If you need money today from a loan, a bank isn’t a viable choice. Even if you’re a long time customer, it’s nearly impossible to obtain a loan immediately from a bank unless you have already established a line of credit. However, many options for acquiring immediate cash feature elements that are far from desirable. Fortunately, LoanNow provides you the money you need without enduring the wait of a bank – or the drawbacks of short term loans.
Borrowing from Friends and Family
A time honored tradition for obtaining money today is borrowing from friends and family members. If your BFF is spotting you 20 bucks until Friday, that’s no problem. On the other hand, large loans that go unpaid for months or years can strain even close relationships beyond the breaking point.
If you decide to borrow from those closest to you, make sure both parties are on the same page about when the loan will be repaid, and whether repayment will take place in installments or in a lump sum. A written agreement isn’t a bad idea. Don’t let the idea of drawing up papers intimidate you. No one says you need to hire an attorney to draft a formal document stuffed with legalese. A simple typed or handwritten document, signed by both borrower and lender will suffice.
Credit Card Cash Advances
If you’re fortunate enough to have a credit card with a generous credit limit, obtaining money today may require nothing more than a trip to your local ATM. But beware. Credit card cash advances, unlike purchase transactions, begin to accumulate interest from the minute the money hits your hot little hand. Worse, the APR for credit card cash advances is often much higher than for purchases.
Your favorite Aunt Mildred gave you her gorgeous diamond and sapphire ring when you graduated from college. Or your dad bought you a top-of-the-line iGadget when you landed your first job. If you need money today, pawn shops will gladly accept such items in exchange for a no-questions-asked loan. However, you will only receive a fraction of the actual value of the merchandise you surrender as collateral. You’ll also only have about 30 to 60 days to repay the loan – or lose your possessions for good.
The LoanNow Difference
The above examples illustrate that the convenience of obtaining money today often comes with a potentially high price. For many borrowers, LoanNow provides a better option. We never require collateral for our loans, and your friendships and family ties aren’t on the line, either.