Most people will find themselves in a cash shortage situation at some point. This could be because of a basic miscalculation when you were budgeting, or it could be because of overspending, unexpected expenses or something else.
The good news is that there are several options available for you to choose from when you need quick cash to get through the next few days or weeks.
Borrowing from Family or Friends
Perhaps the fastest way to get extra cash may be to borrow a few hundred dollars or more from family or friends. While this is a speedy option to consider, it is not a perfect solution.
After all, your family or friends may not have any cash available to lend to you. Even if they do, giving them details about your cash shortage issue can be embarrassing.
On the other hand, family and friends may not charge you an interest rate, and they may be more flexible regarding the loan’s due date.
Car Title Loans
Another way to get quick cash is to pull equity out of your car. You must own a vehicle that has equity in order to qualify. In most cases, you cannot have any loans against the vehicle at the time of application.
With a car title loan calculator, you can estimate your loan amount to determine if this solution would meet your financial needs.
With a closing and funding period that is usually only a day or two long, this is an excellent solution when cash is urgently needed. Typically, the loan funds can be used for a few weeks before they must be repaid in full.
Pawn Loans
If you have items of value that you are willing to place as collateral for a loan, a pawn loan is an option. You simply take your items to a local pawn shop to determine the loan amount that you could receive.
This option places cash in your hand immediately, but you typically must repay the money as soon as possible. Be aware that a pawn shop typically gives you a fraction of the value of your items.
If you need a substantial amount of cash, it may be necessary to pawn several valuable items.
Personal Loans
When you need access to more cash for a longer period of time, taking out a personal loan from a bank may work well. Some banks require you to submit stacks of paperwork as part of the loan process.
Nonetheless, if you can wait several days or even more than a week to get your money, this may be a smart longer-term loan option.
Paycheck Advance Loans
If funds are urgently needed, you may walk into a paycheck advance loan shop to request funds against your next paycheck.
You can typically use the money until your next paycheck hits your account. Keep in mind that your loan amount will be determined by your typical paycheck amount.
As stressful as it can be when you need extra cash as soon as possible, there are numerous options available to consider. Each of these solutions has pros and cons, such as those related to limitations on loan amount and the length of the loan term.
If none of these options fully meets all of your current financial needs, consider putting multiple solutions to use to obtain more money.