There comes a time in just about every person’s life where they need a little bit of extra money.
People can find themselves short on funds for a variety of reasons. You could have had an emergency medical issue, an unexpected bill or perhaps your paycheck simply came up a bit short.
In any case, you need money, and you need it now. If you are at a loss as to how to get it, here are some possibilities, complete with good and bad points to consider.
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1. Borrow Money Online
This is perhaps the simplest and quickest way to get the money that you need, and it doesn’t even matter what your credit looks like, within reason of course.
With any one of the many convenient websites available, you can get a loan offer in just a matter of minutes by filling out a simple and usually short loan quote form.
With most of these websites, your information will get in front of multiple lenders in one shot, which can make it easy to get an approved offer from one of them, even if you have poor credit.
The Good
The best part about an online loan is the speed at which you can get approved and get your money. Approval can come in a matter of minutes, and you can often get your money the very same day.
The Bad
One reason to use caution here is that interest rates and/or fees will often be high. Even with good credit, an unsecured loan can have high rates, and this gets worse when you throw bad credit into the mix.
Before accepting a loan offer, make sure that you do not have a cheaper way to get the money you require.
2. Get Money from Family
This is just about as fast and easy as a personal loan, but it comes with some real risks. Whenever you mix money with family and/or friends, there is the potential for conflict and that possibility should not be ignored.
Still, if you have a family member that can help with your money emergency, this is a viable option. Just be sure to get everything in writing the exact same way you would with a bank loan.
The Good
When you borrow from family there would be no loan fees or interest involved. This is a huge advantage over online loans, which can get expensive.
In addition, this is a quick option. Even if your family member is not local, they can wire the money to you instantly with apps like Zelle.
The Bad
Perhaps the biggest problem with a family loan is the potential for damage to your relationships. People are very attached to their money and if they think you do not appreciate a loan sufficiently, their feelings may get hurt.
Use family loans sparingly and be honest with yourself about the potential for problems.
3. Secure a Paycheck Advance
Like most workers, your paycheck represents payment for the money that you have already earned. That means that your work probably owes you money already and you may be able to tap into this money to handle your temporary financial issues.
Many employers, usually smaller ones, will allow you to take an advance on your paycheck. This can give you the money that you need without any fees.
The Good
Having no fees is a big advantage because it will allow you to get your finances back on track quickly. This is also a relatively quick way to get money without credit checks.
The Bad
You want to be careful with this method because there are two big drawbacks. The first is that you might seem unstable to your employer, especially if you ask for advances often.
Additionally, your next check will be smaller, so you will need to figure out a way to make ends meet. Otherwise, you will be in this exact same position again in a few days.
4. Take On a Part Time Job
Last on the list is taking on a part-time job. At first thought, you might think that this method is a bit too slow, but there are many jobs that pay quickly and are easy to get.
Jobs like driving for Uber or Lyft usually pay weekly and if you need money quicker there are many jobs that pay mostly in tips.
The Good
The best part of taking on a job to get the money you desperately need is that there is no debt to pay back.
Get the funds that you require to handle your emergency and then move on with your life. You can even keep the job after your problem is solved and build a healthy emergency savings account.
The Bad
Obviously, the problem here is time. You will have to devote extra time to your job and the money will not come instantly.
It can take a few days to get the cash that you need rolling in. If you can afford the time, however, this may be the best option on the list.
