1) Cash From A Pawn Shop
This is one of the easiest options if you do not have a checking account but need some cash. A pawn shop would be more than willing to extend you a loan offer, just as long as you have some property of value.
To get a pawn loan, simply bring something in that has worth. Some commonly pawned items include jewelry, designer purses and power tools. The pawn shop will give you a portion of the value of the item as cash and will then hold onto the property until you have paid back the loan.
The good here is that it is a quick and easy loan. No banks needed, just a fast transaction to get you some cash in a hurry.
The bad is that the loan will have high fees and the loan value will be limited. Since the pawn shop will only be giving you a small portion of the item value as a loan, most of these transactions are for people who need 200 dollars or less.
2) Borrow From A Friend
This is another great way to get a cash loan for a few hundred dollars or less. Simply borrowing from a friend will get the money that you need and, if you take things seriously, it should be a smooth transaction.
Where people go wrong with loans from friends is in not treating the money or your friend with respect. The loan should be thought of as a bank loan. That means that you need to pay back the money just as soon as possible and be sure to get everything in writing. We mean everything.
The good here is that it would be a free loan, No fees or interest and you can probably get the money the same day.
The bad is that you risk losing a friend. Just treat the friend and the loan with respect and you should be fine.
3) Borrow From A Relative
This is similar to borrowing from a friend, with one exception, you can get more money. If you need a higher dollar cash loan, you are usually better off borrowing from a relative rather than imposing on a friend.
The key to making this a successful transaction is the same as a loan from a friend. Treat the loan seriously and get it all in writing. If you are borrowing 1500 dollars now, put it on paper. Also include how much you will be paying back and when the loan is due.
The good is just what you would expect, a fast and free loan. This is hard to beat and something no bank can match.
The bad is that you have to deal with a relative in your financial business. Hopefully, your rich relative is also someone who can show some discretion.
4) Use Your Car For Collateral
This is a loan option of last resort, but if you need cash without a checking account, you may have to consider it.
A title loan can give you the cash that you need with little trouble. The lender will care less about a bank account because they have your vehicle as collateral. The vehicle must be paid off and you will need to have access to the title.
The good with a title loan is that it is easy to qualify for. In most cases, you will be walking out with cash in your hand.
The bad is just as you would expect, high fees and interest. Even with a title to secure the loan, this is still a risky loan for a lender and they charge accordingly.
Second Chance Checking
Once you get your money situation in order, your next thoughts should be about getting a checking account. Even if you have had checking issues in the past, second chance checking may be an option. Yes, it can be a hassle in the short term, but the benefits to having a checking account are numerous.
Here are just a few of the benefits to having a checking account.
Easy Money Management
It is difficult managing your money if you are on a cash basis. A checking account gives you a record of where your money is going and how much you have left until your next payday.
Carrying cash around is just not safe. It can get lost or even stolen in an instant. Having your money in a checking account makes it much more secure and your checking account will come with fraud protection to further enhance your money security.
Payday Is Simpler
How much easier would it be to have your paycheck direct deposited into your account? Direct deposit would allow you to skip the bi-weekly trip to the bank and you might even get your paycheck a day earlier.
Easy Access To Cash
Instead of having your cash stored at home, you can always have access to it with an ATM card. If you need money fast, just enter your PIN and you are all set.
Bills Are Easier To Pay
Without being able to write checks or use a debit card online, bills are hard to pay. Doing so requires visiting customer service counters and an endless chain of money orders.