Get A Fast Quote
The fastest way to borrow money is with a fast loan quote from one of the largest loan networks on the internet. The quote is absolutely free and you may be able to get an offer even with bad credit. It only takes a minute so let’s get started.
Let’s take a look at all of your borrowing options. This will give you some choices so that you can make the best decision.
1. Borrow Online
This is the easiest way to borrow money and if I need to borrow money, I generally look online first. Let’s look at how the process works with the loan network that we give you access to.
First, you will need to fill out the short quote form at the top of the page. The from will ask you for a little bit of information about yourself and then your income and finally you will need to input your bank account info. This is so that you can get the money sent to you if you like your offer.
Your next step is to agree to the terms of the quote and hit submit. Your information is then sent off the the loan network, one of the largest on the internet. It will go from lender to lender until one is found that wants to make you an offer.
If you receive an offer, you will be sent all of the details or you will be forwarded to the lenders individual website. You will then have the time that you need to review your offer. Read all of the information so that you will know the cost of the credit, the APR, your payments and all pertinent information. Contact your lender to clear anything up that you have questions about before signing anything.
If you liked your offer and agreed to it, your money will be deposited right into your checking account. This will happen as soon as possible, often as soon as the next business day.
2. Borrow From Friends
Borrowing from friends can be difficult but if you do everything right, you might be able to get out of the situation with a cheap or free loan and a friendship intact.
The key to making a loan work between friends is documenting everything. You might think that a loan contract is too formal for a friendship but it really is a requirement to protect everyone involved, you included.
No, you do not need to go off and get a notarized contract or anything, something simple will do. Write down the details of the loan clearly on a piece of paper. Spell out the amount to be borrowed, the amount to be paid back and when it should be paid back. Both you and your friend should sign the simple contract and then you should each keep a copy.
When it comes time to pay back the loan, cash is a no no, unless you get a receipt. Asking for a receipt can be clumsy though so I would suggest paying the loan back through checks or electronic transfers. Things that can be tracked and proven. It would be far too easy for your friend to forget when you gave them a cash payment.
Also, be sure to be respectful with your spending until the loan is paid off. Things could turn bad if your friend believed that you were not taking the loan seriously. Make paying off the loan a priority and watch your spending until then.
3. Borrow From Your 401K
If you have a 401K with your employer, you have a great source of emergency funding. If you need money now, it might not work but if you can wait a few days, this is an option.
There is a bit of paperwork involved, but if you have this as an option, the interest would be very cheap and the payments would be minimal. They would also be directly withdrawn from your paycheck so, you would probably never even notice them.
In addition, the interest that you pay, goes back to you, so you really do not lose that much in interest. Be aware that you may face a 10% early withdrawal penalty but it might be worth it when compared to the cost of another loan.
401K loans are a great consideration if you need to borrow money.
4. Borrow From Your Work
There are two ways to do this.
First, you could try the Earning app which you have probably heard about. It allows you to get an advance on your paycheck by simply downloading the application, entering your bank information and employment information.
The great thing about Earnin is that it is free, although they do request that you tip when you are done to keep things going. The bad thing is that at first, you are limited to borrowing just 100 dollars. Over time you may be able to borrow up to 500 dollars, but it is unclear how much time and what it really takes to reach this limit.
A second option is to borrow from your employer directly. Small companies in particular are likely to allow employees to borrow money against pay that they have already made.
If your employer allows you to do this, it will be a fantastic way to get a free loan. They give you an advance and then they just deduct it from your next payday.
5. Borrow From Family
Borrowing from family is a bit easier than borrowing from friends, but it can still be difficult.
You may not need to go to the length of filling out a loan contract, but it might not be a bad idea. It takes just a little bit of work to simply write down the amount borrowed and when it is to be repaid. Just make sure both parties sign and get a copy.
Pay back the loan just as soon as you can to avoid hurt feelings.
6. Borrow From A Title Loan Company
This should be a last resort.
Having said that, if you can not get a loan anywhere else due to very bad credit, and you have a clear title, this might be a route to consider.
Just be sure to know what you are getting into with a title loan. You are entering a contract for a secured loan. This means that if you default on it, they can and will take your vehicle.
Thousands of people lose their vehicles every year due to title loans, so this is s type of loan that you should be very cautious of. Could you afford to lose your car or truck?