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10 Smart Alternatives to Quick Loans

Although you may think a quick loan is your best option, chances are you have some better alternatives. Quick loans can be extremely dangerous to your financial well-being, and many people who borrow them end up in a huge amount of debt. Before you resort to a quick loan during a time of emergency, you should first look to these ten ways of securing emergency cash quickly and without too much of a hassle.

1. Family Member or Friend

Borrowing money from someone that you are close to you can be one of the best ways to obtain money when you need it the most. This is because relatives and friends provide a moral support network when you need financial support. In many cases a family or friend will be willing to lend you money without an interest rate; however you should not take advantage of this. When borrowing money from family or friends you must be very cautious to not ruin your relationship with them.

2. Turn to Your Job

You could potentially obtain the cash you need from the company that you work at. Many companies offer their employees emergency fund assistance when they need it. This is often in the form of an employee loan or a salary advance. It is worth a try to enquire with your job about such a loan, as it will often come with much better terms than what a quick loan would offer. In fact, some companies will offer their employees loans without any interest and payments are usually arranged through a very small reduction in your salary.

3. Sell Some of Your Possessions

If you have any valuables that you can stand to part ways with then selling a few could be a good option, as you wouldn't be at risk of not being able to repay a loan or going into debt. Such things as an extra cell phone or laptop can easily gain you a few hundred dollars, which is perfect if you only need a small amount of cash to get you through a tough situation or to pay for something.

4. Reputable Pawn Shops

Although there are many pawn shops out there that will try to rip you off with a sky-high interest rate, there are also substantial amounts that are very reputable and will lend you money at a decent interest rate. If you can't stand to part with one of your precious items then you could pawn it instead to get a loan from it. Pawning is substantially less costly than a quick loan as you will have put up collateral for the money you receive. Keep in mind however, that if you are not able to repay your loan then you will lose your valuable possession.

5. Credit by Putting Up Collateral

If none of the above options are viable and require are large sum of money then you could secure credit against a big collateral item such as your car. There are a few lenders that will be willing to lend you money at a lower interest rate by putting up collateral. Just ensure you will be able to repay it, as you don't want to have to deal with a repossessed vehicle, especially when you need it to get to work.

6. Promissory Note or Personal Appeal

If you have put away money in order to fund your typical bills then you can use this to your advantage in order to obtain the money you need. When you find yourself in an emergency then creating a personal appeal or a promissory note in order to defer payments you otherwise need to make to companies or people is a smart way to get your hands on cash. An example of a money source to do this with is your salary.

7. Money You've Lent Out

It is quite common for people to borrow money when they are in need, especially when they find themselves in an emergency. This means that there is a good chance that at some point in the past you lent out money to a family member or friend who really needed it. Although it can be a small and seemingly insignificant amount, getting the money that is owed to you is a step in the right direction to having the money you need.

8. Overtime at Work

This can be a great way to get your hands on the money you need right away without putting yourself at risk financially. Although you will have to sacrifice several hours of your free time, you won't have to worry about repaying a loan down the road, as you will have worked hard for your money.

9. Low and No Interest Options

In order to avoid the high interest rates of quick loans you can look at taking out money from several different money sources. This is especially the case if you require a large sum of money. Doing this will spread the amount out into low and no interest accounts, which will allow you to save money.

10. Places Where You Might Have Kept Money

Although this may seem like a stretch, you never know what you can find hidden around your house. It's worth a try to check all your pockets and in your personal belonging to see if there are a few bills stashed there.