Emergencies can occur at anytime. When they do, you could need access to some fast money. The unhappy truth is though , that most US citizens don’t have a savings account with money in it. Those without a saving account have two different options when they want cash fast. They can borrow money from buddies, pawn something or get a fast money pay day loan. Lets look at these options.

Borrowing from buddies and family is a great choice if it is open to you. This won’t be a nice option for you though if you’re not close with your folks or if your friends and family are just not financially in a position to lend money to you. Be especially careful when getting a loan from pals as many friendships have been finished over money. Even an amount as little as $100 can cause friendships to flake if one friend feels like they’re being milked. Another disadvantage of this source of fast money is that you will need to share your finance situation with your buddies and family. Are you wanting your friends to discover that you’re not financially secure or that you made some spending mistakes? Probably not, so be careful with this option.

Another choice is to pawn some private property. The difficulty with this approach is that you might not have items of value that you can part with and the pawn shops will only give you cents on the dollar of the items value. If you want say $500, you could have to pawn something worth $2000 or even $3000. Have you got something similar to that to part with and if so, would you like to take the possibility of losing it? This is also an inconvenient source of cash since you have to take your property to the pawn shop and have its value appraised. What if you realize that you need the cash outside of standard pawn shop hours? You’ve got to wait to the following working day to go to the pawn shop and most likely have to take off time from work causing you more lost money. This is probably not the most suitable option for you.

The last option, and possibly the best one is to check out a money advance payday loan. They’re generally very easy to qualify for, requiring only a checking account, steady job and for you to be at least 18 years of age. Sure, the charges are higher than a normal loan but conventional loans are more difficult to get. With normal loans, it also may take weeks to get your cash. With a pay day loan, you’ll get your cash fast, can apply on the net so there’s no humiliation and you don’t need to let pals and family know you are having finance problems. You could have $500 to $1500 in your bank account by the day after with a payday loan. The costs on this kind of loan are typically in the range of $15 per $100 borrowed but comparing this to the price of overdraft costs and monetary penalties, it is really not too bad.

Hopefully, you won’t ever need an emergency loan, however it is useful to know your options if the worst occurs. If you find yourself in a bad fiscal situation, think about your options and take the decision that is correct for you.

Author Bio: The author runs a website that gives visitors payday loan company reviews so that they can make informed decisions.

Category: Finances
Keywords: cash, loans, emergency, payday loan