1500 Dollar Loan

Emergencies come up all the time.  The car breaks down and needs repaired, medical bills come in higher than expected, or just a last minute expense that puts even the best budgets out of whack.  However, there are finance solutions for people in any of the situations mentioned above, but it’s important to understand what the options are and which one is best for people in these scenarios.

Understand Finance Options For Emergencies: What are the various options for people who need to get cash in a hurry for a last minute expense.

Emergency Finance Options

1. Traditional Long-Term Personal Loan - These are loans that approved from a bank or finance institution and requires a credit check, income check, and lots of paperwork. The reason is that these loans are secured off the person’s credit and means that an individual would have to have good credit in order to get this loan. Typically these loans can take up to 3 days to process, but can be done much quicker with the right finance company.  The terms of the loan would be based on the details agreed by both parties, but the loan would be paid back with installment payments made over a long period of time and interest would be charged.  Depending on the amount borrowed, the person could wind up paying much more for the loan over the long run.
2. Credit Card Cash Advance – Some bills can be paid with credit cards, which would makes this option pretty good for most. However, the person would need to have the funds already available on the card to use, otherwise a limit increase would have to be approved and requires a credit check from the credit card company. This means that if a person does have the money available, it can be a quick and easy option, but if not, than it would be a little more difficult. In addition, not all situation allow for credit card payments so if a person is not able to use their credit card, they would have to take a cash advance from the credit card, which can be very expensive. Not only do most card companies charge a fee for a cash advance, they charge higher interest for cash, which could put the cost of the loan much higher than reasonable.
3. Cash Advance Payday Loan – Cash advance loans are just that, cash in advance.  These are short-term loans that don’t have any credit checks and people can get up to a  1500 dollar loan. These loans be approved for people with bad or no credit, and can be done quickly with money getting deposited directly into a bank account within hours. This is a good option for those that don’t have any credit or bad credit.  However, even people with good credit use these loans as they have a little less involved with them.  For example, there are no installment payments or interest charged. Instead of interest, there is a fee for the service and many states cap the limit to between $15 – $25 per $100 borrowed.  This means that if a person borrows $100, they would pay back $115 in two weeks. That’s it.  There are a lot of critics that like to use APR to show that these loans are not good for people, but it comes down to costs and the truth is that the fee is right in line with other finance services.
4. Family / Friend Loan – Obviously this is the best option.  A loan from a family member or friend means no credit checks, no reference checks, or no endless paperwork to fill out. However, many feel that this option is not suitable for them because they either don’t have a member that they can turn to, or they feel embarrassed about asking for the loan. Either way, people are often hesitant to ask family members and friends for loans, but it’s a good option for those that can do it.

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