Need To Borrow Money? Try One Of These 7 Ideas!
February 11, 2022 | June Mckaig
If you’ve ever faced any type of financial struggle, you likely have experienced the need to borrow money in some way. About 131 million Americans — that’s more than half of all of us — say they’ve had to borrow money at some point in their lives, according to a Finder survey conducted by research firm Pureprofile.
People borrow money for many purposes, and if you need to borrow money, you know it can be a difficult experience. Whom do you ask? What’s the fastest way to get the cash you need now? Are some loan approaches better than others? If you need to borrow money today, here are seven options to consider.
Try These Ideas If You Need To Borrow Money Quickly
One of the most common approaches for those who need to borrow money is going straight to their bank. It’s the traditional route, and banks specialize in money lending for a variety of financial approaches, including loans for consumers and mortgages.
Some people prefer working with a local bank branch that they regularly use. Interest rates and fees can be extremely variable — and often higher than you may think — when borrowing money from banks in the form of loans.
2. Credit Unions
Credit unions are similar to banks but with one major difference. Credit unions are a co-op, which means that members are in control. Typically, these members are a part of an organization or institution, such as a university or business. For those who need to borrow money, credit unions may include fewer or less expensive fees tied to lending, but there may be a lack of loan options compared to other providers.
Peer-to-peer, or P2P, lending is the more formal name for crowdlending, where those who need to borrow money rely on the generosity of individuals or investors to hit their goal. Banks or other official institutions are not involved, though a middleman, such as a crowdfunding website, takes a cut of the cash.
While P2P may work for those with unconventional money-borrowing requests, it often takes more time and effort than working with a more traditional institution, such as a bank. You will also likely receive the cash you want from a variety of sources — which means a variety of loan repayment plans to deal with.
We know, borrowing money from your 401(k) through work is tempting. You typically can borrow a large amount from the popular form of a retirement fund, and it’s tax-free since the funds are technically borrowed and not withdrawn.
The interest rates when you need to borrow money from your 401(k) are also usually low. On the downside, you’re basically taking money from yourself — and you can miss out on a bigger nest egg in the future by not taking advantage of a fuller 401(k). Also, you may not be able to contribute to your fund until you pay off the money you borrowed.
5. Credit Cards
Yes, using a credit card to buy anything is, in fact, borrowing money. But when you need to borrow money credit cards can also be used as cash advances; you receive actual funds for short-term or much longer-term needs. Credit cards for short-term needs can be easy, but interest rates are often high. Also, borrowing through credit cards may make it difficult to get loans in the future.
6. Public Agencies
Many who need to borrow money turn to the United States government and its many assistance programs, such as Fannie Mae. Some public entities offer comparatively longer terms to pay off loans with less interest, but there can be a mountain of paperwork involved, making it difficult to get the cash you need quickly.
7. A Cash Advance Loan
Sometimes, a straightforward cash advance, or a quick cash payday loan, is the preferred way to go if you need to borrow money. Cash advance loans up to $1,000 are available to those who qualify at Fast Payday Loans, Inc. of Florida when you are going through an emergency you cannot handle.
It can take as little as 30 minutes to qualify for a cash advance payday loan with us — and you receive your cash the same day or the next business day. All you need is to be at least 18 years old, have a driver’s license or government-issued identification, your most recent pay stub, and a blank check from a checking account that’s in your name and active.
We make it easy to qualify at Fast Payday Loans, Inc. through our simple process. Just fill out our cash advance form on our website and one of our loan representatives will give you a call to set up an appointment. Head to one of our many Florida payday loan locations closest to you, have your required items verified, and our representative will determine how much of a payday loan you qualify for.
Get Started Today If You Need To Borrow Money
Everyone needs to borrow money every once in a while. When you are going through financial struggles, you can check out one of these options to help you get the money you need. If you need to borrow money fast, we’re here for you with a cash advance loan. Just go online, give us a call, or visit us today!