If you are wondering what the top 5 ways of getting a cash loan fast are, then this is the article for you. Ultimately at some point in everyone’s life, they will need to get money quickly in order to pay for an emergency such as a hospital stay or just a loan to help you get back on your feet. This can be especially tricky if you have a bad credit rating and the banks do not want to let you borrow money from them as they do not trust that you will pay it back. So for those of you who are in that situation or who would rather not take a loan from the bank, here are some simple cash loan solutions for you.
Firstly, you can borrow money from your family if they have the financial capacity to loan you the money. This can however have certain downfalls. For example you may have to swallow a bit of pride to ask them for the loan. Another issue that may occur is that you cannot repay them in the time allocated and this can lead to additional pressure from the people you were looking to for support. However, the benefits can be fantastic as your family may not require you to pay interest on the loan which will be a great help.
Secondly, should you not wish to loan money from your family, you can approach your bank and see what they can do for you. One problem that may arise is that they could be slow with approving or denying your loan and therefore you need to make it clear as to why you need the money urgently. Should you have the time to wait, then the banks are generally the safest place to get a loan from and they are legally obliged to offer you a fixed interest rate as per the financial regulatory bodies.
Thirdly, you can approach a microlender. A microlender is a company that specialising in providing loans to people who have either been denied by the banks or do not have a bank account or a credit history. These microlenders realise that in South Africa especially, that many people are suspicious of the banks and therefore do not have any sort of credit history as they work solely with cash and do not deposit money in to bank accounts. This means that if they need cash fast, they cannot simply walk in to a bank who can pull up their records as they will have none. This is where the microlenders work their magic. They loan money to people who may not have been able to previously get a loan and the vast majority of them do it with reasonable interest rates.
Fourthly, if you are working and cannot get a loan from a bank or your family, one option that you can look in to is asking your employer to lend you the money and then deduct a certain amount of the money owing off your salary every month. This however requires a very understanding employer who does not mind forking out the extra cash and who believes in you enough to want to help you.
If you are wondering what the fifth option of the top 5 ways of getting a cash loan fast is then here it is – loan sharks. Although many, myself included have concerns about the integrity of loan sharks, we cannot claim that they are not an option when you are looking to get a cash loan fast. Getting involved with a loan shark however comes with warnings. Firstly, ensure you understand fully what the terms of your loan are and secondly make sure that the interest that you are paying is not exhorbitant. Should you be able to find an honest loan shark that is not offering you ridiculous interest rates on the loan then this may be an option for you. However always be very careful when you are considering loaning money from a loan shark.