There are situations when money is needed urgently. A wedding, an illness, a broken car, an irresistible desire to buy a new iPhone … It is not always possible to quickly figure out where to get money fast. This article brings together the surest and most affordable ways to get instant cash quickly and in the right amount.
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Microfinance Organization
Microfinance institutions (MFIs), like Directloantransfer and others, usually give instant cash to those who have been denied a bank. As a rule, these are people with bad credit histories. By issuing debt to such people, MFIs are at great risk. Therefore, they have high-interest rates due to which they cover their potential risks. Fast money is usually issued for a period of 7 to 30 days with the possibility of renewal.
An application for fast money is submitted via the Internet and money can be received within 5-15 minutes. They are transferred to any Visa / Mastercard system card or a bank account using money transfer systems as well as to electronic wallets. The standard interest rate is from 300% per annum.
Attention! Some MFOs issue the first loan to new clients at 0% per annum. If you urgently need money without overpayments, then choose proven MFIs.
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Loans From Individuals
This is not about the traditional “neighbor, borrow until payday” but about the service of loans from individuals on the Internet: the so-called p2p-lending (person-to-person). Fast lending takes place through online exchanges that check both lenders and customers. It ensures the safety and reliability of transactions (including using collection firms).
Interest rates on such exchanges depend on the quality of borrowers. But they are not very high: individuals do not need to maintain offices and pay taxes like banks. Who exactly to give money to is chosen by the investors themselves who have decided to invest their funds in p2p lending. It is more profitable than bank deposits so there are always those who want to lend fast money.
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Sell Unnecessary Things
This is the most obvious way to get money fast but far from the easiest one. There are a lot of sites but not everyone can choose the most suitable one. If you need instant cash urgently, it is better to sell liquid and relatively new things. Digital devices are sold faster than others (phones, laptops, tablets, etc.), household appliances are much more difficult. With the right approach, you can quickly find buyers. The price even for new goods that have been in your hands will no longer be high and there is nothing to say about used ones.
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Hand Over Stuff to a Pawnshop
The principle of the pawn shop’s work is as follows: you hand over a liquid item for temporary storage (jewelry, electronics, other valuables – up to cars), and the institution issues you money fast. If after the period specified in the contract you are not redeeming your property, it goes into the possession of the pawnshop. But even if you return, you need to pay not only the previously received money but also the interest for their use.
When deciding to pawn a thing in a pawnshop, you should remember the following:
- To return a thing to a pawnshop, you only need a passport;
- The appraiser always acts in the interests of the pawnshop. Therefore the appraised value of the thing is always 20-50% lower than the market value;
- The thing handed over by you is accepted for a multiple of 30 days. If desired, it can be reduced;
- Interest on instant cash is accrued for every day of storage in a pawnshop. So, the faster you return the money, the less you lose;
- If in a month you do not have money to buy the item but you don’t want to lose it, then find funds at least to pay interest for instant cash. Then the pledge agreement will be extended. Borrow money from friends and acquaintances to get instant cash. This idea comes to mind first of all if instant cash is urgently required.
It is not for nothing that they say that friendship is friendship but money apart. The wrong approach to such a delicate problem can leave you without funds and friends. Much depends on how much you plan to ask for instant cash. If a couple of thousand is up to the salary, then you can do without formalities to get instant cash. If you need a couple of hundred thousand, then it is better to take the instant cash loan procedure seriously.
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Borrow Instant Cash at Work
Money can be borrowed from both colleagues and the employer. The bottom line largely depends on your reputation. If you have been working for a long time and you have built good relationships with colleagues (you are known as a serious and responsible employee), then the probability of getting instant cash will be much higher than if you just got a job in a company. The advantage of this method is that you do not have to pay interest for your instant cash as is the case with a loan.
However, your employer is not required to provide you with such a loan. This is not spelled out in any law. This means that a positive decision is the goodwill of your employer to issue instant cash. To get such a labor loan, write an application addressed to your supervisor. In the application, state your request, indicate the required amount for instant cash. It will not be superfluous to write the purpose of the loan, as well as the terms of its repayment. An application for instant cash is written in free form.
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Ask Instant Cash From Relatives
Unlike a loan from friends or colleagues, money from relatives can not be borrowed but asked for. This does not mean that the money should not be given away. If you have good relations with relatives, then you can do without receipts and contracts.
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Rent Out Real Estate
Another easy way to get instant cash with almost no effort. You can rent out any vacant real estate you have: an apartment, a summer house, a garage, a commercial space.
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Rent Out a Car
If you have a personal vehicle, then it will not be difficult to answer the question of where to get instant cash for free and urgently. The car can be pawned at the pawnshop. Moreover, it can be done both physically, that is, drive the car to a pawnshop and leave it there until you pay off the debt.
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Find a Job
This is not a very good option if you do not have work right now but you need instant cash urgently. In this case, only some of the activities that are not owned (or wanted to own) will be suitable only. But if you are hoping for a steady income, get a good job to get instant cash the best way out.
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Earn Instant Cash on the Provision of Services
Provision of services in most cases is a more affordable way of earning than selling goods since significantly less investment is needed. Moreover, you do not need to purchase materials, as is the case with handmade. Even some special skills are not an absolute requirement. You can just hire a specialist to get instant cash.
Written by Kyle Drummond – as an Arizona State University graduate I’ve been fascinated with money and the road one takes to attain it since my first tax lesson in college. In my jobs at Silversail Wealth Advisors, BNY Mellon Wealth Management, and now at my own firm, Direct Loan Transfer, I have spent over 15 years coaching diverse customers on how to navigate their financial lives.
