No matter how well you manage your finances, it will not make you completely immune to being hit by an emergency crisis. For example, an accident may require you to pay for a costly car repair or a huge medical bill, or it can even be both.
Unfortunately, when an emergency situation strikes you could never be completely prepared for it. The unexpected things that may occur with it are often accompanied by a huge financial impact. So, during an emergency crisis where can you turn to for quick cash? The following are a few good options for you to check out.
- Apply for a personal loan.
Personal loans are designed to accommodate your personal expenses. Being in an emergency crisis would often warrant the need to seek assistance from some sort of short term personal loans that will help you cover the costs of the medical bills or car repair. There are two types of personal loans available through lending companies and banks: the secured and unsecured. The “secured” is usually backed by collateral. If you have a good credit score then you may qualify for a loan with better interest rate compared to those who have a low credit score. You may use a personal loan calculator to estimate all the possible monthly payments for the total cost of your loan. If you apply for one, make sure that you understand all the legalities you have decided to put your signature on.
- Get a home equity loan.
Applying for a home equity loan may also be a good option, especially if you’re in an emergency situation that entails major expenses. There are also companies that offer this kind of loan with a faster processing speed. But, this will only be applicable to homeowners who already have some equity built up. However, with this kind of loan you will also run the risk of foreclosure if you are not able to pay the entire amount within the specified period of time. It is important that you examine all the possibilities before finally signing up for a home equity loan.
- Make a credit card advance.
Check with your credit card company if they offer cash advances which you may withdraw via the ATM. Other credit card companies may also ask you to obtain your cash advance from a bank withdrawal. It may also be given in the form of a check. However, you have to be aware that transaction fees for credit card cash advances would require a higher interest rate. So, if charging is not a possible option might as well ask for a credit card advance.
- Sell your possessions.
If you want to get quick cash, another effective way is to sell some items. Selling your clothes online has been going on for years and some people made a living from it. You can also sell some of your jewelry, it will definitely give you big bucks in return, especially the gold and silver ones. You can also organize a garage sale and put items such as clothes, unneeded furniture, and others that you may want to sell at a good price. You can also sell some of your items to your friends. By doing so, you will be able to save time from posting it online.
- Take jobs at an hourly rate.
There are many websites that offer jobs in an hourly rate. It asks people who could do a task for them and pay them soon after the task has been completed. One example is an elderly woman who seeks assistance to drive her to her doctor or other appointments. Some people need someone to walk their dogs because they don’t have enough time to do it. You may want to take up these kinds of jobs and get paid after completing the task. Although it doesn’t pay that much, but at least you earned some fast cash.
When you’re in need of a quick cash, going through several options may prove to be such a daunting task. So, don’t forget to weigh the pros and cons first before making a final decision.