Preparing for a Prosperous Future

Money Straight Into Your Pocket: The Three Best Cash Loan Options

If you're one of the millions of Americans that live paycheck to paycheck, then you know the impact one unexpected bill can have on your finances. Luckily, there are plenty of quick and easy cash loan options available that can help you pay the bills that are causing your financial difficulties.

Bank Loans

Many people might not think you can simply go to the bank for a small loan, but banks and credit unions have recently started offering personal loans for less than $1,000. The Federal Deposit Insurance Corporation started the Small-Dollar Loan Pilot Program specifically for this purpose, as they wanted to provide affordable loan alternatives to their customers.

Credit Unions offer something similar, as the National Credit Union Association (NCUA) implemented the Short Term Small Loan Program (STS), which allows licensed federal credit unions to offer loans between $200-$1,000 with competitive APR rates to their customers. These initiatives are the perfect way to quickly get the money you need to pay off an upcoming bill.

Credit Card Cash Advance

It might seem odd that you would take out a cash advance from your credit card provider if you already have a credit card that you can use to pay your bills. But it might surprise some people to find out that some places still only take cash or check as payment, which is why a cash advance on your credit card is always a viable option.

Cash advances depend on your standing with your current credit card company, as well as your credit limit and credit rating. Once you have been approved, you will be able to access the money immediately through an ATM machine. However, you should also be aware that you will start being charged interest the minute you are approved for the loan.  

Payday Loans

Payday loans are essentially cash loans with no bank account needed, which makes them perfect for individuals with low credit scores. When it comes to acquiring loans in a quick and timely manner, visiting a payday loan provider is your best option, as you can expect to be approved in five minutes or less, regardless of your credit. 

You shouldn't have to wait any longer than 24 hours to receive your money and if you go to a local store, you could possibly get your money in as little as a few hours. Like credit card cash advances, the interest starts accumulating once you have access to the funds, which is why payday loans should only be used in case of a serious emergency.

So, the next time you have an unexpected bill that potentially threatens your financial well-being, just be sure to remember these cash loan options and you should be okay. To learn more, contact a company like Koster's Cash Loans for more information.