5 Ways to Get Emergency Money Fast
Have you ever had an unexpected bill pop up out of nowhere and not had the cash to pay for it? I bet most people have had this happen to them. It sure has happened to me. It taught me to keep a fully funded “Emergency Fund” for that sure to come rainy day.
If you believe the statistics, you will find that most people live week to week and have little or no savings. When they have a need for money quickly, they do not have any resources to fall back on. I have listed several ways you can quickly get emergency money fast.
Go to Family and Friends for Help
This is your most embarrassing option. Going to family and friends for a loan can be demeaning. It’s embarrassing to let the closest people in your life know you are in bad shape and can’t help yourself. But sometimes this is your only option. If you have gone to them before it may not be so bad because you have a track record of borrowing and paying back the money in a reasonable amount of time. If not, just go to them and tough it out.
You can also ask if they need any work done around their house or know of anywhere you can pick up some quick work to fill your need for cash. Many people don’t mind helping others in this way if the people are of good reputation and do not abuse the privilege or take advantage. Remember, not paying your debt back is the quickest way to permanently destroy your relationships with family and friends.
Sell Whatever You Can
You are in emergency mode and the best way to raise cash quickly is to sell your stuff. A yard sale this weekend would help a lot to get the ball rolling. You can at least raise $100 to $200 in a day and help clean out those closets at the same time.
Use online services like Craigslist or 5Miles to sell your belongings to people in your area. You would be surprised how quickly you can raise cash this way. Just remember to do it safely by meeting people in public places and use common sense when making cash transactions with strangers.
Visit you local pawnshop to pawn your possessions. Pawn shops especially like to give loans on jewelry. It’s beneficial to them and you can get the most cash. Just be sure to use one the chain pawn shops or one with a good reputation. Many people feel they have really sunk to a new low when visiting a pawn shop but today pawn shop chains are corporate owned and held in high regard.
Ask Your Boss
Going to your employer and asking for an advance on your pay is a way to get a interest free loan that you do not have to pay back. Though it depends on the individual policies and rules of the company you work for. Also if you are working for a smaller company you have a better chance of getting a pay advance from them. If you work for a larger corporation this may not be in their rules to do such a thing. But it couldn’t hurt to ask!
Car Title Loan
Here we have an option a little more involved but still relatively quick. You can take your car title and borrow money on the value of your car. The main advantage to having an automobile title loan is that it allows the consumer to obtain the cash they require very fast. Automobile title loans are normally processed within a day or 2. This is simply because it is a straightforward procedure, that really just consists of the loan provider checking out your automobile to make sure it is worth approximately the amount of money you will need to borrow.
Anybody with an automobile can get a car title loan. This is due to the fact that there is no credit check or background checks required. The loan company is providing you a secured loan, which implies that the loan is based upon a piece of collateral that you are putting up. An unsecured loan is when there is nothing required, but they are giving you cash based upon the presumption you can pay it back plus interest.
There is basically no risk for the loan provider, so they have high approval rates with car title loans. Car title loans are ideal if you have bad credit. A bank most likely will not offer you the 10 grand you require for your personal debt or expenses, however if you have an automobile, Miami auto title loans will get you just what you require.
Another added feature is that while you have the loan out, you get to keep the automobile and still drive it. You will present your title and a pair of keys to the loan provider, however you are still able to drive. So there is no change in your lifestyle and you receive your cash.
Credit Card Advance
Credit card advances or balance transfers are another quick way to get cash fast. I may get clobbered by Dave Ramsey or other financial gurus for suggesting this but sometimes you don’t have many options.
Provided you have credit cards and good credit you can get cash quickly from your credit card provider. You already may be receiving balance transfer checks from your credit card company already. You just write the check and take care of the need or have the money transferred to your bank account.
Remember there is a fee for this transaction that can be between a minimum of 3% to as much as 6% of the amount you are borrowing from your credit card company. Plus be ready to see cash advance interest rate much higher than the regular credit card interest rate which can be as high as 19% interest.
Prevent This From Happening Again
As soon as your crisis has ended and you have paid back any loans, try to avoid this situation from happening again. You need to set aside money for the next crisis that I guarantee will come again. Save a little out of every paycheck. Any unexpected money that comes your way should go into your emergency fund. An emergency fund is the best financial move you will ever make and I promise you will sleep better at night knowing it is there.
Category: Debt
