6 Ways To Get A Quick Cash Loan For Personal Emergencies

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Do you need money for a medical emergency? Or does your car need a quick fix? Perhaps you are experiencing a prolonged period of joblessness. Sometimes life happens. 

You realize that you need money sooner than yesterday. Some people have emergency funds for rainy days. However, what do you do if you don’t enjoy such a luxury?

There’s a myriad of options when you need quick cash for personal emergencies. Read on to discover some of the ways you can get cash if you’re financially stuck between the rock and a hard place. This will also help you find the answer to the question, “How much can I borrow for a personal loan“?

1. Ask your Employer for an Advance on your Salary

Being in full-time employment is a huge advantage when you are in a financial crisis. You can request your boss or manager for an advance on future pay. However, you’ve got to do this in the right way.

You’ll have to explain to your boss why you need an advance on your salary, how much you need, and what your repayment plan looks like. It’s not just something that you should mention casually during office lunch. Here’s the process to increase your chances of getting an advance on salary:

• Think about it seriously- You should make sure that you know the consequences of asking for an advance. If your boss doesn’t approve it, you’ll have already exposed your financial situation. If you feel nervous, try to exhaust all other options first. An advance on salary is a loan. Your employer may set repayment terms for you to follow. Also, if you lose your job before you finish repayment, you must pay the money back. Remember to consider if the advance will put you in a dilemma at the end of the month. If you ask for $200, then $200 will be deducted from your paycheck at the end of the month. You are borrowing your money. You won’t receive the usual amount on payday.
• Read on Company Policy- Some employers strictly forbid salary advances. Others have some conditions under which an advance can be granted. Such circumstances include medical emergencies, vital home repairs, or grief expenses, such as traveling for a funeral. If there’s a prescribed system to follow when asking for a salary advance, follow it. Understanding your company’s guidelines increases your chances of getting a salary advance.
• How to ask for it- You can write a letter to ask for a salary advance or schedule a meeting with your boss. Remember that even if you write a letter, your boss may still ask for a face-to-face meeting. Prepare yourself well in advance. You should be able to make your employer understand why you need the advance, and how you plan to repay. Also, be prepared to explain how you’ll reimburse if you are laid off. Your boss may suggest ways to repay the advance. If you don’t agree with the proposed terms, don’t take the advance.
• Write a letter- Whether your employer grants the advance or not, you should write a thank you note to your boss. This is a polite way to formally thank him/her for the time and consideration given. If your advance is granted, you can together draft a formal contract or loan agreement that will protect both the parties. The document should clearly outline the amount given and the repayment terms. The document should be signed by both parties to make it legally binding.

An advantage of salary advance is that it can be customized to suit your needs, and you can get the money in three days. You can repay your salary advance over 3-24 months so that you don’t stretch yourself too thin. 

Make sure you know the difference between payday loans and advance salary.

2. Take a Personal Loan

Personal loans are created for individuals to cater for personal expenses. They can either be secured, backed by collateral, or unsecured.

Personal cash loans are available at banks and other lending institutions. A personal bank loan may take anywhere from 30 minutes to 3 days for approval. The time depends on your relationship with the bank. It’s essential to check with your bank because, on some occasions, you can have a pre-approved loan in your name. Getting such a loan can be a quicker way to get cash.

There are also various online lending platforms. These platforms offer the advantage of several loaning options. They also have varying terms and conditions. This means that you’ve got multiple options to choose from. Online lending platforms save you time and money compared to jumping from bank to bank.

All you need to do when borrowing from an online lending platform is fill up an application form. The platforms use a series of algorithms to decide on the approval of your loan. You then get a notification informing you of the decision made.

If approved, you must enter an electronic signature on the documents. You’ll also be required to enter your bank account details, and then select a monthly payment date. The cash is then deposited into your bank account, often on the same day you make the application.

3. Get an Advance on your Credit Card

Credit card is one common instrument to turn to when you need quick cash. You can have the amount put on the credit card. Remember, this option is only available if you’ve got a low outstanding balance.

You can also use your credit card to withdraw from an ATM, bank, or by check. A credit card advance works like a debit card. The only difference is that you get money from your account when you withdraw using a debit card. With a credit card, you get the money that you are borrowing. The money is added to your outstanding balance.

A massive disadvantage of credit card advances is that they are more expensive than regular credit card purchases. There’s an upfront fee for every transaction. The fee averages $10 or 5% of the amount, whichever is higher. The interest also starts accumulating immediately.

There are also limits on credit card advances that may amount to less than what you may need. These limits depend on the card, and they restrict the amount you can withdraw per transaction per day.

4. Peer Lending

Peer to Peer (P2P) lending allows you to obtain loans directly from other individuals without involving a middleman. This form of credit is also known as

Courtney P.

I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!

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