Every single financial advisor tells you that you need to save money but this rarely actually happens. Also, it is possible that the money you saved is just not enough for the financial emergency that you have to deal with right now. Fortunately, you do have access to many different options that you can use whenever emergency money is needed. Some of the best are presented right below.
This is always the very first option that you want to consider. It is offered by credit unions and banks. Also, they can be secured or unsecured. If you need more, you can get money for your car title but if you just need a little more, you just have to prove that you are employed and you have a stable income. When you just have some days to get the money you need, the personal loan is a fair option to take into account.
You need to know that personal loan terms will greatly vary from one financial institution to the next. Interest rates can also be pretty high in the event that credit score is low. This is why you should always read the contract before you agree to any deal.
Do you have a credit card? If so, the cash advance is a pretty simple and fast option. Basically, this is a loan that you get against the credit card. All you really need to get the loan is to go to an ATM. Extra money is available, according to a specific limit based on your current income.
The cash advance is really convenient but there are some drawbacks that you should be aware of. The lenders normally limit how much cash advance is offered. Always be aware of how much credit is available. If the credit is $3,000, you can only take out $3,000 from the ATM. You will also have to deal with the cash advance fee, which has a value of a pre-set percentage from the loan. Interest charges also normally apply. They are actually higher than what the regular bank loans give you access to. However, if you need money really fast, the credit card cash advance is a wonderful opportunity.
These are advances issued against paychecks. You can get them through an online lender or through payday loan shops. You use them because cash is offered as you need it, even if credit score is low. In order to qualify all that is needed is a paycheck and a bank account. When you go for the online option, you just need to answer some questions and money is normally wired in under 24 hours.
Although payday loans can be quite good for fast emergency cash needs, remember that terms will vary a lot when thinking about fees and terms. There are, as an example, payday loans that have origination fees and other payday loans will have very high interest rates but no origination fee. What is particularly important with these loans is to know exactly how much you need to repay and when.