Can’t make ends meet? Need money asap? If you’ve hit that point and you’re thinking “I need a loan asap” then we’ve got thirteen great options for you to consider. Also, check out our list of “I need money now” ideas. Hopefully you’ll find a good idea and wont need to get a loan. From donating blood for money to getting help with bills, there are lots of idea’s that could help you out. But if you’re still thinking “I need a loan asap” then try some of these options below
“I Need A Loan ASAP” | 13 Great Options
Bank or Credit Union Loan:
There are two alternatives here, one is usually called a Payday Alternative Loan (PAL) from a local bank/credit union and the other is specific to federal credit unions and is called a Short Term Small Loan (STS Loan)
PAL – Payday alternative loan – A payday alternative loan is a produce that some banks and credit unions offer that help provide short term cash but at much better rates. Rates on a payday alternative loan are usually 10-20% vs an actual payday loan at 400-700%. Ask your local bank or credit union about a payday alternative loan.
STS – Short Term Small Loan Program from a Federal Credit Union – The short term small loan program is run by the National Credit Union Association and has specific rules for short term loans.
STS Loan Program Rules:
- Maximum APR of 28%
- Principal Amount: $200-$1,000
- Term: 1-6 Months
- Application Fee: $0-$20 (based on actual costs)
- Eligibility: Member for at least 1 Month
- Amortization: Fully Amortized (no balloon payments)
- Rollovers: Prohibited
- Limits on the number of such loans to one member within a six-month period
Use the NCUA website to find a credit union near you.
Debt Consolidation Loan:
Use a peer-to-peer lender like Prosper Marketplace* to find a debt consolidation loan. Interest on peer-to-peer loans can range from 7-16%+ interest depending on your credit score. Typically your credit score needs to be good or excellent to get a peer-to-peer loan.
You can also get debt consolidation loans from traditional lenders like banks and credit unions. These institutions will help you determine what you qualify for.
Low Interest or Balance Transfer Credit Card:
Using a low interest of balance transfer credit card could help reduce your monthly payments by lowering your interest expense. Transfer your existing credit card balance to a balance transfer credit card and enjoy a lower interest rate for a period of 12-24 months. Just make sure to pay off this card as soon as possible because after the introductory period the rates skyrocket.
Home Equity Line Of Credit (HELOC):
If you own your home then a HELOC might be a great way to get access to some money asap. Most financial institutions offer HELOCs. Visit your local bank or credit union to see if you qualify.
Credit Card Cash Advance:
A credit card cash advance might be a good way to get money if you say “I need a loan asap” because its extremely quick to access. The downside is that the interest rate is rather high. It can range from 18-30% or more for most credit cards. But as a short term way to get money this could be an option.
If you have something of value then you should consider getting a pawnshop loan. A pawnshop loan is a collateralized loan where you leave an item of value with the pawnshop in exchange for a small cash loan. The loan value could be as high as 80% or as low as 20% of the items value.
Make A Large Payment For A Friend:
If you need short term cash and have room on your credit card then you could offer to make a purchase for a friend (assuming they’re willing to pay you in cash up front). You can then use the cash just like a loan. This gives you a few weeks before the credit card bill arrives to come up with the money to pay it off.
Military personal have a few additional options if you say “I need a loan asap”. There are a few different organizations that offer loans specifically to the military/navy. There are also laws that limit the interest rate that companies can charge military personal so be sure to enquire about those options.
- Army Emergency Relief
- Navy and Marine Corps Relief Society
- Air Force Aid Society
- Coast Guard Mutual Aid
Employer Cash Advance:
Some employers are willing to help out in special circumstances. If you need a loan asap and have exhausted all other options then why not speak with your employer about getting a cash advance on your next pay-check. Not all companies do this but it doesn’t hurt to ask.
Loan From Friend or Family:
A loan from a family member of a friend is probably the last choice for many people. These types of loans can put a strain on relationships. To make it easier you can suggest a formal loan agreement that includes the amount, the date you’ll pay it back, and any instalment payments you’ll make. This helps make it easier to ask friends and family for a small loan.
Extension on Bills/Mortgage/Rent:
If you’re thinking “I need a loan asap” because of bills, mortgage or rent payments then perhaps asking for an extension is an option. Many companies will offer short extensions on bills or payments if you call their credit departments. Typically services like electricity, gas and water will offer these types of extensions but other companies also do this for customers.
Speak With A Credit Counsellor:
It might help to speak with a credit counsellor. Counsellors can help you evaluate all your options and choose the best one for you.
- Dept of Justice: Approved Credit Counselling Agencies
Last Resort: Payday Loan
Payday loans should be a last resort. These loans are easy to get but come with APRs of 400-700%. These loans will only make your situation worse and should be paid off as soon as possible.
“I Need A Loan ASAP” | 13 Great Options:
Hopefully you’re able to find the money you need using one of these thirteen options. Don’t forget to check out our list of “I need money now” ideas for more ways to get money asap. Hopefully you’ll find a good idea and won’t need to get a loan. Good luck!
Do you know any other ways to get a loan asap? Please share in the comments below!
Photo by Ian Sane via Flickr