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Need $2,000 by Tomorrow and I Have Bad Credit. What To Do?

by Vinicius Rocha

“I need 2000 dollars now, what do I do?” That search query will get you only so many results on Google. You will find several companies advertising their loan offerings. And most of them might have sneaky interest rates waiting to make your financial life even more troublesome.

Canadian-banknotes

The best thing to do when you are in need of urgent cash is to consider your options carefully. Perhaps, a short-term loan could do you better than a long-term loan with its smaller balance. However, a long-term loan offers low and manageable interest rates that aren’t typically available with short ones.

Then there are options like support from friends and family members. In fact, many people consider going for credit card cash advances too. Since there are so many options out there, which one is best for your situation? Let’s discuss!

What Are the Immediate Solutions I Can Avail?

There are quite a few options you can go for when you need $2,000 urgently. You can borrow from a friend or approach a family member to set up a convenient personal loan.

On the other hand, you can also consider selling unneeded items at your nearest pawn shop or set up a garage sale for quick cash.

Borrowing from Friends or Family Members

You can get cash quickly by borrowing it from a loved one. When you approach a friend or family member with such a need, it often leads to lower or no interest rates.

Moreover, friends and family members could be more considerate toward you. That way, you can set up a flexible repayment plan too. However, asking a loved one for financial support like a quick cash loan has its cons.

You will be mixing personal relationships with money which often leads to tension among known individuals. What’s more important is that you will have to approach the right person clearly and discuss the loan terms clearly to avoid disputes later.

Selling Unneeded Items

One of the quickest ways to get cash is to sell your unwanted personal belongings. This doesn’t always mean pawning off your essentials at the nearest pawn shop.

However, it could include a garage sale or dealing through online selling platforms like eBay and so on. It is a practical solution and will also declutter your home. Similarly, this approach has its cons too.

You might not have enough unwanted or unused items to sell. That way, you could end up forfeiting your valuables to reach the $2,000 target. Plus, it might take some time to get a call from the right buyer if you’re selling online.

What Are Other Financial Options I Can Use?

It is possible that a friend or family member might not have enough cash at hand to lend to you. Moreover, your garage sale could help you raise some money but not enough to fulfill your urgent needs.

That is when you can consider other financial options and alternatives to fulfill your immediate needs. These typically include short-term and long-term loans.

Furthermore, you could set up a side gig or freelance profile to earn additional income but that could take some time to start yielding benefits.

Short-Term Loans

Many people go for a short-term loan when they don’t want to mix personal relationships with money or don’t have time to set up a garage sale. It is highly convenient and often follows a simple application process.

Most short-term loan lenders require minimal documentation and almost always offer instant access to funds. They also follow through a short period which makes them less of a financial burden if you have a solid income.

The main con of getting a short-term loan is high interest rates. This can make repayment difficult if you are on a tight budget or have an unstable income stream.

Credit Card Cash Advances

Did you know that you can apply for a cash advance through your credit card company? These types of processes are quick and you can get your hands on the required funds immediately.

But first, you should check with your credit card company to understand their terms and conditions. Then, there are some cons with this method as well.

If you need an amount like $2,000 urgently, you will also bear some processing fees during the “cash advance” process. Also, don’t forget that your credit card company will charge you interest for this advance which can make it an expensive option.

Freelancing and Side Gigs

Not the most immediate, but one of the most reliable sources of cash is freelancing. If you already have a side gig profile ready on a freelancing platform, you can use it to generate funds for short-term needs.

You can acquire side gigs based on your skillset or experience. For example, many professional writers and designers move to platforms like Upwork and Fiverr to get part-time job opportunities. These skills are very easy to monetize and reach your $2,000 goal faster.

However, the con of this process is that the income might not be as instant as in other options. You will have to work on creating a side gig profile and launching it appropriately to get attention.

Furthermore, there is always some competition in your discipline or niche. That can make it relatively more competitive for you to get the jobs. However, the silver lining is that once you get set up with a positive profile, you can start earning and gathering a side income.

Conclusion

So, what do I do when I need 2000 dollars by tomorrow? Start by asking with a friend or family member you trust. That way you can set up a convenient and manageable repayment plan as loved ones are more considerate.

However, you can also consider checking out short-term loan lenders like Magical Credit to get instant cash. Our company also offers loans at reasonable rates and a manageable repayment calendar. Meanwhile, you should not ignore your credit score. As you take out an instant loan or borrow from someone, also focus on improving your credit score with timely payments. This will help you secure loans at favourable terms in the future.

Contact Magical Credit for a quick loan and expert guidance!

Disclosures:

Magical Installment Loans: We offer installment loans in the amount of $1,500- $20,000 that have a 12-60 month term with an APR 19.99% min - 46.8% max. On $1,500 borrowed for a 1 year term at 3.9% per month, the total cost of borrowing including a $194 fee is $896.00. The total amount to be paid back with interest and fee is $2,396.00. AB License #349796 and BC License #83626

NOTE: Our installment loans are open, so you can pay off your loan at any time with no penalty. You will only pay interest up to the date you pay it off.

Magical Cash Loans - Ontario, British Columbia, Northwest Territories, Nunavut, and Yukon Residents only: We offer Magical Cash Loans in the amount of $100-$1,500.00. The cost of borrowing is $15.00 per $100.00 for each $100.00 borrowed. On a $1,000.00 loan for 14 days, the cost of borrowing is $150.00. The total to payback is $1,150.00 which is an annual percentage rate of 391.07%. ON License #4741412. BC License#85919.

The Loan must be paid in full by the end of term, no extensions or exceptions, no automatic renewals. Failure to pay your debt on time will impact your future credit with Magical Credit Inc. and other credit lenders. All delinquencies will be reported to the Credit Bureaus.

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