Where To Turn When You Need Money Fast

Need money fast?  You're in luck!  I'm not going to give it to you, but you have lots of options for places to find it.

Everyone falls on hard times at some point, and when you consider the fact that half of Americans live from paycheck to paycheck there are a lot of people that need fast cash.  Since so many Americans are strapped for cash an entire industry has been built to lend them a hand when they need it.  The payday loan industry began from people who need to borrow money fast, and has continued to thrive.  There are other short-term loans available to you, but are less common, like title loans which have specific requirements for approval.

Loans aren't the only place to turn when you need extra money fast, but they are the most reliable.  In this Hub, I'll go show you how to use payday loans without getting ripped off and a few other methods to help when you need some money fast.

Image courtesy of Elli VanHoutte via flickr.com.
Image courtesy of Elli VanHoutte via flickr.com.

Need Money Fast? Go With Payday Loans

Payday loans are an excellent way to get money fast with bad credit.  The only things you need to get a payday loan are a job, a checking account, and proof of who you are.  There's no credit check involved with these loans.  Each lender has their own specifics about how you prove these things, but those are the basics.

You borrow money based on your income, but the first loan is relatively small compared to what you can get after you've developed a relationship with the lender.  The average first loan is around $400, but some states have regulations on first loan amounts.

These are short-term loans that are usually paid back in 14 days (after your next payday).  The interest rate on them is high, but that's the price you have to pay when you need money fast!  On average, a payday loan costs $25 for every $100 borrowed.  If you're offered anything that's way more or less than that, it's a red flag that something fishy is going on.

To repay the loan you'll either write a post-dated check for the total amount due for the day it's supposed to be repaid, or the payday lender will automatically deduct it from your checking account.  If you have the choice, go with the post-dated check.  Don't give the lender your checking account info unless you have to.  If you forget to pay the loan back the last thing you want is for them to have access to your money!

You can also get money fast with payday loans online.  These work the same as a store lender, but many times will offer much faster service.  If you're reading this I assume that time is important, so that may be the way for you to go!

Get The Best Payday Loan

In order to get money fast while still getting a good price, you're going to have to spend a little time (gasp!) shopping around.  Each payday lender has their own terms, and these terms can vary a lot from one lender to the next.

A good way to do this is to find a website that will shop around for you.  These sites usually say that they guarantee you'll be approved, or something to that effect.  What they do is take your information and run it past a bunch of lenders to find you the one that will approve you the fastest.  It may seem like adding an extra step will slow you down, but it helps out in the long run.

Image courtesy of Ali Smiles:) via flickr.com
Image courtesy of Ali Smiles:) via flickr.com

Need Free Money Fast?

Well, this isn't exactly free but it isn't going to cost you anything in the future!

Pawn shops are where I turn when I need money fast.  I tend to collect stuff around my house, and when I'm in need I turn all of the crap I have into cash.

There are a few things that pawn shops pay the most for.  These are tools, guns, guitars, bicycles, electronics, and jewelry.  If you have these laying around, pack them up and head to your local pawn shop.

Before you head out spend a few minutes cleaning the things you want to sell.  You could have an awesome Fender guitar that looks like it's been through hell that will get you some cash.  If you spent a few minutes cleaning it, re-stringing it, and tuning it up you're going to maximize what you can get.

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1 comment

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Turbo TitleLoan 5 years ago

Excellent information discussing how to get money fast! Another great way is through car title loans. These allow the owner of a vehicle to put their title as equity against the loan. Since it is secured, there are no credit checks needed.

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