Sometimes things happen, and you need money fast. In a perfect world, everyone would have an emergency fund, but they don’t. If an emergency happens, you are scrambling for money. Today, I want to go over four last minute loan options. They are all typically easy to get. Continue reading to find out what they are.
The first last minute loan options are payday loans. A payday loan is a small amount of money lent at a high interest. The loan will be repaid when the borrower receives their next paycheck. You have two weeks to pay the loan back. Payday loans are generally granted by companies, not financial institutions. Payday loans don’t follow the same regulation that conventional lenders would. Payday loans don’t require a lot of paperwork. The majority of the people that apply for the loan usually qualify.
When dealing with payday loan companies, it’s good to shop around. The interest will be high, but you want to go with the company that offers the lowest. You want to be able to pay off that payday loan as soon as possible.
Family is the second last minute loan option. Depending on your relationship with your family, they may be able to loan you the money that you need. Sometimes family and money could be a slippery slope. When I was going through a rough period, I had to borrow money twice. I could have asked for more, but I’m a grown man and didn’t feel right asking for the amount that I needed in the first place. Instead of loaning me the money my family just gave it to me. For that, I will be forever grateful. If someone in my family needed money from me, I would just give it to them as well. To me, that’s better than loaning to your family members. People don’t always pay loans back, but they are typically grateful for gifts.
The third last minute option is to get a personal loan from a bank or a credit union. Check the interest rates before you make a final decision. Qualifying for a personal loan typically depends on your credit, so if your credit isn’t the best, you might not get approved. I was able to get a personal loan from my credit union about five years ago. My score was pretty decent at the time. I applied and had that money added to my account within 30 minutes.
The fourth last minute option is the pawn shop. Pawning some of your stuff will get you some quick money. I’ve pawned a few items before. Jewelry and electronics are two items where you can get decent money. At the pawn shop, they will estimate the value of the particular item that you bring. If you accept their offer, you get paid. You can let them keep the item, or you can get it back. If you do want it back, you have to pay the amount that the pawn shop gave you plus interest.