Emergency cash has a variety of sources. Ideally, an emergency fund is something you might have built up already. But if you don’t happen to have one yet, then getting an emergency cash loan might be highly advisable. This article discusses topics about emergency cash loans and basically where to get them.
A Little Help From Your Friends
A loan is an option, but before making a decision on whether to get a loan or not, it might be a great idea to consider your family or perhaps network of friends first. If your financial drought resulted from a personal problem, they may be willing to help you more. But of course, if they refuse to lend you money, don’t be offended – it may be just a risk they are not willing to take, or they may have no budget or amount to lend you. Remember, they too could end up needing such amounts for emergencies as well.
Emergency Cash From the Bank
Depending on how immediate you needed the cash on hand, you can always opt for an emergency cash loan from the bank. This may be your best option as a last resort for your immediate needs. You may acquire such offers from the bank in different ways:
• Using your credit card – charges
• By getting a home equity loan
• A line of credit from your Home Equity
• Through a Signature (unsecured loan)
When it comes to seeking emergency borrowed cash, it’s always best to consider credit unions as an alternative. They may be more willing to work with you and your problems than other firms.
Payday Loans – Dangerous Option
There may be times when you are looking for a loan, but just doesn’t have the credit required. In this case, borrowing – in a traditional way – just won’t be an option. In these cases, you might want to consider getting a payday loan instead. But if it is your decision, it would really help to be very careful.
When dealing with payday loans, being careful is not a just a great advice, but a must-do tip as well. The truth is, if mishandled, they could only bring you to a worse situation than where you are at the moment. Let’s just put it this way, a payday cash advance is almost like a band-aid, a short term remedy which by the way won’t really heal you. And to add to it, it won’t help you fix the things in the long term basis. Always put to mind that these types of options carries very high interest rates, and may cost you more than expected.
In the other hand, title loans are also considered high cost loans. You may be able to get a quicker amount of cash, but your risk the ownership of your assets.
Emergency Cash Loan Alternatives
Eventually, an emergency fund will be a necessary. If it’s something you don’t have today, it might be smart to start having one.
The next best thing to consider is your assets. Is there something you can sell that may be able to cover this emergency fund needs? It is ideally a much better option than getting yourself in debt. Some of these possibilities may be: your nice car or TV, or even a favorite couch you own. Selling the item could solve your problem, while getting a loan may just put you in a situation where you would still have to sell the things you love just to pay for it. So which is better?