We’ve all had occasions when we have been short on cash and needed to make decisions about how we are going to get through until the next payday. When it comes to finding cash in a hurry, you need to make sure you know what your options are when it comes to instant financial solutions. Whatever short term financial position or problem you are in, there will be ways that you can move forward and give yourself a good chance of getting out of debt.
When it comes to weighing up instant financial solutions, you should rule out a loan from a traditional lender. This is because banks and building societies prefer a slower approach when it comes to determining who is suitable for a loan from them. You will be required to fill out a lengthy application form and then they will take a lot of time to consider your loan.
What are your instant financial solutions?
The lender is being cautious and wants to be confident that you are an ideal candidate for the loan. This is a perfectly acceptable approach for a company to take but of course, when you need money in a hurry, it isn’t an option that is right for you. This means you need to look elsewhere for instant financial solutions, and the following options may be acceptable:
- Payday loans
- Guarantor loans
- Financial support from friends or family
It is likely that a payday loan will be the most commonly known option for getting money in a hurry. This is because there has been a considerable level of publicity surrounding these loans. These loans are expensive, they need to be paid back at short notice and they can cause serious damage to your finances and your life. This is why it is best to avoid payday loans.
Of all the instant financial solutions open to you, it is likely that guarantor loans will be the best bet. If you have someone with a good credit score who is willing to vouch for you, you’ll find that you can receive a loan with an attractive rate of APR. Add in the fact that this is a loan that can be paid back over a longer period of time than a payday loan, and you have an option that is likely to be attractive to most people. Of all the instant financial solutions available, guarantor loans are the option to consider.
Of course, if you are fortunate enough to have a friend or family member that can provide you with cash in a hurry, never rule this option out.