When you need money, you need money. It’s not a want. It’s a need. Something’s come up. There isn’t time to wait. You’ve got to find a way to get money fast. Fortunately, there are a number of ways you can get cash in your hand within 24 hours if you need it.
Where can I borrow money ASAP? Here are the ten best ways you can borrow money right now with no wait time:
In an emergency situation, one of the best sources to borrow money ASAP is with your TFSA. Chances are you’re here at this article because you don’t have anything to take from your savings. If you do have a Tax-Free Savings Account and you don’t mind taking from your emergency fund, it’s one way to borrow money from yourself without incurring any penalty.
Canadians fixated on retaining their savings, however, may be bothered by the act of taking anything out. Luckily, there are other ways to borrow money right now.
Overdraft protection on a chequing account may provide a temporary way to borrow money although isn’t a long-term sustainable way to do so. Some overdrafts are as much as $1,000s. Contact your bank to find out what, if any, overdraft you have. If you intend to repay within a month or two, overdraft can be a secure way to get money fast although you will likely end up paying significant fees and interest in the process.
3. Credit Card
If you want to keep your money woes in-house and private, go to your credit card. If you need the money right away, unfortunately, applying for a new credit card and waiting to receive it takes weeks at some banks. You’ll have to rely on a card you already have. If it’s maxed out, consider asking for a credit limit increase. If your credit’s in good standing, this is something you might be able to swing.
4. Pawn Shop
So, borrow money from a pawn shop is a risk. It isn’t a pretty way to get money but it’s a way that’s been used by many for decades. It will cost you more in the long run. That said, if you have valuables you don’t mind parting with, speaking with a pawn shop owner might be a solution to receiving the money you need quickly. This is far faster than trying to sell things you don’t need – a process which can sometimes take weeks.
5. Your Parents
When it comes to family, no one’s on your side more than your parents. They’re typically more loyal than even a spouse. If you don’t mind revealing to your parents that you are in a bind, assuming they have the money, they may be able to provide a loan that carries you through to when you have the cash to pay them back.
6. Your Friends
Your parents may feel a certain obligation – in the best of ways – to help you. Borrowing money from friends is something we generally don’t recommend because it does put a strain on the relationship. It will make things different. Nobody likes having to ask a friend for payments or witnessing their friend spend on luxury items when they still owe money on a loan. Be very cautious. If at all possible, avoid asking friends to borrow money.
7. Payday Loans
With payday loans, you skip the bank and the wait. Depending on your income, you can get approved for sometimes $1,000s. When you need cash in your bank account today, consider a payday loan. You can even apply for these payday loans online. The exact interest rates vary province-by-province, however, as long as you pay back the money you borrow on time, the rates are more than fair. The best thing about payday loans is even people with bad credit can apply and get money almost instantly.
8. Personal Loan
When you need to borrow money ASAP, your mind might immediately jump to your bank or a credit union. Although some financial institutions can arrange a loan within 24 hours, they don’t use automated loan pre-approval processes like payday loan companies and other lenders do. Oftentimes, this means having to wait as long as a few weeks to get your money. If you can wait, it might be worth it. For most people, especially those who need to borrow money fast, a bank won’t help.
9. Community Resources
You may not think to ask but there are non-profit organizations out there that may be able to provide funds to cover essentials like rent, food, and utilities. If these are the sort of things you are looking to borrow money for, consider contacting local churches, organizations, community foundations, and food banks. As humbling as it can be, if your essentials aren’t getting paid, it doesn’t hurt to exhaust this option.
10. Private Lenders
Private lenders may exist that are willing to arrange unsecured installment loans for the right people. Especially if you live in a big city, ask around. See if there’s a way to receive a cash loan from a source you trust. There are also some online lenders that offer peer-to-peer loans. This circumvents having to go to a bank and get denied because your credit score isn’t good enough. Payments are usually arranged weekly, bi-weekly, or monthly.