Five Ways to Get Emergency Funds Fast
When you need emergency cash, it can be hard to think of the right tactic to use to get the money in your pocket as quickly as possible. The following are a few strategies that may work for you along with some additional information about the pros and cons of trying each strategy.
- Ask Your Friends and Family Members
Friends and family members should be the first place to go when you need cash now. These persons may be willing to front you the money and not charge you any interest or fee for the money that they give you. With that said, it’s important to treat a debt to a loved one like you would any other.
- Apply for a Quick Cash Loan
The quick cash loan system is another avenue you can take if you need money within 24 to 48 hours. Two of the most common quick cash loans are monthly installment loans and title loans. They both can process rather quickly, but the installment loans are usually contingent upon your income. The title loan uses a lien on your vehicle to ensure that the lender will receive the funds back from you. You have to allow the title lender to place a lien on your car. However, you can still drive the car while your loan is open.
- Sell Your Valuables
You'll probably be surprised at how many items you can find inside of your home in various places that you can put up for sale. You can post your items in the classified section of the paper, or you can sell them to a local pawn shop. The pawn shop may be better for you because you don't technically have to sell the items. You can just get a loan for a month or two and then come back and buy your items back. Property that you can sell consists of things like electronics, gold jewelry, clothing and so on. The best part of pawning is that you can get the money right away. The downside is that you will not get full retail value for your item. You may not even get 50 percent of full retail value for your items selling valuables.
- Work Some Extra Shifts at Your Job
You can ask your employer to give you some extra shifts at work if you can wait until your next paycheck to get the money. Your employer will most likely have a shift that he can offer you so that you can earn the extra cash that you desire to have. You can use the funds that you get from the extra shift to pay for your emergency.
- Ask Your Employer for an Advance
You may not have thought of this, but your employer may be willing to give you a cash advance. This process is not a common one anymore, but you may have a compassionate employer. You have an even better chance of getting a yes answer if you have been with your employer for many years. Just explain your emergency and see if your boss is willing to take the funds that you need out of your check on your next pay date. You should be fine.
Those are just a few suggestions for getting some money together in your time of need. They all have pros and cons to them. Try one and see which one is the best fit for you.