When an immediate cash injection is needed which necessitates borrowing money right now, there are several options available that don’t require waiting too long to receive the funds. Costs involved in obtaining a quick loan can vary depending upon the route followed and should be a consideration when opting for the chosen method.
Credit cards offer an immediate but very expensive way of borrowing money without waiting for a decision. Cash advances are simple to obtain for anyone with available credit on current plastic, but an inadvisable choice due to the high cash advance APR applied, in addition to the cash advance fee levied by the credit card issuer. Typical APR’s on cash advances are close to 30 percent and are charged immediately with no grace period.
Another credit card option is available to those with zero percent balance transfer cards, as the only cost is the fee levied for the transfer, typically 4 – 5 percent. Usually transfers must be made within the first 30 days of opening the account to qualify for the zero or low APR applied. Alternatively one could apply for a balance transfer card to borrow on, though this won’t provide the cash immediately.
Of course not everyone holds or is eligible for a credit card, but other options are available. The oldest method of borrowing money by using a pawn shop is still a viable choice today, with a resurgence in the popularity of pawn shops. Simply leave an item with a pawnbroker and receive an immediate cash advance, albeit far less than the actual value of the pawned item. The goods can be redeemed by returning the money and a commission fee, or sold on by the pawnbroker if funds are not available to redeem the collateral.
Cash advance pay day loans are another option for borrowing money right now. Cash can be obtained in under 24 hours by applying online or even quicker by visiting a cash advance store. Pay day loans are available to those with bad credit or no credit rating, to those maxed out on credit cards or those who simply want to borrow discreetly. The only conditions applied are the possession of a current bank account and a steady monthly income through social security payments or salary.
If cash advances are the preferred method of borrowing money quickly, it is worth checking between companies to compare fees. A set amount per $100 borrowed is usual and can vary greatly between providers.
Borrowing from friends, family or employers can be an embarrassing task for both parties involved, though some choose this method with no associated problems. For those who do not have this option pawn shops, cash advance pay day loans and credit card borrowing represent the quickest and most viable solution to borrowing money right now.