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Loans are a part of our everyday lives and even though we might not always like them, they can come in handy in some very sticky situations. Maybe you just finished paying off an old medical bill and suddenly your car breaks down or your child has some extra educational fees come up. In these kinds of situations, you need money as quickly as possible and your best bet is an emergency cash loan.
However, when you are in a high-stress situation it can be difficult to find the best cash loan options. Luckily, even when you are in an emergency there are several ways to get a fast cash loan. Some are more dangerous options than others, because you are not only dealing with the money you need now. There are several factors that come into play, such as your credit rating, assets like your home and car and your state of employment. The following list will give you a good idea of which is the best cash loan option for your situation:
1. Get some help from your friends: Perhaps one of the safest ways to protect yourself from debt is by asking friends and family for emergency cash loans. This is especially true if you have recently gone through some kind of hardship such as a death in the family or extensive medical treatment. This is probably the best way to get a fast cash loan and the only worry here is harming your relationship with your friend, so be sure to pay them back as quickly as possible and if they don’t give you any money do not bare them any ill will.
2. File for cash loans with your bank or a credit union: There are several ways that you can go about this. Depending on how much money you need you can get emergency cash loans by making a charge with your credit card. If you need a larger amount of money you can get a home equity loan, which uses your house as collateral if you cannot pay back the loan. This option is best for those that have bad credit. They are also tax deductible and have a relatively low interest rate. Unfortunately, this type of loan takes time to process and for those who need cash loans now it is not a viable option.[Read: 5 easy way to scrape up emergency cash]
3. Get a payday loan through a vendor or online: Payday loans are same-day cash loans that use a portion of your next paycheck as collateral. This type of loan is very easy to get, especially online even if you have bad credit. All you need is to be a US citizen of 18 years or older and have a steady income of $1000 a month. For online providers you might also need a bank account with direct deposit.
However, you must be careful when choosing this type of cash loan. The interest rate can be very high and might come back to haunt you if you have problems paying it off. Furthermore, you need to understand that on top of the loan you will also have to pay a set amount of money to the lender for the amount that you are borrowing. Be sure to shop around and find the best rates.
These are the best options for getting an emergency cash loan. When you need money quickly, always make sure to keep a clear head and do not make any rash decisions to ensure the safety of you and your family’s lifestyle.