I need money and I need it NOW!

How many of us have been in this situation of needing money urgently? We have to pay our expenses or face some rather unpleasant consequences? We drive ourselves insane with worry, fretting and racking our brains, trying to figure out how we are going to our hands on that cash to pay the rent, the bills, buy school shoes for the kids. We terrify ourselves late at night with visions of sitting on the side walk surrounded by our things, the kids wailing and the landlord changing the locks. What we need is to borrow some money, quickly.

An immediate short term loan. That’s the ticket. That’s exactly what we need to solve our problems. Where do we get one?

There are several ways to borrow money quickly and hassle free.

A new slang word calls these kinds of loans The One Hour Loan. This loan is exactly what it says it is, a loan that will be available to you in one hour.

  • Banks – some banks offer this service, but usually you would have to have a current account with them and that involves lots of time spent in the branch, lots of ‘sign here, here, here, and here’ not to mention the mission of gathering all the pieces of paper they need to prove that you are you.
  • The High Street Loan – money lenders who have set up shop in the high street where you can enter and apply for a loan. They might not be able to get the money into your bank account in an hour, but if you go there personally you can pick up your loan in cash.
  • The Payday Loan – most companies have the capabilities to get the funds into your account within the hour. Some even faster. However, there are often extra charges for this.

Many of these immediate short term loans can be applied for online and you will almost instantly get feedback as to whether you have been approved. If you are approved the cash turns up in your bank account within the hour, which is where you need it most. Many companies don’t even perform a credit rating check so this short term solution is a win win situation.

However, there are some issues that you will need to take into consideration. Because these companies take such a high risk lending money so quickly without a whole load of background checks they have a very high interest rate. And the interest builds up quickly. Most of these short term loans or immediate loans are designed for just that. A short term. These are not loans that you want to put on the back burner and hope they go away. The interest overtakes the amount you owe in record time.

So, if you find that you need to resort to an immediate short term loan, make sure that you have included the repayment in your budget. And to be quite frank, these are not the kind of loans that the unemployed or those on benefits should consider.