If the credit condition is poor and rapid financing is required, the options may be limited. In particular, traditional bank loans will not be approved if income is limited. Therefore, you may also be tempted to make quick loans to loan companies on payday.
But if your situation is really bad, you will be eligible for assistance from one or more government programs. Otherwise, you can almost certainly get rid of the accident and find a quick loan to replace the payday lender, which poses little threat to your financial health. The following loan sources can be used as resources for one-time quick loans. On the other hand, if it is found that the sources of fast loans are often sought, the consumption habits should be re evaluated. You may need to cut spending, try to increase income, or have both.
Loans from friends and family
You may hesitate to borrow money from friends or family. Because it will destroy your relationship. However, if the amount needed is relatively small, friends and family can provide legal fast loan sources. Draw up an informal agreement to repay the loan as soon as possible. If circumstances beyond your control prevent you from repaying the loan as scheduled, please confess to your friends or family and make alternative terms for repaying the loan when you can.
Cash advance of credit card
If you need money to cover your daily expenses, try using credit cards to buy what you need. Although the life with credit card is not good, the interest rate charged for transactions is far lower than the interest rate of cash advance. However, if hard cash is needed, there is no other way to obtain funds. Cash advances from credit cards are a better source of quick loans than payday loans. If you choose cash advance with credit card, you need to borrow what you need from a transaction if possible. Because credit card companies usually charge high fees for all transactions.
Credit Union Loans
Local credit cooperatives are a good source of fast loans. The interest rate of credit cooperatives’ loans is far lower than that of loans on payday, and credit cooperatives are generally more tolerant of credit than traditional banks. You should be a member with good reputation. However, you are likely to be eligible to be a member of at least one credit union in your area.
Bank overdraft
If you have money to use, you can use your bank overdraft as a source of quick loans. If you choose to withdraw from an overdraft, do not exceed the prearranged limit. Otherwise, it will face almost the same cost as the payday loan. You must repay the overdraft as soon as possible.
All life insurance securities
If you have been paying premiums for the entire life insurance policy, you have accumulated a considerable amount of money and can borrow money. Generally speaking, it is not a good idea to withdraw funds from life insurance policies. This is especially true if the plan is to use these funds to fund retirement. But if you are desperate, it is better to withdraw funds from life insurance policies than to borrow money on payday.
pawnshop
Did Uncle Frederick leave you an expensive pocket watch? Then you can get the necessary funds from the pawnshop. Please remember that pawnshops can only borrow part of the value of the things you use as collateral. If you have any doubt about your repayment ability, you should think twice before choosing a pawnshop loan. If you can’t pay back the money, the pawnshop will confiscate Uncle Fred’s watch.
payday loan
If your financial situation has reached the limit, payday loan is really your only choice for fast loan. Then, please find the borrower registered with the Fair Trading Firm. Seek loans with a repayment period of at least 30 days and borrow as little as possible. Do your best to repay the loan in full on the first repayment due date. The extension will soon escalate to an amount that is almost impossible to repay on the appropriate payday loan.
