In today’s economy, a lot of people are struggling financially and if there are any financial emergencies, they simply do not have the cash to cope with them. Even if families manage their own budget, there is often no room for emergencies. Furthermore, in many cases, families have bad credit ratings, which make it even harder for them to access emergency cash when they need to.
Luckily, there are options out there for people who need money asap and how may not have the perfect credit rating. Furthermore, these financial constructions can almost always be applied for online. If you do find yourself in a financial pickle, therefore, you may want to give these a try.
A Credit Card Advance
A cash advance on a credit card is a very convenient and simple way to get a little bit of money. However, the interest rate on the money you will receive will usually be charged at a higher interest rate. Furthermore, you may have to pay an advancement fee as well. What is important to understand is that you will pay this higher interest rate on your entire credit card debt until you have paid your advance off. Furthermore, if you exceed your credit limit, either through your own behavior or because of the interest charge, you will be penalized. Hence, be very careful about this loan.
A next option is the payday loan, which is incredibly easy and incredibly quick to get. Essentially, you will borrow a certain amount of money until your next payday, at which point you will pay the loan back with interest. The interest rates on these loans are incredibly high. However, so long as you don’t roll your loan over and simply pay it at your next payday, it is quite affordable.
Car Title Loans
Finally, there are car title loans. With car title loans, you essentially put your vehicle up as collateral and borrow against its value. Usually, you will only be able to borrow up to 50% of the value of the car, to a maximum of around $3,000. The interest rates are quite high, although lower than payday loans, but the loan is also reasonably short term (usually between one and three months). Just as with payday loans, it is possible to roll this loan over, this should avoid as much as possible as you will soon start to pay out so much in interest. Generally speaking, these loans are perfect for people who need a slightly larger amount of money than what they would be able to get through a payday loan or a credit card advance loan. It is very important to know for sure that you can meet repayments, however, as your vehicle will otherwise be repossessed. If this could potentially happen to you, then it would actually be a better idea to sell your vehicle, as you will get more money than you would with a title loan, allowing you perhaps to simply downsize your car.