Cash Flow

Top Reliable Sources of Fast Cash You Can Tap Right Now

Are you currently dealing with a financial emergency and don’t have extra cash to cover it? This can happen to anyone at any time. Whether you’re covering an unexpected medical bill, home repair costs, or car repairs, these emergency expenses can break your budget, causing panic and stress. A report from the Winnipeg Foundation reveals that 64 percent of Winnipeggers experience stress over their personal finances.

Without a rainy day fund at your disposal, borrowing money or taking out a loan might be your best option. But how do you get quick access to cash? Traditional loans from banks and credit unions often take longer due to the lengthy application and approval process.

There are lenders, however, who have a less complicated application process. With the right lender, you don’t need to wait for several days or weeks to get the funds you need. Below is a list of reliable sources of fast cash you can tap right now.

Payday Loans

A payday loan is one borrowing option you can use to cover any small, unexpected expenses. This kind of loan allows you to borrow up to $1500. It’s payable in a short period, typically in two weeks or on the date of your next paycheck.

Most payday lenders don’t require a credit check to get approved and approval can be gained regardless of your credit score. You need, however, proof of steady monthly income. With a payday loan, you can get the amount of money you need in less than a business day.

Every state has different laws covering payday loans. Some states regulate the interest rates that lenders can charge, while others prohibit it altogether. The good news is you have access to an online payday loan in Winnipeg. You can get instant approval and have the cash you need in a few clicks.

Online Personal Loans

A personal loan is a sizable amount of cash you can borrow for a variety of purposes. You have to pay back the total amount plus interest in monthly installments within a predetermined period. It’s usually between six months to seven years. Depending on the lender, the loan amount can be as low as $500 to as high as $100,000.

Unlike the loans you can get from traditional lenders, online personal loans have faster turnaround times. Most lenders that offer this type of loan can facilitate next-day or same-day funding once you’re approved. However, the interest rates for this loan can vary depending on the amount borrowed and the duration of amortization.

Pawn Shop Loans

Do you have valuable items lying around, like jewelry, musical equipment and electronics? If you do, then you can take advantage of pawnshop loans. It’s a quick and easy way to borrow money. The item you pawn will serve as collateral, so this option doesn’t involve any stringent application process or credit checks. You only have to bring something of value to a pawn shop, and they will assess its condition, worth, and resale potential.

The loan amount depends on the value of the item. If you accept the pawn shop’s offer, you can walk away with cash right then and there. Just keep in mind that you’ll have to repay the loan along with the interest added to the amount to reclaim the item, typically within 30 or 60 days. If you don’t return and pay it back on time, the pawn shop can put it up for sale.

Prepare For The Next Emergency

These sources can come in handy when dealing with expenses you didn’t expect. As convenient as these avenues are, you shouldn’t rely on them all the time. It’s essential to take steps to prepare yourself and your finances for the next emergency. Stick to a realistic and regular budget, then start building an emergency fund as soon as you can.

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