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How Can I Get Money Fast Without Applying for a Loan?
You need money fast, but getting a loan from a bank or loan company is the last thing on your mind. How can you come up with money fast without having to apply for a loan?
Borrow from family or close buddies
You can always ask a loan from a relative or a close friend by talking to them earnestly. Let’s just assume that you have a close relationship with them and they trust you with money. Getting a loan from family or friends won’t be difficult given that they have extra money to lend you.
Some companies allow employees to get a cash advance of their salary. The debt is usually deducted from the employee’s next paycheck. An employee usually has to fill up a voucher and ask for authorization from an immediate superior and submit it to the Finance department so that the funds can be released.
Credit card advance
One quick way to get cash is by using the cash advance feature of your credit card. Now, this is hoping that you have enough available balance on your credit card to get cash. In order to take out a cash advance on your credit card, you just need to go to an ATM machine, key in your cash advance pin and you’ll have the money in an instant. Be cautious in using the cash advance feature of your card since this is already similar to taking out a loan and any amount you take out has outrageous interest rates and fees.
How Can I Get an Installment Loan if My Credit is Bad?
An installment loan can be obtained in two ways. First, it can be a secured loan where you need to attach an asset to the debt. It can also be an unsecured loan where only your word (and signature) is the guarantee. Lenders usually verify the details of your loan application including your credit history. A borrower’s credit history is the most important factor in determining whether he will be granted a loan or not.
If your credit score is perfect, then good for you. But what if your credit is bad?
You can still avail of an installment loan through a non-traditional lender. Online lenders cater to individuals with different circumstances, some with good credit, others with fair credit, and also those with negative credit. No credit check installment loans were designed specifically for borrowers who have poor or bad credit. The online lender will look past your credit history and focus on other important aspects such as your employment and salary, as well as properties and investments.
Online lenders also offer the fastest and smoothest loan application processing. While you need to drop by personally at the bank or a lender’s office to submit your loan request, with an online lender, everything is done over the Internet. You can save time and energy by simply logging online and submitting your installment loan application. You will get feedback in an instant so you don’t have to wait for days just to find out if you are qualified for an installment loan.
Can You Get a Short Term Loan to Pay Off a Loan
Getting a loan to pay another loan sounds funny but it happens. Despite the presence of another interest rate, some people open a new account to repay outstanding debts and in some instances, it works.
Before Sending Another Loan Application Form
Now that you know it’s possible to get a loan to pay off a loan, you might get too excited and send an application now. However, before you make any decisions, it’s best when you can speak with a professional, let’s say, a credit counselor. There will be a lot of loan alternatives when you want to consolidate your debts but no matter how appealing they sound, be sure to double check everything with your credit counselor. Make sure that the interest rate of the new loan is lower and the terms and conditions of the new “potential” lender are good enough.
Plan Your Budget
If you have a lot of debts already, control your impulse to spend, even when you have extra cash. Rather, use this as additional payment for your other debts or just simply save it. Also, when all your debts are clear and you only have one loan left, do not forget to plan your budget, make timely payments, and spend wisely. This way, you can avoid being trapped in debt again.
Finding A Debt Consolidation Loan Provider
If you have good credit, it will be easier for you to find a loan provider. But remember, your credit score is not the only factor that influences their decision. Make sure that you can comply with their other requirements such as a source of income, bank account, employment details, and a lot more. If you have a bad credit history, it might be tricky to find a lender that will accept your loan application and offer you a good interest. The best thing to do in this situation now is to shop and compare different lenders first to know who has the best loan offer.