Fast cash options abound. However, not all of them will suit you. You need to narrow down your choices.

Luckily, this article provides plenty of ways to access money quickly that might work for you. Check out the requirements as well as their advantages and disadvantages. Some may be too slow or you may not meet the requirements, others may have potential, and some could be spot on. Remember, qualifying sometimes depends on your financial and credit situation. Other times it relies rely on assets such as a home or car.

However, some options do exist that do not require collateral, a great credit score, or a long credit history. All you need is a decent steady income paid by direct deposit.

Borrow From Your Retirement Savings

What you need

You will need a qualified retirement plan through your employer such as 401(k) or 403(b) plan with the ability to borrow.

Advantages

  • No loan application
  • Credit score doesn’t matter
  • Can borrow up to 50% of your vested balance, or $50,000
  • Reasonable interest rates compared to other loan options
  • No penalties or taxes
  • Long repayment term of between one and five years

Disadvantages

  • Lose tax-deferred growth on your investments
  • Can’t contribute to plan while you have a loan
  • Borrowing can be a slower process than you need

Borrow from Your Life Insurance

What you need

If you have a whole or universal life insurance policy, you may be able to borrow against it. The amount available through the insurer may be as much as 95% of the total cash value of your policy.

Advantages

  • Cash value of policy is only requirement
  • Loan is not taken from your death benefit or cash value

Disadvantages

  • Cash value usually takes many years to build up
  • Interest charges on loan reduces your policy payout
  • Policy’s cash value used as collateral
  • May take a few days to go through the process

Cash Advance Overdraft

What you need

For this option, you need a bank account with overdraft protection. This allows you to withdraw money even when your account has insufficient funds. The maximum amount on your overdraft depends on your financial institution, but may be as much as $5,000.

For those without overdraft protection, you may want to try one of our Missouri cash advance loans for quick money.

Advantages

  • Can often repay over several months
  • Flexible payments
  • May be less expensive than some other short-term credit options

Disadvantages

  • Pay a monthly fee for overdraft option
  • Interest charged on what you borrow
  • May pay administration fees
  • Option may be revoked by financial institution at any time

Credit Card Cash Advance

What you need

You need a credit card with a cash advance option to make a withdrawal. If you want to know how you can get cash fast, this is a potential answer, but read the disadvantages carefully first.

Advantages

  • No need to apply
  • Easy access to cash through an ATM
  • Can repay over time

Disadvantages

  • May pay a cash advance fee
  • Cash advance rate often at least 5% higher than normal credit card rate
  • Grace period does not apply – interest calculated daily from date of cash advance
  • Compound interest can increase indebtedness quickly if you do not pay off balance on next statement

Emergency Loan

What you need

Generally, all you need is a steady source of recurring income paid by direct deposit, regardless of your credit score. The application and approval process is very quick, with funds in your hands within hours. If you’re wondering how to get fast cash with bad credit, this may be your answer.

As an example, FlexMoney provides emergency installment loans of up to $2,000, with 12-months to repay and without hidden fees. You only need to demonstrate two-months of banking and work stability.

Advantages

  • No collateral or co-signer
  • Accepts many income sources
  • Emphasis on income, not credit
  • Good lenders do not charge fee or pre-payment penalties

Disadvantages

  • Must repay your loan quickly
  • Interest rates higher than other loan options

Home Equity Line of Credit (HELOC)

What you need

Equity is the difference between the value of your property and the amount you owe against it, such as a mortgage. Obviously, if you don’t own property this method won’t help you. It isn’t a good option if you’re wondering how to get fast cash today either, since you must go through a complicated process that will probably take at least a few days.

Advantages

  • Can borrow up to 65% of the appraised value of your property
  • Cash can be used for any purpose
  • Lower interest rates than credit cards and unsecured loans
  • No pre-payment penalty

Disadvantages

  • Must go through approval process
  • Lien against property until loan repaid
  • Potential to lose asset if you default on loan
  • Potential to increase indebtedness by using line of credit like a credit card
  • Variable interest rate
  • Closing costs

Installment Loan

What you need

Every lender differs, but generally you need a decent income and at least short-term work, home, and banking stability. If you have poor or fair credit you may qualify for an installment loan, but you won’t get the best terms.

Lenders offer loans of between $500 and $50,000, with some providing online options and a much simpler and quicker application process. If you want to know how to get fast cash today, this could be your solution, providing you choose the right lender.

Luckily, you can obtain fast installment loans, without the hassle. Everything’s handled online and we release funds quickly.

Advantages

  • Fast process and quick approval online
  • Lower rates than payday loans
  • May have lower rates than your credit cards
  • Flexible repayment terms
  • All credit scores considered

Disadvantages

  • Some lenders charge unnecessary fees & penalties
  • Some lenders require collateral or co-signer
  • Some lenders use hard credit inquiry that lowers credit score

Pay Advance App

What you need

If you’re only looking for a small amount of money, a pay advance app like Koho, Nyble, or Bree may help. It is a fast way to borrow from about $25 to over $100.

Advantages

  • Quick approval
  • No collateral
  • Fast funds release

Disadvantages

  • Must have a steady job
  • Borrowing limit is low

Payday Loan

Want you need

A payday loan requires a steady, recurring source of income such as a job, pension, or sometimes government benefits.

Many people choose a payday loan since they think it is their fastest option. However, FlexMoney offers a Missouri personal loan with and online process and 12-months to repay.

Advantages

  • Easy process
  • No collateral or co-signer
  • All credit scores accepted
  • Funds release in as little as 1 hour from approval
  • Direct e-transfer

Disadvantages

  • High interest rate and cost to borrow
  • Maximum loan amount in most states is $500
  • Short repayment term
  • May charge extra fees

Peer-to-Peer Personal Loan (P2P)

Want you need

Typically, you need good credit to qualify for a peer-to-peer loan. However, it isn’t the best solution if you’re wondering how to get cash fast since you must apply and wait for approval. However, lenders offer amounts anywhere from $1,000 to $35,000 as either a secured (with collateral) or unsecured loan if you have a little time to spare.

Luckily, if you choose an installment loan through FlexMoney, you enjoy easy loan approvals, even when others won’t help. Plus, you won’t have to wait for a decision or funds release.

Advantages

  • Higher loan amounts
  • Online application process
  • Reasonable interest rates
  • More time to repay

Disadvantages

  • Usually not available to those with fair or poor credit
  • May pay origination fee to set up account
  • High monthly payments require a substantial income

Salary Advance

What you need

If you are in need of fast cash, your employer may be your answer. You must receive a regular salary and your company must have a salary advance policy.

Advantages

  • No loan interest or fees
  • May be able to borrow part or all of your pay cheque amount
  • May be able to repay your advance through extra work

Disadvantages

  • Need to make a formal request, citing the reasons you need the money, and how you will repay the advance
  • Employer may refuse salary advance making it more urgent you get cash fast
  • A quick repayment can make it difficult to meet normal expenses

Unsecured Line of Credit

What you need

If you’re wondering how to get fast cash now, this might be your solution, providing you have a good income and decent credit. An unsecured line of credit allows you to borrow up to a certain limit, with much lower interest rates than credit cards.

Advantages

  • Lower interest rates than credit cards
  • No fees
  • No collateral
  • High credit limits
  • Paying interest-only minimum payments can free up cash flow temporarily

Disadvantages

  • Potential to increase indebtedness if you make minimum payments since they go towards interest only
  • Very easy to use like a credit card
  • May not qualify with limited income
  • May not qualify with less-than-perfect credit
  • Variable interest rate may increase

Vehicle Title Loan

What you need

You will need free title on your vehicle to borrow against it. Lenders may offer you between 25% and 50% of your vehicle’s value, based on their estimation.

Advantages

  • Easy qualification
  • Cash available quickly
  • Flexible repayment terms

Disadvantages

  • High interest rates
  • May pay evaluation, search, administrative, and registration fees
  • Potential to lose asset if you do not meet loan obligations

Bottomline of Fast Cash Options

Clearly, you have many fast cash options available to you. However, many people don’t have property, a vehicle, or perfect credit. Luckily, FlexMoney makes it very easy to borrow when you need fast cash. We accept all credit scores. Apply today and skip all the hassle.