If you need extra cash quickly, short term loans can be a helpful solution. You may require money to bridge the gap between paydays, avoid late charges on a bill, or cover unexpected costs like car repairs or medical expenses. There are a number of options for borrowing money for a short time period, but not all of them might be a good fit for your financial situation. This article will provide four tips for where you can find short term loans that will get you the cash you need, right when you need it.
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Borrowing from Relatives
Some people go to relatives when they need a bit of cash over the short term. These types of short term loans can be helpful because they rarely cost much in terms of interest or financing fees. However, many people don't have relatives that can afford to loan them a significant amount of money, even if it is over the short term. It can also cause problems in families when money is borrowed, but not paid back under the agreed upon terms.
Payday Advances
Another option in short term loans is to ask your employer for a payday advance. Many employers offer this possibility to staff members who might encounter an unexpected expense or come up short on cash one month. The biggest drawback to this type of loan is that you must tell your employer about your tight financial situation. This can be embarrassing to many individuals and may even reflect poorly on your professional image at work.
Bank Options
Most bank customers can get emergency funds from their financial institution through their credit card, lines of credit or secured loans. However, banks tend to take longer to process financing options, which can leave you in a financial pinch until the loan is finally approved. Some bank financing also requires collateral, such as your home or car, to secure the loan balance. If you cannot keep up with your monthly payments, the bank can take possession of your collateral to offset the loan balance.
Payday Loans
While payday loans tend to cost slightly more than the other financing options listed above, they are often the fastest and most hassle-free way to get much needed money in a pinch. These loans are provided by a broad range of companies, so you can shop around for the best deal for your specific needs. Funds can be applied for online, any time of the day or night. Once your application is approved, you may see the funds in your checking account as early as the next business day.
When financial times get tight, there are a number of options in short term loans available. To find the best solution for your needs, it is important to accurately assess your current situation, including how much money you need and how quickly you need it. Then, you can choose the best short term loans that will provide you with the cash you want at a cost you can afford.
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