a lot of credit cards that will let you walk right up to an ATM or bank teller and withdraw money from your card’s available balance. You can get the money you need in a matter of minutes.
Be careful about using cash advances on credit cards too often, though. They can sometimes have higher interest rates than the rates placed on your normal credit card purchases.
3. Call on Your Church for Financial Assistance
If you need money to pay for a basic necessity like shelter, food, or even electricity, it wouldn’t hurt to check with your church to see if they have any financial assistance programs in place.
Many will do what they can to support those who belong to their church. They often have special funds set aside that are designed to help those who are struggling.
You can also look into other nonprofit organizations in your area that specialize in lending a hand to those who are down on their luck. Consider them when you’re trying to learn how to borrow money fast.
4. See If Your Employer Will Lend You Money Until Payday
If you have a job and you’re considered a good worker, you might want to think about asking your employer to lend you money.
You don’t want to get into the habit of doing this all the time. But some employers are happy to help their employees when they need to get access to money before the next payday.
Approach your employer and ask them if it would be possible to get an advance on your next check. Just make sure you’re prepared for your check to be less than it usually is when payday rolls around.
5. Apply for a Payday Loan
If your employer doesn’t feel comfortable lending you money in advance of your next paycheck, there is something called a payday loan that would work just as well. Payday loans are short-term loans that people take out when they need money in the middle of a pay period.
You can apply for a payday loan online and in most cases, you can find out if you’re eligible within seconds. You can take out a payday loan of anywhere from $100 all the way up to $5,000. And you’re free to spend it however you want.
6. Find Out if you qualify for a Personal Loan
Do you think it’s going to take more than a few weeks to pay back a loan after you borrow money? If so, a personal loan might be exactly what you’re looking for.
Personal loans are similar to payday loans in that you can apply for them in a short period of time and have money in your bank account within a day or two. But unlike payday loans, you can often work out a repayment plan that stretches over many months or even years.
As long as you have a decent credit score, you should qualify for a personal loan. Try to find one with the lowest interest rate possible.
7. Consider Putting in an Application for a Car Title Loan
If your credit score is less-than-ideal, you might think you’re not a candidate for any type of loan. But that might not be true!
If you own something of value, like a car, you may be eligible for a car title loan. This is a secured loan that will require you to put your car up as collateral.
You obviously want to be sure that you can pay back a car title loan before taking one out since you could lose your car if you don’t. But as long as that’s not going to be an issue, car title loans can help people get money in a hurry when they need it most.
Know-How to Borrow Money Fast When You’re in a Pinch
Now that know how to borrow money fast, take what you’ve learned and used it the next time you need a loan. Whether that means asking a friend to spot you or applying for a payday loan, it’s great to know you have options.
It’s also great to see money show up in your bank account quickly. It’ll help you pay off whatever bill is lingering over your head and reduce the stress associated with it.
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