If you’re in a cash crunch and need to get a cash advance loan quickly and easily, it can be hard to know where to turn, especially when it seems like so many financial scams are constantly cropping up. Being caught in this dilemma is stressful and seems fraught with complications. You need money, right now, and you don’t want to get burned financially for it. It doesn’t matter why, it only matters that you need it. How are you going to get it?
Here we’ll discuss five of the safest ways to get your hands on some cash quickly. If you need cash fast, you’ve come to the right place.
Short-term Cash Advance Loans
If you need money as instantly as possible and your credit score isn’t great, short-term cash advance loans are an excellent way to go. You can even apply for these loans online in some areas, and some lenders will route the funds directly to your bank account. These loans are typically very short-term, possibly even only a few days, and typically carry highly variable interest rates due to the nature of the loan.
They are the fastest and easiest way to get money, but it’s a good idea to weigh your needs for money instantly against how much more money you will have to pay back for that quick loan over time, given the loan’s interest rate and financing charges. You may see finance fees as much as $20 for every $100 borrowed, which would mean a $1,000 loan will cost you $200. That means an APR of 434% for a six-week loan — which is 12 times higher than the worst credit card interest rate.
Credit Card Cash Advances
If you can wait a few days for the money you need, then a cash advance loan from your credit card may not be a bad idea. These also come with sky-high interest rates, but you can leverage them on your current credit card. Don’t have a credit card? You can apply for a credit card to get a cash advance from. The Fingerhut Credit Account, the Total Visa card, and the First Access Visa card all accept varying poor credit scores, give the opportunity for building your credit back up by using them, and offer a cash advance option you may be able to access within 24 hours. Be wary, though: that cash advance often carries with it a hefty APR charge. Make sure you read the fine print.
Also, know that you won’t be able to borrow your entire credit limit. Different companies set different limits for cash advances, but if you have a credit card with a $1,000 limit, they will not allow you to get a cash advance of $1,000. Terms differ, so check your credit card agreement for details.
Retirement Account Loan
Have you been contributing to a 401k or IRA account? If so, then you may be eligible for a loan against the amount you currently have in that account. This is quite a safe option if you don’t intend to leave your job anytime soon, as it a cash advance loan that usually affords a very low interest rate and simple payback options.
The caveat is, if you do decide to leave your job anytime soon or before the loan is repaid, it can be deemed a withdrawal, and taxed as such. Taxation on retirement funds is notoriously high, which kind of defeats the purpose of setting aside pre-tax dollars to fund your retirement years.
An emerging trend in the Internet era is borrowing money from strangers. You can find several online networks dedicated to facilitating this optional cash advance loan. Usually, a decent credit score is a requirement, and loans range from lower than $5,000 to $100,000.
If you do decide to go this route, take time to read the terms and conditions very carefully. Interest rates on peer-to-peer loans can be quite high, up to nearly 36%. You may also need to provide recent pay stubs as proof of employment, and if you miss a payment your credit may be affected.
Personal Loan or Line Of Credit
Some banks still offer personal cash advance loans and those that don’t will often offer a line of credit added to your existing account. A line of credit may be enough to tide you over for what you need for the time being, but unless your credit score is extremely good or you have considerable collateral to offer otherwise, lines of credit issued by your bank can be for fairly low amounts.
Additionally, lines of credit or personal loans often take time to approve. If you need money immediately, it’s probably best to move closer to the top of this list for more expedient options.
There are also plenty of ways that you might consider making money quickly, and some of them pay almost instantly. These options may range from driving for Lyft or Uber to completing surveys online to becoming a market research participant. You never know how well these opportunities may work out in terms of employment, so it might be worth your while to give them a shot, too.
Here at Money Now, we understand that financial emergencies sometimes arise that warrant immediate assistance. That’s why we’re always here to offer you the fastest and safest means possible to get a cash advance loan. Contact us today to find a location near you.