Borrowing Loans in a Pinch

February 9, 2015 by  
Filed under Loan Funding, Quick Loan Funding

Life is filled with thrills, unexpected situations and surprises too. One of these can be the urgent need of money, however, it is difficult getting loans which are risk-free and which you can get access to quickly. Loans take a long time going through a strict procedure, but there are some alternative ways which you can approach towards to get a risk-free and fast loan.

Consider Family & Friends
This may seem a bit awkward, borrowing money from a friend or family member, but it is also the safest and fastest way of getting a loan. Another benefit of borrowing loans from the people you know includes no interest associated with the amount, and a flexible payback date too. This way, you get the amount which is needed without having to worry about extra baggage.

Online Loans
There are many loan providers who allow you to take a loan from them online. Although there is a fee and interest rate associated with most of these sites, they can transfer or wire the money in to an account under your name within a day or two. All you have to do is state the reason of the loan in an application, the amount itself, and select a payback period.

However, there is always a slight risk of not being able to get the money in the account in time and the fact that these loan providers, also known as creditors are quite choosy about the people they give their money to, so if you have a bad credit score record, you may have tough luck getting a loan processed online.

Banks & Credit Unions
For those individuals who want and need a loan instantly, the fastest way is to apply through banks and credit unions. Both provide loans, sometimes within seconds, however, banks look at the credit score of the individual applying for the loan, so if you have a poor credit history, you may need to approach a union. Unions are like a bank but slightly different, those who have not-so-great credit score history are sometimes lucky enough to get a loan they are seeking for from a union.

Credit Cards
Some banks allow you to take out cash through ATMs if you have a credit card. A credit card is different from a debit card, unlike a debit card which allows you to use and withdraw your own money; credit cards allow you to use the bank’s money as long as you pay them back on time. There is interest and a fee rate involved, but if you require cash instantly then this is the fastest method.

One thing which must always be kept in mind is that the amount belongs to the bank and the user will have to pay the loan back, or else their account can be seized and fines will be charged against them too.