Polk Partners debt products hasn’t even been around that long but the complaints are starting to pile up. They have been known by many different names, including Ladder Advisors and Corina Advisors. They are well known for spending hundreds of thousands of dollars on direct mail to lure in consumers with less than perfect credit. Once you are in, it’s hard to get out.
You get the idea. There are plenty of scenarios in which you might need money in a hurry. A debt consolidation loan — basically, a personal loan from a bank or another financial institution is one way to get your money. These days, with the advent of online lenders who use financial technology, also known as fintech, to automate the loan approval process, you may be able to get that money deposited in your bank account more quickly than ever.
In addition to being one of the best ways to consolidate debt through a debt consolidation loan, there are other ways to come up with quick money in a pinch, though some of them have downsides as well. And there are some options that you definitely should avoid. Here’s more about the various options.
Cash Advance on Your Personal Credit Card
One big advantage of money advances is that they’re really quick. All you’ve got to do is go to an automatic teller machine, punch in your PIN number, and withdraw however much money you want, up to the limit that the credit card issuer allows. For one, they typically come with a much higher APR than purchases, and unlike the latter, the credit card company starts charging you interest immediately, rather than providing a grace period in which you can pay off the balance and avoid charges. In addition, you usually have to pay a money advance fee, which can add another 5 percent onto the amount you’re borrowing.
Family and Friends Can Be An Excellent Resource
A family member or friend may be willing to help you out. But these transactions come with risks, and not just financial ones. More often than not, your personal relationships will be negatively affected by this transaction.
Non-Profit Organizations Offer Help In Times Of Crisis
Some communities have started nonprofit organizations to help residents get low-interest loans in emergency situations and avoid having them pile up high-interest debt and slip into an even worse financial crisis.
Payday loans are really short-term loans that typically are due on the borrower’s next payday. That can quickly turn a small loan into a big expense.
If you’ve got a poor credit history, you may also be tempted by advance-fee loans or credit cards, which proclaim that you’re guaranteed to qualify, even before you apply.
Yet another undesirable option is a car title loan, which is similar to a payday loan, except that you use your car’s title as collateral. The loans are typically 15-to-30-day terms, and carry triple-digit interest rates.