If you need to find a money lender or get a quick cash loan you shouldn't make hasty decisions. While Cash/Money Buyers' list of money lenders is growing, you should take a few minutes to think about your money lender options before borrowing money.
When seeking a fast cash loan you want to first assess your financial situation. Are you really in need of the money? Often times after assessing your finances you may (or may not) find that you are carrying too many unnecessary, money-sucking expenses. Yeah, some of those luxuries are nice to have but often times they are unnecessary.
If you find that you’ve already poured over your expenses, cut out the extras and are still in need of a fast cash loan the least risky place to turn is to friends and family. Uncomfortable right? I know! Personal loans are often passed over because they can be uncomfortable for both the borrower and the giver but when times are tough this is an option you certainly want to consider. Personal loans from friends and family allow you (and the lender) to set up all terms and conditionals, ultimately relieving you of the stress from high interest rates.
If friends and family are absolutely out of the question and you need cash fast, the next best option you have is to apply for a loan through your financial institution. Unsecured financial loans through your bank and credit union are dependent on your credit score, however they have a lower interest rate than many other fast cash loan options. Credit card cash advances are a similar option. With all the aforementioned options keep in mind that your interest rate can be as high as 28% depending on your credit score, there also may be fees associated with these loans including but not limited to late-payment fees.
If your credit score isn’t up to par there are still options for you. Peer-to-Peer (P2P) lending has been around since 2005 and is steadily gaining popularity. P2P lending allows individuals to take out unsecured personal loans from other individuals without involving a financial institution. P2P lending is a good option for larger loans; they can go as high as $35,000. These loans can also be dependent on the credit score of an individual, however, the terms are set up by the individual loaning the funds. If you’ve been turned down for a loan at a financial institution don’t lose heart, P2P lending is able to take a closer look at your situation when determining approval than the larger institutions. Interest rates begin at 6% and you can even pay off your loan quickly when possible and avoid interest fees all together. If you are interested in a P2P loan you can find more information at the following sites:
(Please not that Cash/Money Buyers is not affiliated with any of the above sites and will not be held responsible for any disputes resulting in or from P2P loans)
I know that when you’re in the moment and you need the cash fast, the first places you want to go to are to those payday loans advertised on television or by some dancing middle aged man on random street corners. These are the places you want to avoid at all costs. These loans are predatory loans. That’s right, they know people need money and they’ll charge you everything short of your first born in return for their loan. Payday loans have interest rates ranging from 300%-750%. They’re really not worth it!
When you find yourself in a financial bind and needing a fast cash loan, don’t act rashly. Take a moment to collect your thoughts, go through your financial information and choose the best possible route for you. Keep the future in mind; you don’t want to be paying off a $1000.00 loan for the next five years. If you’re not yet in that situation and haven’t started an emergency savings fund then maybe it’s something you should consider now.
Til Next Tip!
Brian Mooney
Brian Mooney
No comments:
Post a Comment