Have you ever wondered how to come up with emergency cash? If so, then this article is for you. I will lay out eight tips that will help you get fast cash for your housing bills, utilities, car repairs, or whatever else.
Bad credit Payday loans are like the credit cards of cash lending. They’re easy to get and there’s no credit check, making them popular with people who have bad credit or none at all. Payday loans also tend to have a high-interest rate compared to other types of loans. But payday loan stores are popular because they offer quick cash when you need it most.
In times of emergency, such as a car breaking down, a payday loan can be just the thing you need. Payday loan stores usually require you to bring in proof of income, such as pay stubs or a check stub that shows your bank account information. The store then gives you a postdated check for an amount up to your total pay for the next two weeks (or however long it takes for your next paycheck).
You’ll be charged an upfront fee and an interest rate that could be anywhere from 10% to 30%. The store will then give you the cash equivalent of your paycheck minus the fee and minus the amount you owe on your loan. In some cases, stores may allow you to borrow more than the amount of your paycheck if you can prove that you have enough money coming in from other sources, such as tax returns or child support checks.
Borrow cash from your credit card
If you have a credit card, you have access to a potential source of cash: your credit line. However, this is not a good idea if you are trying to build or rebuild your credit. The reason is that borrowing money from your credit card can damage your credit score.
When someone takes out a loan or gets a new credit card, the lender checks his or her credit history for signs of responsible use. If it sees signs of trouble, like missed payments in the past, the lender might be more reluctant to lend more money or extend more credit in the future. Borrowing from your credit card makes it look like you maxed out your available credit and couldn’t afford to pay off your balance. So taking out an emergency cash advance can make it harder to get new loans or lines of credit — at least from that bank or other lenders who see the negative report — in the future.
Home equity line of credit
A Home Equity Line of Credit gives you the option of taking money out at any time, in whatever increments you choose, for whatever purpose you choose. It’s not a loan and interest isn’t due unless you’re withdrawing money. The best part is that it’s often tax-deductible! Tapping into your home equity can give you access to cash without draining other accounts, like retirement or savings.
It can also be a way to get money fast when an emergency arises. That might mean covering some home improvements or medical expenses. Or maybe you need a car repair or want to make home improvements. Whatever the case, it’s smart to have a HELOC on hand if the need arises. You can rely on it to get through tough times without having to put anything on plastic or borrow from family and friends.
Emergency loans are a good option if you need money in a hurry. Many lenders are offering these loans, with various interest rates on offer. The Internet is a great place to start looking for emergency loans.
Tests have shown that people who come across emergency loans on the Internet tend to be more confident about the whole process, and they make better decisions as a result. Consider using the Internet to find your next emergency loan.
If you require money, several non-profit organizations can help you. The best way to receive assistance is to apply for a loan and be approved. Nonprofit organizations have connections that can help you get the money you need.
There’s more than one way to come up with emergency cash. Just as you can prepare for an emergency, there are also a variety of ways to raise it quickly. Check out the post above to learn how to generate some fast cash if you ever find yourself in a tight spot.