When you need a quick influx of money, there aren’t a whole lot of ways to turn. Of course, you could hit up a friend or a loved one for some cash, but if you have done this before, they may be hesitant to hand over any money at all. After all, mixing money and personal relationships does not always work out very well for all involved. It’s a shame to fracture or end lifelong friendships over money that can’t be repaid.
This means that you basically have two ways to go about getting the money you need. You could use your credit card (or cards) that you have stored away in your wallet or you could go about acquiring a loan from a bank or some similar financial institution that is able to lend you some money. But with each choice comes consequences.
A credit card is handy to have in case of an emergency. It can be used instantly without the need for any wait time. But it is when you start relying on it for every day uses is when it starts to become a problem.
When you use your credit card and fail to pay off the balance within a month’s time, you are going to be paying interest on the amount. Depending upon your credit, you could be paying 20 to 30 percent in interest and the longer you fail to pay off the whole amount, the more you will owe to the credit card company. This is why you don’t want to have a continuous amount owed on your credit cards. You could be swimming in credit card debt and it will affect your chance of being able to afford to pay your other bills down the road.
Securing a Loan
Loans are usually paid off through planned monthly instalments. Depending upon the financial institution, a loan could take a day to process or even weeks. It also depends on the amount you are asking for as well. There is paperwork to fill out, which can be a bit of a bother, but in the long run the interest paid on the amount is usually a lot less. If you would like to find some good rates, inquire about loans in Montreal. They may just be able to help you out!