You’re running out of time and you need money fast, but how are you going to find money at such short notice? Banks typically take a few weeks to examine all the documents and make up their minds. Then they take longer to finally give you the money. Here are some tips on how to speed up the process as well as alternate solutions to getting money fast:
Have a Strong Supporter for the Bank Loan
Banks look much more favourably on borrowers who have strong guarantors as this is (literally) a guarantee that the bank will recover the money they pay out on the loan. In case you have a poor credit history, or you don’t have high value collateral to put up, then a guarantor can help speed things up. Find someone who is known in the community, who can show records of steady income and has a positive credit history, preferably with the bank you expect to approach.
Borrow Against Your Monthly Salary
Some companies actually let their employees take their salary in advance and then deduct that amount monthly so that they don’t feel the crunch too much. This way, you can borrow a large sum of money without worrying about whether a bank will seize your assets when you fall behind. You can also borrow from a financial institution which operates on a similar concept:
You have to show employment records and pay sheets to prove that you are capable of paying back a payday credit. The institution will then deduct a monthly sum with interest from your pay, or you will pay the sum directly to them.
Go To a Leasing and Financing Institute
Leasing companies and other financing institutes are more lax about credit histories and lack of collateral than banks because they advance loans primarily to people who wish to purchase something. In leasing, you place the purchase as the collateral, so if you bought a car, the company will own it until you have paid off the loan with interest. The upside is that many leasing companies will give you the money in days; the downside is, they have huge interest rates to compensate for the risks they take with their clients. And they’re not shy about seizing what is their property by law if you fall behind on payments.
Put Those Valuables to Good Use
If you own anything that is worth more than a few dollars, you can pawn it and get some hard cash. People pawn all kinds of things: jewellery, furniture, antiques, and even clothes (like furs). Depending on the veracity and reputation of the pawnshop you go to, you will get less or more money for what you put up. Usually, jewellery gets the highest amount of money, while clothes are often rejected. Pawnshops work a lot like leasing companies: forget your payments too many times and your family ring will be up for auction.
Categories: Business Services