Maybe your car broke down, and you’re faced with a substantial unexpected expense, or you`re just searching for a way to pay off your credit card debts- no matter your reason, all you need right now is some money to resolve your financial issues. Instead of useless worrying about why these things always happen to you, start thinking about available options.
There are ways of getting the money you need, and here are some of the potential solutions for you.
1. Established banks
We all have bank accounts, so when in search for instant cash most of the people will first go to their banks. That’s a reasonable solution since it`s assumable for people to borrow the money from the financial institution they already trust, but that doesn’t have to always be the best solution for you.
Yes, national banks have a lot of available options and credit products for their clients, and non-clients, as well. But, if you are having repayment and solvency problems, they won’t apply to you. National banks have rather strict rules about the credit scores they have to stick to. There are no exceptions.
2. Most usual bank alternatives- Credit Unions
Credit unions offer a rather attractive offer for supporting a specific local business. Usually, they will borrow more attractive interest rates than the banks, as well, and you`ll find them just at the reach of the hand in your neighborhood, available for all the client’s questions. Yes, they do provide that personal-touch experience, but this conventional client approach can become a disadvantage in the long term. Paying online or checking the payoff progress? That might not be an option. Also, if you are considering about contacting a smaller credit union, be sure to check out ahead if there are any product limits. Their offer can sometimes be a bit limited.
3. Cash advance
When in urgent need of cash this might seem like the easiest and the fastest solution for your problems, right? You only have to go to the ATM, put your credit card in and enter the amount of money you need. Well, it might be an easy and fast solution, but it sure is also one of the most expensive ones. I many cases, a cash advance interest rate will be much higher than a purchase rate, and you can even get “a bonus” of an additional fee.
4. No-guarantor loans
Many people in urgent need of cash, usually already have repayment issues. Losing a job or unexpected rent growth can bring unwanted financial consequences. If you are also in this kind of situation, your debts are not your only problem. To get a new loan you need to prove your solvency, and you can guess the result of that considering your former financial problems, right? In this situation some of the banks will offer you the possibility of a guarantor loan, but what if no one would agree to help you in that way?
The answer is no-guarantor loans. They are made just for the people with less than the ideal financial record, and for those who don’t have a family member or a friend to guarantee for them. If you want to find out more about this kind of services, go to moneytrumpet.co.uk/no-guarantor-loans/
Interest rates, the lender`s flexibility or borrowing fees- these are all questions to think about before getting a loan, no matter what solution you choose. The truth is that when faced with financial problems people usually search for fast answers, which can sometimes lead to long-term mistakes and expenses. So be smart and prepare yourself on time with all the information before giving your signature. In that way, no one will be able to take advantage of you.