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7 Ways To Get Emergency Cash Fast

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There are times in life when unexpected expenses arise. They can be medical bills related to an injury or illness, or you may just be short on your mortgage or car payment. Whatever the reason, it's helpful to know there are resources available to assist you in a time of financial crisis.

Payday Loans
These are the most common types of loans and that may be because they're the easiest, when it comes to qualifying for credit. Typically, you only need to provide a bank statement and proof of income. The loans are small, up to $500 depending on your weekly income, and have to be repaid on the date of your next payday.

Credit Card Cash Advance
If you have a credit card, this is a faster way of obtaining a small emergency loan. You can only borrow up to your credit limit, which means you must still have an available balance. This option should only be reserved for real emergencies, because the card issuers typically charge a higher interest rate on cash advances than on straight purchases. If you can't pay with the card, however, a cash advance is a possible alternative.

Car Title Loans
If you own a newer car and it's in good condition, getting a car title loan may be an option for you. You'll need to have equity in the car, meaning it will have to be paid off or mostly paid off and you'll only qualify for the amount of the car you actually own. For instance, if you still owe $15,000 on a $20,000 car, the most you'll be able to borrow is $5,000.

Home Equity Line of Credit
If you're a homeowner, you might want to apply for a HELOC from your lender, those the application process can take longer than some of these other options. This is similar to the car title loan in that you must have equity in the home and that you can only borrow up to that amount. Interest rates can be high, but they're more reasonable than most traditional loans.

Borrow Against a Life Insurance Policy
If you have a life insurance policy that you have been paying on for years, you may be able to borrow against the cash surrender value. In this case, you can either pay back the loan, or forfeit that amount from the policy coverage. If you choose the latter, it means your beneficiaries will receive that much less at the time of your death.

Short-Term Emergency Loans for College Students
If you're enrolled in college and need emergency financial assistance, you might want to find out if your college offers this option. It's a small loan, usually just enough to buy textbooks or refill a meal card, and it must be paid back within a month or two. Check with your school's financial aid office to learn if they offer this type of emergency assistance and to find out more about their specific terms.

Personal Loans
If you qualify to join a local credit union, this might be a preferred option. Credit unions will usually approve loans for individual with bad credit, even after traditional banks have declined. Additionally, federal law prohibits credit unions from charging too high of an interest rate, capping off the permitted rate at an 18% rate. This is another option that takes longer and it can take more than a week to receive the money, but you'll also receive a larger loan amount and longer to repay than payday or car title loans.

Emergencies do occur and not everyone has a savings count upon which to draw. In those cases, it can be comforting to know there are multiple alternatives. As long as you keep in mind that these are each meant for emergency situations and should not be used as "extra money" on a regular basis, they can be ideal for helping you get back on your feet.

Latest Activity: Mar 06, 2018 at 8:52 AM

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