Requesting a loan is often times necessary especially if you find yourself coming short just a few days or weeks to your paycheck. If all you need is $500 to see you through to the next paycheck or to pay urgent bills or emergency purchase, taking a traditional bank loan might not be an option. There are actually a number of places you can get a loan relatively quickly and easily.
#3: Put It on Your Card
If you can make purchases with your credit card, this is a good option for an emergency situation. You only need to make sure that you pay back the charge as soon as the bill arrives. This way, you can continue to build your credit score. You may also get some perks such as airline miles or cash back on your purchase so it’s a win anyway you look at it.
#2: Pawnshop Loan
Many people are skeptical about pawnshops and have an image of backstreet dealings. The truth is pawnshops have come a long way and are now very professionals. They also offer reasonably priced loans. Simply take a valuable item in exchange for a loan and get your item back once you repay the money.
The great part is you get your money instantly and there is no credit checks required. You can also legally default the loan if you like as long as you don’t mind your valuables being sold. A word of advice here is to think carefully about using collateral with high sentimental value such as your wedding ring or family heirloom in case you are unable to repay the loan.
#1: Payday Loan
A payday loan is also very easy to get as long as you have regular income. This is a great option since loans are processed and you receive the cash usually within 24 hours. The loan $500 also goes straight to your account so you don’t have to queue or drive to a lender to collect your money. Again, there are no credit checks so you qualify even with bad credit.
A word of advice here is the interest on these loans can be high so take the loan only for essentials and emergency. If it’s a consumer items such as a TV, you are better off waiting until you can come up with the money.
You don’t have to get stuck in a difficult financial situation if you are caught in between paychecks. Any of these three options can help see you through the difficult patch until you receive your paycheck.