In life, we’ll all experience a time when we need emergency cash. Whether it’s an unexpected expense or a forgotten bill, things happen. If you have a few extra dollars in the bank or an available balance on your credit card, you’re good.
In our current climate, people are experiencing different types of financial problems. Unfortunately, not everyone has money readily available.
What do you do when you incur emergency expenses? Keep reading for ways to get the money you need when you need it.
Takeout a Pay Day Loan to Get Emergency Cash
One of the easiest ways to get your hands on emergency cash is to take out a payday loan. These loans are short-term and usually due in full by your next payday. Some lenders offer extended repayment plans.
Only borrow when you need access to funds in an emergency. Payday loans can become habit-forming and can land borrowers in deeper financial trouble.
Borrow Against a Lawsuit Settlement
Do you have a lawsuit settlement that hasn’t paid out yet? This is another way to access emergency funds. Borrowing against a settlement is quick and easy when you connect with the right company. There are some facts to know before making a final decision to go this route.
Make sure you understand the terms of the agreement. If possible, speak with a financial advisor before making a final decision.
Ask Family and Friends for a Loan
The money you need to cover emergency expenses may only be a phone call away. A family member or close friend could help you out with a loan. The advantage of borrowing money from family or friends is you’ll most likely get favorable repayment terms.
Explain what the money is for and how you plan to repay it. Most important, honor your agreement and repay the money as soon as possible. Even if the lender doesn’t require interest on the loan, slip them a gratuitous tip, with the last payment.
The disadvantage of borrowing money from someone you know is if you don’t repay the money, you’ll fracture the relationship. Plus, they will probably think twice about lending to you in the future.
Borrow Against Something of Value
Pawnshops are in the business of making collateral loans. These loans are extended based on you securing the debt with something of value. If you have a piece of jewelry or an extra TV, see if you can get an emergency loan.
Another popular collateral loan is car title loans. If you hold the title to your car, you can get an emergency loan. These types of loans will get you more money than the average pawn or payday loan.
Relax and Don’t Stress
The emergency cash you need is obtainable if you use the resources available to you. Don’t stress. Write down your options, and devise a plan.
There is more of life to enjoy and explore. Check back often more great articles to improve every aspect of your life.
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