Whether it’s an emergency trip to the vet or your roof caves in, some expenses can take you by surprise.
When you are in the midst of a financial crisis, getting quick access to cash becomes a top priority. Depending on your situation, you may already have some options prepared.
However, if you don’t have savings that are easily accessible, you need to be aware of the resources that are available to you. We are here to help you get started with your search.
In this article, we’ll be covering six ways to get emergency money when you need to get back on your feet.
Let’s dive in!
1) Payday Loans
Payday loans are a type of short-term loan designed to help people cope with unplanned expenses. These loans are relatively easy to get, but their interest rates are often much higher compared to other forms of credit.
Unlike traditional loans, payday loans are faster to obtain, with many lenders even offering same-day approval and disbursement. This is highly important during emergencies when time is of the essence.
Anyone over the age of eighteen can apply for a payday loan. However, your approval may depend on your credit history, other financial information and lender criteria.
While these loans may be easy to access, you need to use them responsibly and ensure you have a plan for repayment to avoid falling into debt. As long as you exercise caution while using payday loans, they can serve as a valuable financial lifeline during times of need.
2) Bank Overdrafts
An overdraft allows you to borrow money from your bank during moments of crisis. With a bank overdraft, you can take out more money than you have available in your account.
In a simpler sense, these overdrafts are quite like a boho suitcase. A boho suitcase has a stylish yet practical design that allows you to hold more than you expect, making it ideal for a last-minute trip. Similarly, a bank overdraft serves as a financial buffer to combat unexpected expenses. Both offer convenience and come to your rescue when you need some flexibility.
While overdrafts may be useful in an emergency, if you’re always in your overdraft, it may end up costing you a lot of money. That’s why you ought to use an overdraft only when you absolutely need to.
If you do use your overdraft for an emergency, be sure to find ways to clear your debt to avoid entering an overdraft in the following month. You can do this by cutting back on spending and using your available savings.
3) Declutter and Sell Items You Don’t Need
If you need some quick cash, the answer could be right in your very own home. A need for emergency cash can turn into a great opportunity to declutter your home and sell any unwanted items or furniture.
From old couches to well-loved clothing, comics and TUBBZ collectable figures, there are many items you could part with that someone else may enjoy more. More importantly, they may be willing to pay you handsomely for them.
If you ever find yourself in a tough spot financially, selling items you no longer use may be the exact solution you’ve been looking for. It’ll not only help you earn the funds you need, but it may also brighten up someone else’s life.
4) Request an Advance on Your Salary
If you’re faced with unexpected expenses, approaching your employer for an advance on your salary may help you obtain the urgent financial support you need.
Have an honest conversation with your employer about your situation, why you need the advance and how it will help you manage your finances moving forward. Many employers understand that emergencies happen and may be willing to grant your request, allowing you to access a portion of your next paycheck early.
A salary advance is also less stressful compared to a loan as it doesn’t involve any interest or additional fees and can be repaid through deductions in future paychecks. While this request may be difficult to ask, it is a temporary solution to help you get back on your feet.
By taking this step, you can obtain the emergency cash you need and focus on finding a long-term solution.
5) Credit Union Loans
Credit unions are community-based organisations whose members share a ‘common relationship’. For example, the members may live in the same location or work in the same profession.
Typically, you need to be a member to apply for a loan from a credit union. However, loan applications can also be considered at the same time as a membership application. This means that a credit union could help if you need money quickly.
Credit union loans are a more affordable option compared to many short-term credit options. With these loans, you can borrow small amounts quickly and take care of urgent financial needs.
6) Ask Friends or Family Members
If you have a close relationship with your family and friends, you may be able to turn towards them for assistance during your time of need.
We understand that asking for money or a loan from a loved one is a tough decision and is not to be taken lightly. However, it can be a complete lifesaver during desperate times.
If you do borrow from your loved ones, clearly go over the repayment terms and potential interest to improve the chances of agreement and avoid conflict later on.
Borrowing money from someone you know, especially friends or family, can be awkward and uncomfortable for both parties involved. However, it might be worth the discomfort, as it can help you avoid worsening your financial situation.
To Wrap Up:
Finding emergency cash when you need it can be challenging, but there are many practical options that can help you get through tough situations.
Whether you apply for payday loans or borrow from friends or family, you need to consider your situation and choose the option that best suits your needs.
The above solutions are only meant to provide temporary financial assistance and relief. It is up to you to think about longer-term financial planning to regain control of your finances and be better prepared for future moments of crisis.
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