As an adult, you know you need to save for a “rainy day.” However, what happens if this rain occurs before you have your emergency fund in place?
Everyone has found themselves in a situation where they need emergency cash. While this can be a frustrating and overwhelming situation, you do have options.
Keep reading to learn about some of the best sources of emergency cash.
A Personal Loan
Credit unions and banks offer customers personal loans. These can be used to handle any unexpected or sudden expenses.
If you have a few days to get the emergency cash you need, this may be a smart option.
You can call or visit your bank to learn about what options are available. Sometimes, it is faster to acquire this loan when you have a relationship with the bank. However, you can apply for these loans at other banks, too.
Ask Friends and Family Members for Help
Another option is to ask your friends and family members for help with your cash needs. This will usually come with low or no interest, making it a smart option.
Unfortunately, borrowing money from family and friends does come with some risk. While this is true, it will not impact your credit score.
Credit Card Cash Advances
If you have a credit card, you may be able to tap into some of the credit you have and take out a cash advance.
The interest rates for a cash advance will vary from one card to another but will usually be around 25%. Also, you need to take note that interest will begin to accrue right away.
There is no grace period that you may receive with something you buy on your credit card. Some will charge a fee upfront for the cash advance.
Peer to Peer Lending
This option will connect you with everyday investors. These are people like you who can help with your emergency cash needs.
It can take a few minutes to several days to have your loan request met. If you need cash right away, this may not be the most suitable option.
While this option may not provide you with the most favorable terms, the loan amounts vary, which means you can find a way to get what you need.
Borrow from Your Retirement
You can borrow from your retirement in some cases. While there are some limits on what you can borrow, this is an option to consider.
Getting the Emergency Cash You Need
If you need emergency cash, you have several options. It is a good idea to consider the ones listed here, which will help ensure you get the funds needed for handling an unexpected or sudden issue.
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