If you want some money, and you want it quickly, then how are you going to get it? Most of the time, we tend to turn to the traditional way of getting loans: banks. But getting a loan from a bank take will take some time as you have to wait for its approval. So,what are the other quicker alternatives for those of you who have a money emergency? Keep reading to find out.
Selling or Auction
One of the easiest but less commonly thought idea is selling or auctioning some of your belongings. Do you have any items around the house that is not of use anymore? Or is there something that you will never use. From used laptops and furniture to old clothes and jewellery, this option is a great alternative for traditional loans.
You are not burrowing money but are earning it. There are plenty of online platforms that can help you with this too such as amazon and eBay. However, this does not always work if you want large sums of money. The money you earn depends on the value and quality of the object you sell.
There is still an option if you want to get a large amount of money but quicker than a bank loan. For some quick cash you can refer to an online loaning website. The online process of loaning, from prequalification to loan funding happens online without you ever having to travel to the bank. The requirements to qualify for an online loan are also less strict than with traditional banks to the process of much quicker and convenient.
Pawning usually comes with relatively low interest rates than banks loans. You can deposit a valuable object as collateral at a pawning centre, in return for money. For example, if you are in need of money and loaning is not an option, you can pawn a necklace and burrow money that is worth its value. The only downside is that you need to pay the amount you burrowed plus the interest when you are repaying. If you do not repay on time, the pawn shop can sell your item.
If you have an emergency fund, you can always withdraw from this. If you do not have an emergency fund, it is always recommended to open one. This is going to be useful in future if you are in need of money; whether it is to plan your wedding or for a medical emergency. Emergency funds are also something that you can rely on if you are in need of doing some expensive purchases or planning a costly vacation.
While you are burrowing from your own savings and there is no legal obligation to pay back, it is also important to maintain financial discipline. Get used to the habit of even repaying your own self when it comes to using large sums of money. This will save you from the risk of spending more than you are saving.
So, the next time you are in need of money, try choosing one of these alternatives. But always remember to be economical and wise when you are making the decision.