Accomplishing anything good takes time. Building credit is like building a city, it’s a slow and meticulous process. I know, shocking, despite conventional belief cities aren’t built in a day. When such a monumental task is undertaken leaders, engineers, and architects will take months and years to plan and develop a city.

However, this may seem like a rather banal statement when you find yourself in a tight position needing credit fast.

With the fast-moving lifestyle that most of us have today, as well as our urgency to get things done fast; it can be daunting to wait for weeks or even just days to get money. This is why most people are turning to instant ways of getting credit.

Nonetheless, like any other product or service on offer in the market, it is important to dig a little bit deeper into any deal that glitters. After all ‘Not all that glitters is gold.’ Is that option that you are eyeing really that great? Does it have any con that you should be aware of before applying for it? Here is a look at the top 3 quick credit solutions:

Instant Approval Credit Cards

Need cash for an upcoming travel or emergency? Instant approval credit cards offer a creditful and convenient way to get money fast whenever you need it. Instant means you apply for the card easily online and get quick feedback, usually within minutes on whether your application has been approved or not. So how does it work? When you apply for the card online, the company will do a quick credit check of your credit score. Essentially, the higher your score, the higher the chances of your application being approved.

If the credit card company approves your application, it will approve but with conditions; what is commonly referred to as “conditional approval.” It is normally so to give the firm more time to do a thorough check of your credit background. It will ascertain your creditworthiness by analyzing your credit history, including income and previous credit card usage. They will also check if you meet their residency and age requirements.

This technically means that if you are approved instantly after the fast check, it is not a guarantee that you will get the card! Your credit must be beyond reproach if you want real instant approval. Nonetheless, if you are a student or unemployed with a “not so good” credit, you still have other options. Most instant approval credit card firms offer prepaid instant and secure student credit cards.

Now, although you can get feedback quickly with this option, you must take your time to shop around and compare different instant approval offers. To get the best deal, always go through the fine print and research the benefits and features of the credit card company before applying.

Secured Credit Card

Another good option is secured credit cards. They require some sort of deposit, which is normally equivalent to your credit limit. The deposit requirement is there to minimize risk to the issuing company. This means that if you do not pay back, the company can close your account and use your initial deposit to settle your outstanding dues.

Now, the only advantage of this option is that it helps users build credit if they pay back diligently. For instance, if you deposit $500, you are given a spending limit of $500, and if you pay back on time, it helps you build your credit score. Be as it may, approval for the card is not always a guarantee. Your application can be rejected if you don’t have a bank account, you have undischarged bankruptcy, or you don’t have a stable source of income. If you would like some more details on credit cards as a whole I would recommend you check out Crediful for more info. That way you can make a more informed decision.

Title Loan or Payday Loan

Only consider this option as a last resort because of its high cost. Title or payday loans usually come with rates in the ranges of 100%, 300%, or 500%! The fees are costly such that most cash strapped borrowers usually find themselves renewing their loans many times.

The Bottom Line

Cash flow crunch is a very stressful situation. Nevertheless, this doesn’t mean you should be scared. Please do your research and consider the various options available because every short term loan has its own advantages and disadvantages. Also, note that terms of such loans are usually a bit tough and should only be considered in an emergency.