Financial emergencies are just that — emergencies.
You aren’t always prepared when disaster hits. If your roof suddenly starts leaking or your car breaks down, you might be caught off guard, along with your bank account. However, you can’t exactly afford to wait.
When you need emergency cash, there are a few different places you can turn. Today, we’re sharing 10 resources that can help you cover the costs now so you can fix the problem as soon as possible.
When you want to get cash fast, one of the quickest and easiest places to look is around your own home! There’s a good chance you have unused, valuable items sitting around that someone else would pay good money for. While many people sell clothes, dishes, and other heirlooms, one of the best places to start is used electronics.
From your old smartphone to that MP3 player in the basement, there’s a niche market for this type of gear. In addition to using these devices outright, many people purchase them for their parts and then refurbish them later. Look online for sites that allow you to post and sell your items, and do some quick comparative research to make sure your prices are competitive.
If you need to take out a loan to cover an unanticipated expense, you can always start with your trusted friends or family members. While this might not be a viable option for everyone, it’s worth looking into if you have people in your close circle who would be willing to help you out.
This arrangement typically works best for smaller amounts of around $1,500 or less. You don’t want to owe tens of thousands of dollars to a relative if you can help it.
Before moving forward, make sure to get everything in writing. This includes:
Too often, these setups start out amicable but turn sour because one party isn’t keeping up their end of the deal. To make a friend and family loan work, it’s important to make sure everyone is on the same page from the very beginning.
An emergency loan is designed to get you back on your feet when a financial crisis hits. This is a type of personal loan that usually has fewer application requirements than a traditional loan. Most lenders in this space are used to expediting applications, which may mean skipping a credit check altogether.
In addition to brick-and-mortar banks and credit unions, online lenders can also offer emergency loans. They also tend to have the most flexible and accessible process, because everything can be completed virtually.
If you have fair to poor credit, an emergency loan may be the only way you can secure fast cash when you need it the most. While these plans usually have more stringent terms and higher interest rates, they’re relatively quick and easy to access. Of course, it’s still critical to do your due diligence.
Before moving forward with an emergency loan, check the credibility and reputation of the lender you’re working with. To save time and make sure you’re getting a valid offer, it’s best to go through a trusted lender network, like ours at FastLoanDirect!
There are a range of jobs that allow applicants to start work the same day they apply. From delivering packages to driving passengers, think about what you have the time and capacity to complete today. You could even freelance from home if you have a skill that translates well to the virtual realm, such as sales, marketing, or writing.
If you enjoy the work and it fits into your schedule, you could even turn the gig into a profitable side hustle! Here’s a list of jobs you can start immediately if you’re interested in trying these opportunities for yourself.
A home equity line of credit (HELOC) is a type of secured loan that uses the equity you’ve built into your home as collateral. It works as a revolving line of credit that you can access on an as-needed basis. In most cases, homeowners use HELOCs to pay for emergency property-related repairs, such as a new roof or a major plumbing expense.
If you already have a HELOC in place, you might be able to access the funds by simply using the debit card linked to the credit line, or writing a check from the account. If you don’t have one, the process is usually simple, though it could take weeks for everything to go through. If you need easy cash immediately, this might not be your best option.
The upside is that because HELOCs are secured by collateral, their interest rates are usually lower and more competitive. Yet, keep a close eye on the total financial commitment, which will include closing costs and annual fees. Make sure you can meet all of the requirements because if you can’t, you could lose your home.
If you have a credit card, there’s possibility that you could leverage some of your available credit as a cash advance. While interest rates can vary from one card to the next, this could allow you to get money in your pocket as soon as the same business day.
Keep in mind those rates could be high, though. In addition, you’ll start accruing it immediately, which could mean spending more than you expect. Some companies even charge an upfront fee to take advantage of this service, which usually equals a percentage of the advance amount.
Speaking of credit cards, if your credit score is good or excellent, you may qualify for a card that offers an introductory period of 0% APR. While this is a short-term promotion, it might come at the perfect time.
You can use the credit card immediately to pay off your emergency repairs, and then defer interest for up to 20 months or more while you recoup your savings. Remember that it might take a few days to receive your card in the mail, so plan for this waiting period if you can.
Within almost every region, there are nonprofit community organizations designed to help individuals and families cover expenses they can’t afford to pay.
Take the time to reach out to community centers, religious organizations, and even your local volunteer programs to understand where these opportunities exist in your town. From utility bills and rent to food, clothing, and other necessities, these groups exist to meet needs like yours.
If you need emergency money, you may be able to request an advance on your next paycheck from your employer. Most of the time, there aren’t any fees associated with this service. Instead, you’ll pay the money back through a future payroll deduction.
You could also check to see if your company offers any type of low-cost loan to employees in crisis. While not every workplace will have this program in place, it’s worth looking into. In addition to a payroll advance, you can also consider taking out a payday loan.
This is a short-term, high-interest loan that’s meant to be paid with your next paycheck. To get one, you may need to provide your ID, bank information, and proof of income. Note that if you don’t pay the loan back on your upcoming payday, the lender will typically add a fee.
When you’re strapped for cash, covering basic expenses such as your utilities and television can be challenging. To free up some revenue, ask your creditors if they charge a fee for late payments. You may find that some of your basic service providers do not.
If they will accept late payments, this could give you time to rebuild your savings as you pay off your emergency expense. However, here’s the way to make this process work for you: Make sure that the money you’re saving by putting off your loan payments goes directly to your immediate needs.
If you find yourself facing an emergency expense that’s beyond what you can comfortably pay, the situation can feel helpless. You could reduce your spending, but it may not be enough.
This is where fast loans come in. When you work with a reputable lender, these loans can help you secure the emergency cash you need, right when you need it. You can also try any of the other tactics on this list!
At FastLoanDirect, we’ll connect you to a team of lenders ready to create a custom solution just for you. Complete our online form to get started today!