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How to Get a Loan Right Now

There are many situations where you need to have immediate cash to handle an emergency.  If you have rent due, an emergency medical bill, car repairs or another pressing expense, you don’t have time to wait for money to come in. 

Unfortunately, getting an immediate loan can be really difficult. You do have some options available to you, but you need to explore them carefully and weigh the pros and cons of each potential solution you are considering.

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Ways to Get a Loan Immediately

The options for an immediate loan are going to vary depending upon your circumstances. Some of the possible sources of fast cash include the following:

  • An emergency loan from your employer. Some employers have programs set up to help employees who are facing short-term financial problems. Employers may be able to advance you money until your next paycheck or may have other emergency loan or financial assistance programs available through work. If your employer has such a program available, your human resource’s department can generally provide you with the information about your options and what you need to do in order to qualify.
  • An emergency loan from a local charity or organization.  There are many different charitable organizations in your area that may be able to provide you with emergency assistance.  GiveSpot.com lets you search for a charity in your area.  Charities typically provide money for a specific purpose, like helping you with utility bills or helping you with groceries when you don’t have cash available for food.  Your church or other organizations that you are a member of may also be a source of emergency financial assistance.
  • Look into government assistance. Government benefits programs also provide financial assistance to people to assist with specific needs. For example, there are food stamp programs, medical assistance programs, help for pregnant women, and help for people who are struggling with their heating costs during the winter. Benefits.gov has a Benefits Finder available that can help you to explore options for benefits and that may be able to point you to sources of financial help.
  • Consider a credit card cash advance. If you have a credit card available to you, you can usually obtain cash from it. Your cash advance limit may be a smaller amount of money than your credit limit. It may also take a few days to get the money from your credit card company, depending upon the procedures that are in place for requesting a cash advance.    This is typically going to work for you only if you already have a credit card, since otherwise the process of applying for the card and then getting a cash advance is going to take a long time if you are not already a customer.  You should also expect to pay fees and to pay a high interest rate for the money you borrow when you take a cash advance.
  • Consider taking a title loan.  TitleBucks allows you to get a loan regardless of your credit score. As long as you own a car and you have equity in the vehicle, you should be able to access the money that you need.  Title loans can be obtained very quickly and you can get access to the cash that you require right away.   You will be able to continue to drive your car after you take the title loan, and you can take care of your pressing financial needs without worry.
  • Ask friends and family for a loan.  Your relatives or loved ones may be willing to lend you money on a short-term basis to handle your financial issues. Typically, family and friends are most willing to do this if you have a legitimate emergency and if you have not asked them for loans a lot in the past. Be sure that you are able to pay back the person who lends you the money before you ask to borrow as you do not want to put your family relationships at risk by asking for a loan.

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These are just a few of the many ways to get fast cash when you need it.   You should think carefully about the benefits and disadvantages of each of the different methods of getting quick cash and chose the option that makes the most sense for your situation.  Coping with a financial emergency is never a desirable position to be in, but it is comforting to know that you have options. 

Eric Robinson has done lots of work in the loan industry. Starting off working in banks during college, and becoming a financial advisor after graduation, he really knows about money management. He also realizes that there are times that even the utmost preparation can fail. The key? Prepare even more.