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Latest Personal Loan
Article |
Need Quick Cash?
When choosing a quick
cash loan, always consider your circumstances and choose your best
option..
article written by V. Philips
Option 1:
Borrow from your IRA -
Pro
- When borrowing from your IRA, you can be penalty and tax free for up
to
60 days.
Con -
Must be paid within 60 days or you will owe taxes
and state and
federal charges.
This option would be your best choice if,
you were certain you could pay this back on time.
Option 2: Cash Advance from Credit Card -
Pro
-
This is an easy and convenient way. There is no
time limit to
paying it off.
Con - Be aware of your interest
which can be costly! Plus, you usually pay a
fee of about 3%.
This option would be your best choice if,
you can pay it off within 30 days so the interest doesn't accrue.
Option 3: Home Equity Loan -
Pro -
This method offers low, tax deductible interest.
Con - Unfortunately, your house
is the collateral.
This option would be your best choice if,
you needed more time to pay off the loan.
Option 4: Borrow From Your 401K -
Pro -
You would have no tax or penalties. Interest is paid
back to
you.
Con
- If
you do not pay this back in time, you will owe tax and
penalties.
This option would be your best choice if, this is
your only savings and you know that you can repay the loan.
Option 5:
Personal Loan -
Pro -
Interest rates may be reasonable.
Con - Without collateral, interest rates are higher.
This would be your best choice if, you do not have home
equity.
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So,
as you can see, you have a few options to consider before choosing a "Quick
Cash Loan". Good luck and choose wisely!
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www.kylies-corner.net
and include the authors name. Thank you.
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