Where to Borrow Money Quickly and Easily

Where to Borrow Money Quickly and Easily
  • Opening Intro -

    If you're short of cash and have a bill coming due or an expense that needs to be covered, you have several options available to you.

    Not every choice is equal and some are downright expensive.


However, when you need cash in a few days or an hour, the following money borrowing options can transform you from broke to solvent.

1. Family and friends. Before you borrow money that will cost you a high interest rate, approach people that you know for help. Your parents are the most obvious choice, people who know you very well and may be willing to help you out for the short term. Offer to pay back what you borrow with interest, but knowing mom and dad, they’ll simply be happy with just getting their money back.

If your parents are completely tapped out, approach siblings and other family members next. Beyond that, a close friend may be willing to lend you the money, but don’t let it cost your friendship by failing to pay back your debt on time.

2. Financial loans. Your bank is in the business to lend money and can discuss with you your borrowing options. A personal loan, however, may carry a double digit interest rate unless your credit is excellent where the rate can come in lower. Because no collateral is offered and this type of loan is unsecured, your rate will come in higher than a secured loan.

If you have a credit card, you can borrow money from your bank faster than it takes to get approved for a personal loan. Review your latest credit card statement and search for the cash advance amount. For example, if it is $2,400, then you can borrow up to that amount. Please know that you’ll pay a fee for borrowing money this way and you’ll pay an extra high interest rate for your cash advance. You can take the money out at a bank with a live teller or at an ATM.

3. Peer-to-peer lending. Also known as person-to-person lending, this type of lending has grown sharply in our digital age. The top services are Prosper and Lending Club, services that will allow you to borrow money based on your creditworthiness. Prosper will allow you to borrow from $2,000 to $25,000 and Lending Club will lend you from $1,000 to $35,000. Both services can tell you instantly if you’re approved for a loan, but it will take several days before your funds are received.

Loan rates start at about 6 percent for people with excellent credit and rise sharply to several times that figure for people with bad credit. Indeed, you may find yourself approved for a loan, but are charged a 35 percent interest rate. If you borrow $10,000 for three years at 15 percent, your loan will cost you $345.65 per month. That loan will cost you $12,479.40 plus an origination fee. Make late payments and your credit will be dinged.

4. Payday loans. Yes, if you want money fast with no strings attached, then there are always payday loans to consider. They’re also known as cash advance loans and the way that they work is that you contact a lender offering these services — usually online — and ask for a loan. Such loans are typically for up to 14 days and the money is deposited to your bank.

The trouble with this option is that the interest charged and fees incurred can slam you. For instance, one lender offers loans ranging from $100 to $1,000 with no credit check or references required. To borrow $200 you might be charged a $20 fee to have it paid back in 14 days. That 10 percent fee comes out to an annual interest rate of 260 percent! That’s a steep rate to borrow for a very short term loan.


Beyond the four outlined choices, you’re looking at longer term loans. Those loans typically require you to borrow a larger amount and may include an origination fee to close your loan. If it is a matter of paying an electric bill on time, you may be able to defer payment for a few days until your money comes in. Contact your utility company and ask if they have options available that can keep your lights on.

Consumer Tips reference:

aid checklist for students

Bestseller No. 1
Fair Credit Reporting Act: As Amended Through P.L. 115-174, Enacted May 24, 2018 (Lawyer's Reference Guides)
  • United States Congress
  • Publisher: Independently published
  • Paperback: 94 pages
Bestseller No. 2
Credit Repair Book: Ex Credit Bureau Manager Reveals Credit Repair Secrets
27 Reviews

Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API


end of post idea


Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.

facebook linkedin pinterest

Amazon Affiliate Disclosure: SayEducate.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. The commission earnings are used to defray our cost of operation.

View our FTC Disclosure for other affiliate information.

Categories: Consumer Financing

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Matt's Musings", his personal blog. Matt covers campus, consumer, business and financial topics on various websites and blogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".