Virtually everyone you come across in life can do with a bit more cash. Since our standards of living aren’t coming down monetarily, expenses can quickly add up. When unforeseen circumstances then affect your wallet, things can become awry really fast. Which is why it is so important to have easy access to money.
However, there will be times where this isn’t possible. These negative situations will persist, although your ability to have cash on-hand may dwindle. It is so crucial to both prepare for these circumstances, as well as know your options beforehand.
Here are seven of the most common ways to get emergency money quickly:
1. Cash Advance
The best way to get emergency money fast? is through a cash advance. Even though the debate surrounding credit card usage persists, it is still one of the most important things to have. You never know when an expected expense may occur.
Which is why it is pretty important to not only have one, but have one with the option of a cash advance. For emergency purposes, this is one of the best ways to get access to funds.
A cash advance works by allowing you to take out cash from your credit card account. Essentially, you withdraw money from the account that is associated with your credit card. It is generally recommended to only do this for emergencies only. There may be hidden costs to using a cash advance, that you need to be aware of.
2. Payday Loans
When it comes to getting access to money fast and efficiently, payday loans are great options to raise money rapidly. Payday loans are loans that are given to borrowers, which are expected to be paid back before their next paycheque. There is generally no background check to receive one.
All that is required is some government-issued identification, such as a driver’s license. In addition, you’ll be required to provide proof of income as well. Like the cash advance before it, be cognizant of the costs relative to taking out a payday loan. Lenders are very serious about owed debts!
3. Personal Loans
Although they are not too dissimilar to payday loans, these alternatives work in almost the same manner. This loan is a type of credit that can be used for any scenario, such as emergencies. If approved, you may not even have to wait for your loan; they can be dispersed on the same day.
Interest is one key area that needs to be kept in mind, however. All loans usually come with a high interest charge. If not paid back in the agreed upon manner, these charges will continue to accrue. That is why it is critical to only access them if you don’t have any other options!
4. Support System
Generally speaking, all of us have a network of trusted individuals. These are the people we go to when times are rough. As it relates to financial issues, you may be able to get access to money from your loved ones. Emergencies can affect everyone, not just an individual.
When a close friend or family member acknowledges your circumstances, they may be able to assist you. Don’t think, however, that this is a one-off payment, unless it has been otherwise stated. Trust is a two-way street; always be sure to repay the amount owed when possible.
5. Non-Profit Assistance
As is the case with your support network, your community may also be a viable option for emergency cash. There are a myriad of non-profit organizations who are able to monetarily assist you, should you need it. For example, your local church might have a fund set up to help out. Or, they may be willing to pay a portion of an unexpected expense.
In addition, if you come from a low-income family, non-profits will provide you with other necessities. This is especially true if you have family to take care of, and don’t have funds to cover your expenditures. Always take the time to get to know these communal organizations. You never know when you might need their help!
6. Sell Old Items
Before emergencies occur, you may want to pre-emptively work your way around them. One of the best ways to do this? Sell your old items and products. One person’s trash is another’s treasure; you never know how much easy cash you might end up with!
7. Emergency Fund
As is the case with getting rid of your old valuables, you should also concurrently build an emergency fund. This is an easy way to gain access to funds that you may require at a future date. Contribute whatever you can, so that it can proliferate overtime.
Although we may try our best to prepare for life’s emergencies, they can strike at any time. When you diligently prepare for the worst, you are able to come out of these situations scratch-free. Always know what your options are, and you’ll be in good shape to tackle all crises!