Sometimes, you may find yourself in a situation where emergency cash is the only option to save your day. In such a situation, it is your best advice to be vigilant not to fall victim to predatory loans that may worsen your future financial health.
However, with a clear understanding that nothing comes for free, you are supposed never to be a burden to your friends by borrowing zero interest-rated monies. It is advisable to look for loans with fair terms and conditions that may be time and situational-friendly.
Here are four ways that will potentially get you a fast loan.
1. Friends and Relatives
Friends and family members are always there for help. If you are lucky to have trusted ones, you will be sure to get a helping hand in times of need.
But, getting a loan from a family member or a friend has cost a lot of relationships. It’s important to lay good repayment terms before making any progress to avoid future conflicts.
Good friends and family can save you from falling into the trap of expensive loans with unrealistic high interests.
2. Payday Lenders
Payday lenders are always ready to help with your emergency needs. They will offer you a quick financial solution.
After approval and disbursement, they will give you at least two weeks to repay. Most payday lenders who offer emergency loan Montreal services will give you a grace period of up to your next pay check.
It’s essential to note that these are unsecured personal loans. Payday loans are one of the most expensive emergency loan offers.
The loan does not need any collateral, and most Payday lenders are only interested in your regular income, bank account, your permanent physical address. They will advance you with immediate financial assistance regardless of your poor credit score.
3. Get a Personal Loan
With your poor credit history or bad debt history, you can still access a personal loan to cater to your emergency needs. Traditional banks and Credit unions in Montreal offer such facilities via online platform lending.
The law requires that your loan provider should not charge interest exceeding 60% per annum. This rate includes the cost price of the loan and any fee incurred in the process. This makes personal loans one of the best in times of financial need.
4. Credit Card Cash Advance
Another alternative means to fund your emergency needs is to get a credit card facility. Your Credit card issuer will advance you with a cash loan.
This type of advance may be in the form of cash withdrawal from an ATM or using convenience cheques that are tied to your credit card. You may also use credit cards to pay for wire transfers and money orders.
However, with all the convenience that cash advance has you sorted; there are several reasons why credit card facilities should be purposely meant for emergencies. These reasons include the high interest rates, expensive fees, and lack of a grace period.