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You know the feeling — you’re standing in the grocery aisle trying to decide which item you need more. All the while, you know this grocery expense will cut into the funds you’ve set aside for the cable bill.
If this sounds familiar, then you can rest assured that you’re not alone. Canadian households owed over $2 trillion by the end of 2017.
Do you need to make ends meet now?
If so, then you’ll want to know the fastest way to get a loan. Read on to find out.
1. Credit Card Cash Advances
Do you already have a few credit cards? If so, then there’s a good chance at least one of them offers cash advances.
Instead of using your own card, you can take out a short-term loan for the available balance. It’s like using your card, but you’ll start accruing interest right away.
You’ll want to use this type of fast loan when you know you’ll be paying it back very soon.
2. Payday Loans
Payday loans are one of the fastest ways to get instant money. In most circumstances, you’re expected to pay back what you owe in full on your next payday. That means the turnover rate should be very fast.
If you need emergency cash that’ll exceed your next paycheck, then don’t take out this type of loan.
You’ll also want to ensure you’re not getting charged an outrageous fee.
3. Payday Alternative Loans
Payday alternatives are among the best fast loan options. Unlike regular payday loans, you don’t have to pay back the balance for 90 days.
You can expect higher fees than with a credit card, but you’ll also get the funds immediately.
4. Pawn Shop Loans
Another way to get quick money is to go through a pawn shop.
You need to have a piece of property that has some value. Then, visit a pawn shop and take out a loan on the item.
If you pay back the loan in time, then you get your item back. If you can’t pay back the loan, then you won’t get your item back.
5. Personal Loans (Secured)
You can visit a lender and get a secured loan. This loan will get backed by some form of collateral or valuable property.
This option isn’t the fastest, and it’s a more difficult process than other types of loans.
6. Personal Loans (Unsecured)
Unsecured loans are another loan option to consider. These loans aren’t backed by property, so they often have much higher interest rates.
You may not be eligible to get an unsecured loan if you don’t have a credit score.
The Fastest Way to Get a Loan and Get to Business
Whether you need fast capital for personal or business reasons, there is a way. Often, the fastest way to get a loan is to get out there and start applying.
Don’t forget to do your due diligence, though. Always research the lender before jumping on a too-good-to-be-true offer. Browse around our money and finance section now for more helpful content on the subject.
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