- Borrow from family and friends
Family and friends are great sources when you need financial aid in a quick manner. Though it might be difficult to ask, set aside your pride especially in dire financial situations. Just make sure that you pay them in a timely manner and thank them for the aid they have provided in your time of need.
- Employer Cash Advance
Some corporations offer the option of payday cash advance especially in unique financial situations. Here, employers can give you your whole pay (or a partial amount of your pay) in advance. You repay your employer through a deduction in your next paycheck. However, it is important to note that terms vary from company to company. Some employers charge a fee, have a maximum loanable amount based on income, or have a limit on the frequency on how many times you can loan. It is best to connect with your Finance Office to understand the guidelines of your company, before taking this option.
- Credit Card Cash Advance
Depending on the type of credit card you have, some credit cards have the feature of allowing you to withdraw cash in banks and ATMs provided that you have available credit to tap. However, note that this option comes with a price. Credit card companies usually charge you with a transaction fee plus a higher-than-average interest rate.
- Emergency Loans
Emergency loans or payday loans are quick, usually small-amount loans (usually less than USD1000) that can be paid on the next payday. Lenders would usually charge you a fixed fee based on the amount you borrowed, and the total amount (amount loaned plus the fee) needs to be paid on your next payday.
- Online Loan
Online loans are the fastest, most efficient and hassle-free ways of borrowing money. The amount of money that can be borrowed would usually range from a few hundred to several thousand dollars. The application process is also fast as you only have to apply online. You can also get the money borrowed after a day or two. Cash loans from Nimble help you achieve this as cash loans are made simple, easy and secure.
- Pawn Loan
Another alternative to getting cash fast is pawning either your car, pieces of jewelry, and for some pawn shops, even gadgets and appliances! Here, you pawn your items for cash and you only get your valuable items back once you pay back the cash from the pawn company. If you do not pay it back, chances are you might lose your item.
- Alternative Sources
If you are a member of a religious sector or a non-profit organization, they can also be great resources for your financial trouble. The community is a rich source (literally) for individuals who might need financial aid. Go to your nearest community center and ask for financial options they might help you.
- Retirement Account
If you have a retirement account, this also can be an option for you. The catch is, you have to repay the money within five (5) years, else, you will owe a 10% withdrawal penalty as well as income tax on the money. These loans do charge interest, but it goes back into your retirement account. The point of it is to make up for money you lost while your funds weren’t invested.
While there are quick alternatives to getting money easily, the ideal scenario would be to save and invest while you can so you do not have to go through the motions of applying for a loan. Even if you set aside USD 20 per day, it can amount to your savings or emergency fund which you can tap on, in situations where you are short on cash.