You may not have money set aside for unexpected expenses or an unforeseen bill. Not having the money you need can cause stress and worry. All you know is you need instant cash.

One way to get money is to approach a bank. There are pros and cons to borrowing money from a bank.

instant cash

Banking, Credit Union, or Financial Institutions

Advantage: Accessable

Banks can loan large sums of money. They have lower interest rates than other financial institutions. The better your good or excellent credit score is, the lower the interest rate. Loans are typically based on debt to income ratio and other financial considerations. They can write personal loans, secure loans, and a home equity loan.

Advantage: More Freedom

Banks assume no control over how you use the money you borrow from them. They simply want the payments made on time until the loan is repaid. You have freedom to use the money as you please.

Disadvantage: Takes Time

Borrowing money from a bank takes time, while you go through the application process and wait for approval. As part of the application process, they will need information about any credit card company you have dealt with, checking account information, any outstanding balance you owe on any existing loan, auto loans you have, employment information and salary or household income. If you need quick cash, waiting may not be an option.

Disadvantage: Credit Checks

As part of the application process, banks will check your credit score, and if you have bad credit, you may not qualify for a loan. Poor credit is one of the major problems with obtaining a bank loan. Poor credit may also affect the interest rates you get. Credit bureaus collect information about debts owed, payments made on time, and how successful you were in fulfilling your past loan agreement. The information obtained from credit bureaus affects your application.

Disadvantage: Loan Origination Fees

Some banks charge a loan origination fee when you apply for a loan. This needs to be paid, as well as the amount of the loan plus interest.

Online Lenders

Online lenders can sometimes afford to give you a lower interest rate and lower loan origination fees, because they don’t have the expense of maintaining a brick and mortar store, and overhead costs.

Advantage: From Your Sofa

Technology gives you the advantage of borrowing money, filling out applications, and providing supporting information from the convenience of your home. The process is simpler and servicing more accessible compared to traditional lenders.

Advantage: Cost

Because online lenders have lower overhead, they can offer competitive interest rates and lower fees.

Advantage: Service

Because online lenders have to work hard to keep borrowers, they offer superior customer service.

Disadvantage: No Branch Access

Because online lenders don’t have brick and mortar offices, the interaction isn’t face to face.

Disadvantage: History

Technology and online lenders are new, and you may want a traditional lender with a well-established name or history. You may worry that the online lender may be riskier than a bank in the case of market downturn. The lender actually carries the risk, rather than you, the borrower.

Disadvantage: Waiting Time

Online lenders like banks need time to process your application. They check credit scores and financial information. They want to research open accounts you have, credit cards you owe, and other financial institutions you have open balances with.

Pawn Shops

Payday Loans

Payday loans can be used to pay off gambling debts, bills, or fund unexpected expenses. As with bank loans and online loans, there are advantages and disadvantages to a payday loan.

Disadvantage: Cost

Depending on where you live, payday loans can be expensive. On average, the interest rate is about 400%. This is much higher than a traditional lender who’s rate may be 4%-36%.

Disadvantage: Considered a Predatory Loan

Predatory loans have terms that may be unfair or unaffordable. Because of the potential to borrow money from payday to payday, predatory loan can trap you in a cycle of debt.

Payday lenders don’t always check to make sure you can repay the loan. This causes the loan to roll over repeatedly, and fees and interest are accumulated. The loan payments don’t help you build credit, because payday lenders don’t report to the credit bureaus.

Disadvantage: Target Lower Income People

The location of a payday lender is typically in lower income communities, and these borrowers may not be able to pay the terms of their loan

Disadvantage: Access to Your Bank Account and Can Sue You

Payday lenders will ask to gain access to your bank account. They may take what is owned directly from your bank account. If the money isn’t there, you will have overdraft fees and negative credit reporting.

Some lenders require a postdated check written from your checking account, so the check can be cashed the day you are paid. If there isn’t money available, overdraft fees will add to the cost of the already high interest loan.

They can sue you for any unpaid amounts. The court will enter a judgment, and you may face wage garnishment. Legal battles are expensive.

Advantages: Instant Cash

Payday loans give you instant access to the funds you request. The lending decision is immediate and often available 24 hours a day, 7 days a week. Sometimes payday lenders also have online applications.

Advantages: A Brief Application Process

Payday lenders require you are 18 years old, have a government issued ID or social security number, a bank account, and a regular source of income.

Advantages: No Credit Check

Payday loans don’t require that you have a good credit rating. They don’t do credit checks, which is an advantage if you have bad credit. They also don’t require you to provide a credit history.

Instant Cash Friendly Pawnshop

Pawn Shops

When you need to borrow money right now, pawn shops have ways to borrow money instantly. Pawn loans are considered secure or collateral loans. They provide instant cash advances to help in emergency cash needs.

Disadvantages: High Interest Rates

Pawn shops charge interest rates that are higher than traditional lending institutions. The loans are designed to be a short-term loan, so interest rates don’t stack up.

Disadvantages: Collateral Needed to Borrow Money

When you take out a pawn loan, you need to provide collateral that has a value that will cover the cost of the loan. You then make loan payments and pay any fees. Once paid, your item is returned. If you decide you can’t or don’t want to pay the loan in full, the ownership of your collateral is transferred to the pawn shop to cover their costs.

Advantage: No Credit Check

Pawn shops only require a state issued ID to get a pawn loan. They don’t consider good credit score, bad credit, or no credit at all. They only require that the value of your collateral covers the cost of the loan.

Gold Mine Pawn Shop

Advantage: Pawn Shops Are Regulated

State and federal laws regulate pawn shops. This keeps you and them safe. They also work with local law enforcement to deter stolen goods.

Advantage: Multiple Loans

Instead of using multiple lenders, you can take out more than one short term collateral loan from a pawn shop as long as the items you use as collateral cover the cost of your loan. Pawn shops take gold, silver, gold jewelry, precious metals, name brand electronics, musical instruments, tools, luxury handbags, and designer watches as collateral.

Goldmine Pawn showroom

Advantages: Your Personal Pawnbroker

Pawnshops pride themselves on working with their communities and customers. If you have a pawn shop in your area, get to know the pawnbroker. Everyone needs a lawyer, doctor, and pawnbroker in their corner. Pawnbrokers will work with you to ensure the borrowed money is something you can pay back, they will work with you if you need a few extra days to make the monthly payments, and they will ensure you can access cash before you leave their store.

Sell coins

Goldmine Pawn

Goldmine Pawn is located in Hollywood, Florida. They are a full service pawn shop and pawn for cash. They understand that emergencies can happen, and when they do, quick cash is needed. For life’s unpredictable moments, Goldmine Pawn can help. They make getting cash for gold, jewelry, and electronics faster and easier than any other pawn shop nearby. They offer you a collateral loan — so you can return for your items as soon as possible.

They are a pawnshop you can count on.