When you are looking to borrow money quickly, you can go to traditional method of borrowing money or applying for a bank loan, you may need a faster method for it. One Drawback for borrow money quickly is that you have to pay higher interest rates than normal loan.
Personal Line of Credit
Bank may allow you to borrow up to a certain limit through personal line of credit and without having to go through a normal process. This type of loan usually is based on your borrowing history, and your bank may require it to be tied to a checking or savings account with the same institution. Loan amounts has vary interest rates and likely will be based on your credit history, the amount of your verified earnings and your relationship with your bank.
Pawn Shop Loan
You can use anything of value as collateral to take out the loan, a pawn shop loan is a best way to get cash. Pawn shops usually gives you loan about 50 percent of the value of an item, and most give you several months to repay the loan, plus interest, to reclaim your merchandise.
Credit Card Advance
If you are looking to borrow money quickly, consider your credit card as a fast cash method. If you have a good payment history with your card issuer, you may be able to get your credit line increased so you can access extra funds.
Car Title Loan
Car title loans should be last option when you need to borrow money fast and have tested all other options. Both loans carry high interest rates and require repayment in a short period of time, or interest and penalties can compound.
Home Equity Line of Credit
A home equity line of credit lets you borrow against a portion of the value you have in your home, minus whatever you owe on your mortgage. To qualify, you may need to pay for an appraisal. Loan terms and interest rate vary based on how much you borrow and what your credit score looks like.