Are you in need of some quick cash? If you are able to hold on for 1-2 weeks, there may be a way for you to borrow some money online.

There are online peer to peer lending sites such as Prosper.com and Lendingclub.com where you can borrow cash relatively quickly, if you qualify. These sites create a win-win situation for borrowers and lenders alike. The sites are set up so that the borrower pays an interest rate based upon his credit rating and creditworthiness. Borrowers can apply for loans that range from $1,000 to $25,000. The funds borrowed can be used for things such as debt consolidation, auto purchases, and personal loans. 

These peer to peer lending sites each have their own criteria that borrowers must meet to apply for a loan. For example, Prosper.com has a requirement that borrowers have a minimum credit score of 640. Currently Lendingclub.com requires a borrower to have a FICO score of at least 660 and a debt-to-income ratio (excluding mortgage) below 25%. Both sites have other borrower requirements that will need to be met before qualifying to participate and obtain a loan.

Interest rates vary depending upon your credit history. However, the rates are often less than those you would obtain from traditional lenders. And, in many cases, interest rates will be far less than those you might get from a payday loan or from a cash advance on your credit card. In addition to the interest you pay, you will have to pay a fee to the website from which you obtain the loan. If you are late with a payment then you will be required to pay a late fee. On the other hand, you are able to prepay the loans at anytime without penalty.

There are other things that you will need to check out at each site. For example, if you reside in certain states you may not be eligible to borrow from these sites so you’ll have to look at each site to determine whether your state has any lending restrictions.

Here’s Hoping Some Quick Cash Comes Your Way!

It depends.  If you don’t have any sentimental attachment to the items you are going to pawn then it might be a good idea if you are extremely desperate for some quick cash.  However, it’s not a great idea to go and pawn that special diamond ring your mother gave you on her deathbed unless you really don’t care if you never get it back again.  And, don’t expect to get anything close to the real value of the item you are pawning. 

It’s pretty simple to get some quick cash from a pawnshop.  You just take your personal stuff that has some value to a pawnshop and use the stuff as collateral to get a loan.  Usually, the loan will be approximately ten percent of the actual value of your item.  You will give the pawnshop your stuff and the pawnshop will give you a pawn ticket.

After that you have several choices.  First, you can go and buy your stuff back during the next 20 days by going to the pawnshop and paying back the loan with interest (usually about 20%).  Second, you can go back before the 30 days has run and just pay the interest on the loan.  This will allow you the chance to come back again within the next month and pay off the loan and interest and get your stuff back.  Finally, you can choose not to pay back the loan at all.  In that case, the pawnshop will keep your stuff and sell it for much more than you received for it.  But, you won’t owe the pawnshop anything more.

Use this as a last resort and don’t do it if the stuff you have is sentimental to you.

Here’s Hoping Some Quick Cash Comes Your Way!