At some point in life, you may have bills due before your next paycheck and lack the cash to pay them. If you’re wondering how to get money fast, there are multiple fast-cash loans you can rely on to cover those shortfalls. But keep in mind that some fast-cash methods aren’t ideal, and may come with higher interest rates and fees that can put you behind financially. Let’s dive deeper into some fast cash methods to avoid and some good alternatives you can consider to get the money you need right away.

1. Pawn shop loans

Pawn shop loans let you use an item of value as collateral to get a loan from a pawn shop.  Although you can get these loans quickly, usually within a day, the interest rates can be quite high. Additionally, if you can’t pay back your loan on time, the pawn shop can take legal ownership of your collateral and sell it.

2. Credit card cash advances

With credit card cash advances, you can take out cash using your credit card. Although this may seem like a convenient option, credit card cash advances can be expensive. You have to pay a fee when you get one, and it may have a high APR. Plus, interest begins accruing immediately. Your cash advance limit may also be lower than your total credit card limit, preventing you from getting as much cash as you need.

3. Credit card convenience checks

Credit card convenience checks let you write checks against your credit card. You can use these checks to make purchases or cash them. But keep in mind that these fast-cash methods come with fees and higher interest rates that begin accruing right away. If you have a credit card, you may be better off using the card itself.

Alternative fast-cash loans to consider

If you need cash fast, here are several loans you can consider instead:

1. Installment loans

Installment loans are lump sums of money you can pay back over time in fixed monthly payments of principal and interest. The interest rate doesn’t change, making the payments easy to budget for. So, many borrowers use these for large purchases and refinancing debt. Online installment lenders make it easy to get installment loans as quickly as the same day you apply.

2. Title loans

Title loans are secured loans that use your car title as collateral, and you generally have to own your car outright to qualify. With these loans, the lender will appraise your vehicle and then offer you a loan equal to 25 to 50% of its value within the same day. You can continue driving your car as you repay a title loan.

3. Lines of credit

Lines of credit are flexible loans that let you borrow money as needed up to a specified credit limit. Once you borrow money, you can pay it back all at once or at your leisure, as long as you make the minimum payment each month. You’ll only pay interest on the amount you borrow. Many people get lines of credit to have an extra source of emergency funds they can draw on quickly, or to pay for unpredictable expenses like remodeling projects.

The bottom line

There are tons of fast-cash loans out there, but not all of them are good options. Choices like pawn loans, credit card cash advances, and credit card convenience checks come with high fees and interest, and the possibility of losing an item of value that may make them not worth it. You can consider alternative options like installment loans, title loans, and lines of credit to get quick cash. All that said, consider your financial circumstances and shop around with multiple lenders to get a loan that fits your needs and budget.

Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.