Do you want to raise quick cash and search for the best options? It’s time to dig into six different ways of generating money. The list includes both new and traditional ways, check these ways and go with one or more that sounds most suitable to you.
1. Car Title Loan
The trend of car title loans is rising among people searching for immediate cash and don’t want to knock at the door of their friends and family. It’s a secured loan in which you generate money by putting your car as collateral. A car title loan is short-term, and usually, you have to pay back the amount within 30-40 days. The interest rate on this loan is higher than that of a bank loan, but its fast approval makes it a promising option. If you want to know how much you can borrow against your car’s value, you can add all the details in an online car title loan calculator. This loan’s main requirements are having a lien-free car title and providing proof of income, car insurance, and residency.
2. Borrowing from Friends
There is no shame in calling your friends in need because those who can help you in need are indeed the real one. The best thing about this option is that you don’t have to pay any interest, it’s like getting a zero-interest loan.
3. Short-Term Bank Loan
Banks are ready to accept your loan application when you have no credit issues and easily furnish your steady income proof. No doubt, this traditional loan system brings low interest, but you have to wait for more than two weeks to get the approval. And your chance of getting loan approval becomes slim when you have bad credit. It would be best if you looked for other options for getting a loan with bad credit.
4. Credit Card Cash Advance
If you can pay back a cash advance as fast as in a month, you can consider borrowing through your credit card. Although a credit card’s interest rate is lower than that of a title loan yet missing a payment means piling up interest charges. On the other hand, when you calculate the cost of missing payment through a car title loan calculator, you realize that title loan offers more flexibility. The lenders of title loans want their payment back, so they don’t mind a little negotiation about the rates and terms. However, you can’t have the same facility as that of a credit card merchant.
5. Peer-to-Peer Loans
If you are concerned about late loan approval in banks, then another easy way to raise cash is to opt for P2P loans. As investors are giving you such loans; therefore, its approval is fast but still requires a week. You can also expect to get a loan at a low rate and on better terms.
- Get a Part-Time Job
You can find many remote, part-time jobs online and get paid to do little tasks and involve yourself in a monthly project. All you have to do is browse jobs online and get hired by sending an impressive portfolio alongside your resume.
When it comes to raising cash, you should consider car title loans online and other options. Although title loan is a quick way, it’s an expensive choice. When you can’t wait and have an emergency expense to handle in your life, go for it.