Everyone has run into times of financial trouble, and while it would be ideal to have enough savings to cover any issues, this is not a position most people are lucky enough to be in.
This means that having access to emergency loans or funds is all important for most people, but what are your options when it comes to emergency cash? Do you know where you can get what you need or what different funding sources you could take advantage of?
This article will delve into four accessible options for those in need of emergency cash.
3 Non-Credit Options: Is There Any Free Help?
Obviously, the best option possible when it comes to getting an emergency cash injection is the ability to borrow from friends or family. That’s not always possible (especially with the rising cost of living), however. Thankfully, there are some options out there for people in dire straits. For example, consider:
1. Local Charities and Grants
If you already receive income support or are considered vulnerable, there may be charities and governmental bodies willing or able to give you a one-off emergency grant. Do some research to see if you qualify.
2. Sell Unwanted or Unneeded Items
If you need a small amount of cash and you are able to wait a little, selling unwanted or unneeded items like clothes, jewelry, and electronics can raise cash without getting you into debt.
3. Seek Cash Alternative Help
If you need cash to put food on the table and are having a hard time finding it, local non-profit services such as food and clothing banks can help you to make it to your next paycheck a little more comfortably.
If you need a larger sum of money quickly, then emergency credit lines or loans may be your only option. Thankfully, there is more than one place to get emergency same-day loans from sfgate.com.
3 Emergency Loan Options for Same-Day Cash
There are a number of different options open to those seeking emergency funds at short notice. A traditional bank loan offers the best chance of a low interest rate, of course, but will often take weeks to be approved (if not more) and their standards are stringent. The following three options offer the possibility of same day cash, however:
1. Payday Loans
Payday loans often get a bad reputation because of their short repayment timeline and high interest rates. However, payday loans are an almost guaranteed way of getting quick cash (though, no loan is a certainty for approval), and as long as you repay in time, you won’t run into any trouble.
Only utilize these when you are certain you will be able to repay in full and on time. The benefit of this is that the money will be paid directly into your account.
2. Credit Card Advance
If you already have a credit card with an available balance, but you need cash in hand, many card providers offer the option of withdrawing an advance. There is usually a fee attached to this, however, so be sure to read the fine print and do not take out more than will exceed your credit limit (including fees).
This is one of the quickest options, however, as there is often the option to take a credit card advance from an ATM machine or bank. There may also be an option to have the money deposited into your bank account.
3. Emergency Personal Loan
There are lenders that offer quick personal loans that are not payday loans. The benefit of this option is a longer repayment timeline than payday loans, but the interest rate may be higher than the interest offered by a credit card advance.
If you need money quickly, this option may offer the best of both worlds. Loans like these are generally paid into a bank account, but they sometimes be used as financing options and be paid to a third party, such as a car dealership (this is not very common, however, so make sure to double check if this is your aim).
If you need money in a pinch, one of these six options should help you to keep your head above water and give you some breathing room. Just remember that any emergency line of credit is debt, and therefore, your chance of getting approved and the rate of interest you are offered is impacted by your credit score. Likewise, failing to pay or making late payments will leave black marks on your credit score and lower your score overall.