the staff of the Ridgewood blog
Ridgewood NJ, From time to time, you will find yourself in need of urgent cash. If the amount you are looking for is way more than your current savings, you have no choice but to find another way to make up for the shortage.
When you are cash-strapped, your options of getting money quickly can seem very limited. However, the truth is that there are many safe options available to you. Before you make your decision, weigh each option carefully as each one of them has its own share of pros and cons.
Of course, you are better off avoiding debt as you can but in the real world, there are many situations that will leave with no choice but to borrow. There is absolutely nothing wrong with borrowing as long as you do it for the right reasons and have a good repayment plan.
Here are some of the ways you can get urgent cash safely:
1. Cash Advance
Some credit cards allow users to take out a cash advance, which they can withdraw from an ATM machine or across the counter at the local bank. While this is definitely a viable option, you should be careful because some service providers charge exorbitant interest rates for cash advances.
2. Peer Lending
On some peer-to-peer sites, you can get personal loans from strangers. Just like most loans, your credit score determines your interest rate. You might be required to show some documentation as proof of your income. You will also be subject to some penalties if you are unable to stick to the repayment schedule. Before you go for this option, it’s advisable that you confirm your credit score first so that you have a good idea of where you stand.
3. Payday Loan
This is another option when late bills or unexpected expenses come up before your payday. According to www.micropaydayloans.com, you can get this type of loan despite your credit score. Most lenders approve payday loans as soon as you furnish them with the necessary information. In most cases, the funds will be made available to you within the same day. The fact that the requirements for payday loans are very few compared to conventional loans is one of the reasons it is such a popular option.
4. Retirement Account Loans
For people who are saving money for retirement, there is an option to get a quick loan from the retirement account. The interest rates for this option are normally quite low. At the same time, getting a loan from your retirement funds will not affect your credit score. If you have other options, you are better off avoiding this option because you don’t want to compromise your future financial security.
5. Overdraft Loan
Some banks offer their customers protection on their checking accounts. An overdraft can come in handy when you have a pending bill that must be paid immediately. With overdrafts, you can use a debit card or a cheque to pay your bills even when you don’t have enough funds in your account.
If you look around you, you will realize that you have many ways you can raise money in an emergency situation. Before you opt to take on any form of debt, try things like selling unneeded possessions or taking on odd jobs. However, if the emergency is that you need the money immediately, then loans could be your only options.