Review 7 Ways to Get a Quick Cash Loan
Already diving into the spirit of the holiday season, last week the Las Vegas Review-Journalposted an article online outlining the seven best sources for a quick cash loan. Avoiding the format of risky payday loans, writer Paul Sisolak of GoBankingRates.com gave his professional advice for those in need of cash as Christmas shopping and other preparations for the holidays press upon our wallets.
Due to the fact that payday loans are associated more so with ridiculous interest rates of up to 400% rather than their reliability as a quick cash loan source, Sisolak suggests these simpler – and reasonably safer – ways to get some money fast:
7 Quick Cash Loan Options
1.Payday Alternative Loan
More manageable than the high interest rates and short payment terms of a regular payday loan, a payday alternative loan (PAL) usually loans borrowers up to $1,000 at around 20% interest. Additionally, instead of requiring borrowers to pay back their loan by the next payday, PALs often extend a much more manageable six-month repayment term.
2. Credit Card Cash Advance
By contacting your credit carrier for a modest cash advance, you borrow against your own line of credit instead of dealing with a middle man. If the cash advance interest rates seem too high for you, Sisolak suggests instead using your credit card for holiday shopping, and not using it again until you pay the balance in full.
3. Emergency Fund
Sisolak points out that it is important to exercise strict financial discipline when you provide your own quick cash loan. Come up with a plan to faithfully replenish what you will borrow, before you dig into your emergency funds.
4. Ask for an Advance
Though you won’t have to deal with interest or repayment because it’s not a loan, employers generally frown upon doling out cash advances. Sisolak suggests instead requesting holiday overtime to make some extra cash, and make your manager happy.
5. Sell, Pawn, or Auction
Like the quick cash loan you receive through Get Loan Approved, Sisolak offers the advice that pawning a few of your items is a good source of raising cash for the holidays. Also, sites like eBay, Amazon Marketplace, and Craigslist offer viable options for getting rid of your unwanted stuff and making a few extra bucks along the way.
6. Reduce Spending
The simplest of his suggestions, Sisolak recommends perhaps putting that gym membership on hold or going without that daily latte so you can afford gifts for others.
7. Holiday Savings Account
Though not really comparable to the other quick cash loans, Sisolak advises that putting some extra money to the side now is the best way to prepare for the holiday spending of next year.