Emergencies happen. During emergencies you might need cash and you might need it fast. But we’re not all blessed with a huge savings account we can dip into. If you need cash without resorting to donating blood or any of your body parts, this is the guide for you.
Sell Your Stuff
One option is to sell your stuff. Most people have something lying around the house they don’t need any longer. Now is the time to look into selling some of your items on eBay, Craigslist, and even as part of a yard sale. It’s not an inexhaustible supply of funds, but it’s a good start.
It’s also an excellent excuse to begin clearing out your home.
Get Quick Cash Loans
Quick cash loans are always an option if you need money until you get paid. These quick cash loans are mostly going to involve relatively small amounts, such as a few hundred dollars, and high interest rates.
Most of these loans don’t require a credit score to get accepted. You only need to show that you have a regular income. And the majority of loan applications are accepted and the money paid within 24 hours. You won’t find lenders anywhere else that act so fast.
Just remember to make the repayments so you don’t get hit with those high interest rates.
Family Member or Friend
Another option is to simply borrow the money. If you have friends or relatives who’re willing to help you out in a pinch, get the money from them. But just because you know the person doesn’t mean you shouldn’t take it as seriously as a conventional loan.
Draw up a contract and sign it. You don’t need a lawyer for this. Even homemade contracts signed between two parties and a witness is valid in court. This is just to make your friend or family member feel comfortable about lending you money. It shows you’re taking it seriously.
Put it on the Credit Card
It’s not uncommon for households to have a credit card they only use when they really need it. If you need money fast you should consider putting the purchase on the credit card. Try not to use more than 30% of the balance at once or it could impact your credit score.
Try to pay it off as soon as you can so you don’t get into any debt.
Your Retirement Account
Most Americans of working age have some sort of retirement account. This could be an IRA or a 401(k). You may not know it but you do have the option of dipping into it if you need the money. The interest rates are low and borrowing from it won’t hit your credit score.
But you do need to pay the full amount back in a specific period of time, and the penalties can be big. Also, you should refrain from borrowing if you think you may lose your job soon.
If you lose your job you’ll have to pay the full amount back immediately or it will be considered as an ‘early withdrawal’.
Many Options on the Table
There are more ways to get money in a pinch than you might think. When you next encounter an emergency, don’t panic. Take a look at your options and you’ll find that you do have a number of plans at your disposal. If you work them right it won’t cost you a lot of money to take that loan or to borrow with your credit card.
Have you ever borrowed money during an emergency?