Emergency Cash: What To Do When You Need Now

need emergency money

When a sudden financial shortfall hits you, it may seem challenging to cope with unforeseen costs. Having a savings account can help, but too many consumers have to rely on their own means. Are there any other good options? Yes, if you weigh your current choices and choose the most suitable option, the risks will be minimized. Keep on reading to find out more on how to get emergency money today.

Statista reports that almost a half of Americans don’t have an emergency fund at all and a quarter of them have less than $1000 for emergencies.

emergency cash now

You can’t protect yourself from sudden expenses and unpredicted costs. Sometimes the water pipe in your house starts leaking, the auto suddenly breaks down, or you need to cover an urgent medical or dental procedure. Not every consumer has enough funds in their pockets to support such urgent needs. When you need emergency cash immediately, the following options might bolster your situation and provide the necessary aid.

On the other hand, it pays to evaluate your existing debt and try to negotiate better terms. Do you already have some type of debt, whether it is a personal loan pre-approval,  student loan or a short-term loan? Then talk to your creditors about the interest rates and conditions of your agreement. Maybe they will agree to lower the rates or offer you’re a period of forbearance. Then you will be able to utilize this emergency money for covering your needs. However, pay attention to possible penalties and charges for making late payments.

I Need Emergency Money Now: Where to Turn To?

When you are strapped for cash, you have several prospective options to choose from. Here are some of the most common solutions for people in financial need:

#1 Small Personal Loans

They are small emergency cash loans given to consumers for a short period of time. You can turn to conventional crediting companies or to alternative emergency loan lenders. Banks and credit unions are among the most popular places for the times when you need emergency cash now. The interest rates offered at traditional lending organizations can be lower compared to other lenders. You can expect to have up to 35% in interest, while payday lenders charge much more. One of the disadvantages of turning to such companies is a lengthy application process. It won’t take you one hour or even one day to obtain the funds even if you say, “I need emergency money!” First of all, you will be required to fill in their loan request forms and provide all the necessary papers. The tedious paperwork and hassle make consumers want to opt for alternative ways of getting additional funds.

#2 Credit Card

When you already are a credit card owner, you might want to tap some funds from it in the form of emergency money now. Make certain you review the terms of using such a cash advance. Many cards have about 25% in interest rates. Furthermore, the majority of them don’t have a grace period (the period when the APR is 0%), so the interest will start building up the day you withdraw the funds. Do you need emergency cash immediately? Bad credit holders may take advantage of credit card cash advance option if they can’t qualify for other lending solutions.

#3 Payday Loans

Sometimes consumers want to opt for the quickest solution, especially when they claim “I need emergency cash now!” Payday creditors have become very popular as they offer additional funds in the shortest terms. Are there drawbacks? Of course, you should be ready to pay higher fees and extra charges for this decision. Quicker doesn’t mean cheaper, so the interest rates can be at the top range. It can be wiser to select among other alternatives even if you can’t qualify for lower rates.

According to statistics, 16% of Americans prefer to cover their emergencies with credit cards and only 7% used to turn to personal loans.

How to Get Emergency Cash Today with Any Credit

What if you search for quick funds and want to find emergency money for the unemployed? Some potential borrowers don’t follow the basic requirements of the crediting institutions. For instance, it is obligatory to have steady employment to qualify for personal loans, hardship loans or even payday lending options. If not, you won’t be able to get emergency cash from such finance-related service providers.

The reason for that is their willingness to verify your creditworthiness. If a borrower doesn’t have enough means to repay the debt, he or she won’t get approved. How to get emergency funds with bad credit?

As you can see, there are many options to obtain both quick emergency money for rent as financial help with medical bills for any financial need. Shop around for the best quotes, compare various service providers, and choose the most affordable solution to fund your urgent expenditures. If you improve your budgeting skills and learn how to manage your personal finances, you will be able to lower the risks of having such money disruptions in the future. Also, building up your credit history can help you qualify for better loan conditions when you urgently need extra funds.

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