We all know life is full of surprises, and occasionally you need to borrow money to get by. Maybe you’ve just switched jobs, and you have to wait for your first paycheck, or you got a flat tire on your car, or your oven broke, and you need to buy a new one. These things happen from time to time, and they can be difficult to cover if you aren’t prepared.
Most of us don’t always have the cash on hand to cover the unexpected costs. The good news is that there are several different ways to borrow money fast. Here are a few suggestions for the best ways to borrow money when in a hurry.
A loan from friends or family
It might be tricky to ask, but borrowing money from family or friends is one of the safest options. Keep all parties happy by following a couple of simple tips:
- Set a fair interest rate,
- Put the agreement in writing,
- Establish a plan for monthly payments, including due dates and late fees.
Paycheck advance from your employer
Your employer might have the ability to give you a paycheck in advance. This is a type of loan that you would repay by deducting the loan from your next paycheck.
Credit card cash advance
Most credit cards will allow you to instantly withdraw cash at an ATM or bank if you have credit available to tap. You’ll pay a transaction fee and interest at a rate that is generally higher than the card’s regular annual percentage rate (APR). Cash advances are usually limited to an amount that’s less than your credit limit.
Payday loan
Payday loans are short-term loans, typically for an amount less than $1,000. They are one of the easier ways to borrow money fast. For example, payday loans in Alberta help Canadians when they’re in emergencies and need a quick injection of money to fix the situation. They are an excellent option when you need money urgently and the lenders take the extra security steps and measures to cover the borrower’s information.
An online loan
With an online loan, you can borrow a couple hundred to several thousand dollars. Applying online is fast, and you can typically get the money within a day or two. Most online, non-payday loans are installment loans, which usually means you’ll make regular payments on a predetermined schedule over the next few weeks or months to a couple of years.
Financial aid for students
If you’re in college, make sure to check out your school’s financial aid department to see if they offer short-term loans. Some financial institutions also provide private student loans, however, the interest rate may be higher.
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