It’s impossible to predict when another of life’s little emergencies will crop up. From a broken-down car through to emergency home repairs or even a deposit for a new property, there’s plenty of reasons why you might need to lay your hands on some extra cash.
The trouble is, very few people find themselves in the fortunate financial position of being able to pay upfront for these costs. Fortunately, there are plenty of options for borrowing money at a moment’s notice – but the real challenge is in knowing where to look.
In this article, we summarize the top three options for borrowing money in a pinch – and explain how you can access the funds you need, fast!
1. Ask Family or Friends
Your nearest and dearest could present a cheap and flexible way to access the money you need, but there are some major pitfalls that come with borrowing cash from those close to you.
Firstly, while borrowing money from your friends and family could prevent you from having to pay interest, you could also end up putting strain on those relationships. Of course it’s an attractive option since there’s no need for a credit check, but you’ll need to find people willing to lend you money in the first place – and that’s no mean feat.
2. Apply for a Short-term Loan
There are scores of short-term lenders out there, and they each make for a much faster way to get money than applying to your bank through traditional routes.
The problem is that when you need to access money fast, the last thing you want to do is spend hours trawling through prospective lenders and applications. By making an application through a reputable online credit broker, you could get a loan paid quickly, sometimes even within minutes.
Perhaps the greatest advantage of applying for credit in this way is that the money could reach your UK bank account in the moments after approval. A considerable number of lenders are even willing to approve applications from bad credit borrowers, making short-term personal loans a truly flexible option for those who need quick access to cash.
3. Get a Credit Card
Credit cards provide holders with a seamless way to borrow money, but they aren’t necessarily easy to get approved for. Before you apply, it’s well worth exploring all the options available to you. This will make it easier to find an issuer who is willing to approve you for a line of revolving credit that can be drawn upon as and when you need it.
One of the major barriers to getting approved for a credit card is the fact that lenders generally base their decision quite heavily on your credit report. All legitimate credit card providers will conduct a credit check before making an offer or approving an application, and this can make it very difficult for anyone with a less-than-perfect credit history to get their hands on the funds they need.
Access the Money You Need
When you need money urgently, it’s sometimes tempting to take whatever you can get – but it really pays to properly assess your options.
There’s no one-size-fits-all solution when it comes to borrowing money, and by taking some extra time to choose the most suitable option for you, you’ll be able to put yourself and your finances in a better position overall.