Borrow Money

Borrowing money is inevitable. However strong you appear financially, you will have to borrow money at some point in life. Maybe you do not agree with this assertion for some reason. Your business is doing well and has stable cash flows. Maybe you have made a lot of savings to provide for you even in emergencies. The bust, is that it? Well, if you are a business person, you need to think about the future of your venture. As the business grows, you will need more capital to keep up with demand, expand your customer base, and upgrade your equipment.

You will need more funds to invest in new technology and gain a competitive edge. What if you are not a business person? You are still not immune to borrowing. While you may have made a lot of savings, acknowledge that life has many turns, and we do not know how things might turn out to be shortly. Think of a medical emergency you need to take care of. What if your savings are in a fixed account? Occasionally, individuals have failed to access their accounts as soon as expected. The point is that borrowing money is unavoidable.

Indisputably, borrowing money is integral to a stable financial life. It allows you to experience something you otherwise would have missed. Having said that, knowing the avenues you can use to borrow money is essential. When an emergency strikes, you may need money instantly. Where can you turn to in such situations? You need to prepare yourself now by getting acquainted with various sources you can use to get cash faster.

Where to turn to

So, where can you borrow money immediately? This section focuses on ways to borrow funds quickly. Let's review these options.
  • Credit card cash loans. This is a loan that can be taken via credit card. One can use this option to have the funds the same day by exploring the following three ways. One can go directly to the bank location, withdraw from an ATM with a pin and credit card, or ask for the funds to be sent into his or her checking account. Usually, credit card companies allow their clients to borrow a certain proportion of their credit limit. The fees charged on credit card advances are often a fraction of the amount borrowed.
  • Even though you can have adequate time to repay the loan, it is worth noting that interest will always accrue on the remaining balance immediately. Not all credit card companies give cash loans, so you need to know your company. Besides, your card must be in good standing to advance loans and must have a credit limit as well, otherwise, you cannot borrow. Since credit cards have relatively higher interest rates, it is essential to consider other alternatives first.
  • Payday Loans are the best option if you need cash quickly. These are short-term advances that must be repaid within the next payday. They are the most convenient way to get funds right on the spot. Of all the loan options, payday is the easiest to be approved for. In fact, this is the reason for their popularity. They are quite attractive to individuals who desperately need cash immediately or are facing a financial crisis.

For approval, you are only supposed to provide the following information:

  • I. Your address
  • II. Proof of steady income for at least three months
  • III. Accessibility to checking accounts to ensure money can be deposited and automatic withdrawal of payments.
Nevertheless, payday loans are the most expensive loans out there. The APR may even go beyond 500%. Being short-term with these high rates, it has often been difficult for borrowers to get the funds they need and repay the loan. Payday loans can only worsen your condition if you are in a financial crisis. There is always an option to extend the repayment time but this provision comes at very high costs. In fact, you may never get out of payday loans if you choose to extend the loan duration. 

Explore this option only when it is essential.

  • Friends and family members. The closest people are the best in salvaging your financial condition. Contact a family member or a friend and let them know your condition. Explain to them why you need the money and promise to refund. If they are in a good position to help, they will not hesitate. You can offer one of your valuable assets as collateral to show them your seriousness about repaying. You can also offer interest and this will make them feel secure. To avoid misunderstandings, make sure you all agree with the terms of borrowing. When the cash is granted, repay it in full and in good time to avoid damaging your relationship. In case the response is “no”, take it positively and be appreciative still.
  • A personal lender with quick approval. A credible personal lender can offer you the best term when you need cash instantly. For more online lenders, visit the best money lender in Singapore. However, note that funds can take at least one day to deposit funds. Besides, you should have a good credit score for approval.
  • Secured personal loans. If you need cash immediately but do not qualify for a credit card or quick personal loans, a secured personal loan is the right option. You will have to attach a valuable asset to secure the loan. Even with bad credit, you can quickly get approved for these loans.
When you are in urgent need of money, and you feel desperate, you are very vulnerable financially. You can easily be prey for scammers. If possible, ask for more time to finance the need. Allow yourself to calm down and explore all your alternatives in order to make an informed decision. If possible, avoid payday loans and car title loans; they will worsen your financial life in the end.