Marcus RichardsFast money and bank lending don’t typically go together. There can be so many hoops to jump through to secure a loan that it’s not a practical option for everyone. This can be especially true if you’ve had an unexpected bill to cover before your regular paycheck comes in. Fast money can be necessary to get yourself out of tricky situations. With bank loans off the table, it can be helpful to have alternatives. When you need money quickly, you might try some of the following options:
Title Loans
While you’ll need to read through the loan requirements to ensure they’re right for you, title loans might be an option you consider for fast money. You can use your vehicle title as collateral and receive a cash loan quickly. Most reputable loan providers offer title loans in a matter of hours. Title loans can also be a preferred option for people with bad credit. Since lenders have your vehicle title, they don’t always need to run a credit check. You get your vehicle title back once you’ve paid off your loan.
Pawn a Possession
Whether you need to perform a house repair or pay an overdue bill, pawning a possession can be one of the fastest ways to get the money you need. Pawning involves taking a valuable possession, such as a gaming console, golf clubs, or jewelry, to a pawn shop and receiving cash for your item as collateral. If you don’t repay the pawn shop, they keep your item. Pawning can be a preferred option for those who can’t bear to part ways with their possessions but need cash quickly.
Sell Possessions
We can accumulate a great deal of possessions over time. In fact, NBC News once reported that at least one-quarter of Americans have a clutter problem. You might be able to clear clutter and make money by selling possessions you no longer need or use. Online platforms like Facebook let you list items for free, allowing you to list as many items as you like. Alternatively, you could go down the more traditional route by holding a garage sale.
Ask Friends and Family
Asking friends and family if you can borrow money should be a last resort. Relationships can break down if you cannot pay it back quickly. If you must ask loved ones for money, create an official agreement that both parties sign. That way, there can be no room for miscommunication about repayments, timeframes, and any owing interest.
Find Work
If you can wait a week or two for money, consider finding work to supplement your primary income. You might then earn enough to cover your unexpected bill. There are plenty of short-term job options to choose from, such as lawn mowing, dog walking, house sitting, and online services. Once you’ve achieved your financial goals, you can downscale to one job or keep your side gigs to provide you with a bit of extra spending money.
Needing money quickly can put you in a frustrating financial position, especially when you have urgent bills to pay. However, any of these options above might prove suitable for your unique needs.
