Whether you need to pay a bill to avoid interruption in service or need money for emergency auto repairs, you may find yourself between a rock and a hard place if you're between paychecks and don't have access to a credit card. How can you get the cash you need within a day or two without paying excessively high interest rates? Read on for several avenues to same-day cash that won't disqualify you due to poor credit or other risk factors.
Recent federal regulations governing the minimum loan terms and maximum rates for paycheck advance loans have helped make these loans more affordable for many Americans. And in the Internet age, you're no longer limited to a storefront payday loan -- you can now get a payday loan online from any number of lenders across the country, allowing you to shop for the interest rate and terms that best fit your specific financial needs. If you qualify for an online payday loan, funds will generally be deposited into your bank account immediately upon approval or by the next business day.
In some cases, you may even be able to take out a paycheck advance without paying any interest at all. One app allows you to "borrow" only money you've already earned during your current pay cycle, and charges no fee -- just asking users to leave a tip they believe is fair.
If you have a paid-off vehicle, you may be able to cash in on its value without going through the potentially lengthy refinance process by taking out a title loan. This loan turns over title to the lender in exchange for a portion of your vehicle's value. Title loans can often offer you cash for your vehicle's title on the same day your loan is approved (or an electronic transfer to your bank account by the next business day). The term on these loans is generally fairly short, and you'll be required to either repay or renew the loan to keep it active. If you fail to repay a title loan in time, the lender will repossess your vehicle and gain full legal ownership of it.
Scrap metal recycling
In some cases, you may not need to borrow any money at all -- but can instead earn the money you need by recycling scrap metal around your home and garage. Copper tubing and wire can be particularly valuable, although large items like air conditioner units or clothes dryers can also fetch a high price at the scrapyard. You'll usually be able to receive cash on the spot in exchange for your scrap metal, and many scrapyards even offer pickup services for large items.
Tool or jewelry pawning
If you'd like the flexibility of deciding whether to lend or sell an item, you may want to visit a pawn shop. If you have an item that holds some value -- like jewelry, tools, knives, or collectibles -- you'll be able to take out a loan on the value of this item by turning the item over to the pawnshop. If you fail to repay the loan (plus interest) by the deadline to which you and the pawnshop owner agreed, you'll forfeit title to your item and won't be required to repay the loan.
In other cases, you may no longer want or need the item you're pawning and opt to simply sell it to the pawnshop. Like scrap metal recycling, selling an item at a pawnshop can be an ideal way to come up with funds at the last minute without paying a penny of interest.