Where To Find Last Minute Lending Options When Bills Are Due 1

Melissa is a mother of 2, lives in Utah, and writes for a multitude of sites. She is currently the EIC of HarcourtHealth.com and writes about health, wellness, and business topics.

Have you ever been in that situation where you were working as usual and setting aside the needed money to pay your bills but suddenly got hit with a surprise and suddenly your now short on cash to make those payments? It wasn’t your fault your car suddenly broke down, or you had a slip and fall accident and got laid up for a while and couldn’t work. Most people try to save for these situations, but unfortunately it just doesn’t always work out that way. If you don’t have enough cash in savings and you need to borrow money on short notice, there are a few last minute lending options out there.

Taking Out Payroll Advances

While many companies don’t want to shoulder the expenses of making an advanced payment from their payroll, some do offer this in limited fashion for employees who might need money from future paychecks immediately. This is a good way to borrow money that usually won’t be charged interest and that’s paid back in one or multiple payroll periods. Some companies have started implementing pay systems that allow employees to collect daily pay so they don’t have to wait for a week or two to collect their money.

Using Credit Union Hardship Loans

Now you’ve probably heard that you’ll be out of luck trying to get emergency $200-$1,000 loans from banks, but that doesn’t rule out credit unions. Credit unions do have government regulations, but most times they operate differently than regular banks, and many of them have taken to offering smaller loans for emergency purposes. These loans are practically intended for the same purpose as payday loans, but often you can find much better borrowing terms and lower interest with them. The only caveat is you’ll usually need to be a member of the credit union and have had your accounts in good standing with them for some time.

Applying For Payday Or Auto Title Loans

If you cannot borrow from a credit union or your employer, you may consider a payday or auto title loan such as the kind offered by Miles & Baker Title Loan Finance. A payday loan will be a lump sum loaned to you that’s due to be repaid usually in either one or two weeks, but it’s generally an unsecured loan that only requires you to have a checking account that can have automatic withdrawal setup. Auto title loans are secured loans that work by using your vehicle title as collateral, and then loan out funds that may be up to half the value of your vehicle. These loans do allow you to borrow a little more than payday loans and can offer a little more time to pay. But you’re also putting your vehicle at risk of being repossessed.

Borrowing From Friends And Family

This does sometimes require you to swallow your pride, particularly if you’re in a financial situation that came as a result of a mistake you made. But asking to borrow from friends or family may be your best bet since they know you and will likely be supportive of you during a hard time. If you want to make sure you have their trust, you could even have an official loan document written up and signed that you agree to repay them. But be warned that not living up to your word could create a legal mess and even worse ruin a relationship.