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Quick Financial Choices When You’re in a Jam

From billionaires and celebrities to CEOs and the average employee, everyone has fallen on hard times that resulted in the need for a financial bailout. A business deal has gone wrong, a high-paying gig that fell through, an unexpected home repair, or a physical injury could result in a loss of cash that devastates your finances and requires time to recuperate from. A small loan could essentially tide you over until you’re back on your feet, but knowing where to look is often the first challenge.


One of the first places people turn for financial relief is their banking institution. Banks offer personal and other forms of loans to eligible customers. These applications can be completed online or in person but can take a few days for approval and deposit. To be approved for a bank loan, you’ll likely be required to have good credit, verifiable income, and collateral. Depending on your creditworthiness, you could be approved for several thousand dollars.

Cash Advance Loans

For those with no credit, poor credit, low-income, or no collateral, getting approved for a bank loan could prove difficult. There are other lending options to consider, however. Cash advance loans are short-term personal loans for individuals who don’t typically qualify for a bank loan. With no credit check necessary, applicants only have to be 18 years old, have income, and have a valid checking or savings account. The application can be completed online and approval is determined within minutes. The funds, if approved are deposited within 24 to 48 hours.

Retirement Accounts

Those who have a pension or retirement savings account may find it beneficial to borrow from the account to cover financial emergencies. Often applied for through your employer, you can be entitled to borrow as much as half of your total savings balance. You are required to pay it within a few years and payments are usually deducted from your paycheck. What must be considered when applying for a retirement account loan, however, is that should you get fired or skip payments, you will be required to pay the loan in full to prevent being charged early withdrawal fees from the IRS.

Friends and Family

If you’re looking for a lender that doesn’t conduct background checks and probably won’t ask for interest or turn you down, then friends and family may be able to help. Asking a few people closest to you to borrow a few hundred dollars often works if you haven’t done it too much in the past. Keep in mind, however, though they are your family and friends, they have bills to pay too and will eventually need the money you’ve borrowed. Therefore, you shouldn’t procrastinate on repaying the loan simply because you know them. This could also cause a rift in your relationship.

Financial mishaps happen to everyone from the rich and famous to the middle class and working poor. When there’s trouble that spans far beyond your budget, having a financial resource to turn to can resolve the matter quickly. Be sure in either of the above-mentioned situations, that you borrow responsibly and repay the funds in a timely fashion to avoid further negative consequences.