3 Smart Loan Options if You Want to Raise Money Fast

Learn How to Get Instant Money When Times are Hard

Whether you are facing issues paying taxes, medical bills, insurance, or anything else, one thing is certain – you will need cash immediately. Unfortunately, when a financial emergency hits, the vast majority of people are caught unprepared. And if you find yourself in this situation, you are not alone!

Around six out of ten American households experience one or more financial emergencies a year. What else? One-third of American families have no savings or backups to manage those emergencies. To get through a financial crisis, you can apply for a traditional loan. However, this is going to take time and will require a lot of paperwork.

How to Raise Instant Cash When an Emergency Hits You?

When you need quick cash to meet your urgent financial requirements, where would you turn? There are some smart ways to raise money quickly. Without any further ado, below are some smart loan options that will help you get instant cash when you face a financial crisis.

1. Family-Friend Loans

Lending from friends, family members, and people you trust is one of the fastest ways to raise money. It is reported that Americans use family-friend loans to borrow nearly $200 billion annually. 

Asking someone you know for a loan has several benefits. For instance, there’s more room to negotiate the interest rate and repayment terms. Moreover, there is no lengthy application process involved.

2. Community loans

Local communities or organizations may offer instant loans. If they provide short-term assistance to help with rent, utilities, or other emergency needs, it’s a great option to raise money.

Take local churches, for instance. They may offer small loans at low rates. Also, community centers and non-profit associations offer small loans without requiring long processes and hefty paperwork.

3. Personal Loans

Without any pledging collateral, it’s possible to get a personal loan to deal with your financial emergency. Personal loans are quick and are processed with minimal documentation. However, you should have a good credit history to get a personal loan at a desirable interest rate. 

Specifically speaking, there are some FinTech companies that can give you access to cash almost instantly if you need money. You can even apply online to get the fund in your account. You can repay it in easy monthly installments, known as EMIs.

Final Thoughts

It can be scary to realize that you don’t have enough money to pay your bills or cover your monthly rent. However, depending on your financial situation, it may not be such a bad idea to take out loans from friends and family to pay rent. Remember, mixing money and relationships can be disastrous. So you should try to make it easy with automatic payment reminders, record management, payment tracking, and digital transactions.

Use the Janji-Ku app to manage family-friend loans.