Emergencies happen and it is typically between pay periods or right after paying a bill. Not everyone has an ample emergency cash fund setup
or the available funds on-hand, especially those with bad credit. No matter what your financial situation is, there are ways for you to get the funds you need in an emergency.
Payday Advance
If you have a stable source of income and a valid checking account you can obtain a payday advance. The amount that you can borrow is based upon your income. Most people qualify for these types of loans and often there is not credit check. Most lenders or banks just verify you have a job and direct deposit. There are also advantages to using an online advance site than having to drive to your local one.
Auto Title Loan
When you have a paid off vehicle with a clear title, an auto title loan is another option when you need emergency funds. With this, the repayment terms are setup like an installment loan since the dollar amounts lent are often several thousand dollars. Your vehicle is appraised and a loan offer is extended to you. The lender has possession of the vehicle title until the loan is paid in full. If you miss a payment and do not stay in contact with the lender, they can repossess the vehicle.
Quick Cash Loan
There are options for quick cash loans that are obtained online. These loans do vary by state and some states do prohibit them. Always double check to make sure that the lender is licensed to loan money in your state before applying and review their terms. Some work just as payday advances do and others are repaid as installment loans.
Borrow from Friends or Family
Although it is difficult, asking a friend or family member to loan you money is an option. It may require borrowing from several people and making payment arrangements with each one, but this is an option. Make sure that the funds are paid back in a timely manner.
Pawn Shop Loan
Pawn shops do buy items but they do also make loans, which is why the term pawn is used. These loans are generally from 90 to 120 days with a small amount of interest added on. The pawn shop will appraise the value of the items you bring in and will offer a loan amount. Negotiations are possible but this is cash-in-hand immediately.
Use these options to obtain emergency funding. These options can help avoid utility disconnections, evictions, foreclosures and can help pay for emergency medical services. Based upon the urgency of your need for funds, use the option that best suits the situation.
I’ve always felt very eerie about places like Payday advance or anywhere that will give you a loan as soon as you walk in the door.