It is normal to encounter an emergency that requires financial help. In life, you do not always have the money to cover all expenses. According to SFgate.com, there are ways you can borrow money to sort out your emergencies. The following are some of the methods you should consider.
Loans from Family and Friends
Although you might find it difficult to ask for money from family and friends, it is a safer method. You can take it to another level by having an agreement in writing. Make sure the loan has a fair interest rate and have a plan for repaying back the money. If you fail to repay the money, you are likely to damage the relationship you have with your family members and friends.
Depending on your employer, you can get a paycheck in advance. This means you are getting a portion of your salary ahead of schedule. The loan is then deducted at the end of the month from your paycheck. The good thing about this type of loan is that it does not come with an interest rate or fees. However, it has a limitation on the amount of money you can borrow.
Credit Card Advance
You can withdraw cash from an ATM using your credit card. In this case, you will be charged an interest rate and transaction fee. In most cases, the interest rate is higher than the regular interest rate. The credit card cash advance is limited to what you have agreed with the bank or credit card provider.
You can opt for short-term loans. The lender charges a fixed fee depending on the amount of money you borrow. The payday loan is an easy way of borrowing money, but you need to be concerned with high-interest rates and fees. Make sure you only go for the payday loans if you can afford to repay the money back plus interest. With most payday loans offered online, it is easy to get them. When you apply online, you can get the loan within a few hours.
Car Title Loan
If you have a car, you can opt for a car title loan. In this case, you use the car as the collateral. You will still keep using the car and get back your car title after repaying the loan fully. If you fail to pay your loan back, you end up losing your car.…