There comes a point in life when one is faced with unexpected expenses that are almost unavoidable. This is the time when an emergency fund comes in handy. If there is no emergency money to back you up, the situation can be very difficult and frustrating. This is the time when one has to find plausible means of finding money fast without incurring outrageous interest rates.
The following are the top five ways of getting money when you need it:
Borrowing from a friend
This is always considered as the first option because there are interest rates incurred. As long as you have the reputation of borrowing money and repaying it back promptly, this method can work. You can consider a close relation or a close friend, but there must be no money hang-ups from past situations. This kind of borrowing guarantees flexible repayment and is considered the fastest means of getting money when you are cash trapped.
Getting a loan
When there is no one else to lend you money, this is one of the few options left. As much as it attracts interest rates, you can find lenders with fair terms that can perfectly fit your income. Borrowing from a bank is advantageous because the payments are deducted directly from the paycheck so that you do not miss out. It is a good way of getting emergency cash quickly.
This is a loan that involves a property being used as collateral for the loan. Apart from land, other properties that can be used include cars and houses.
Vehicle title loans
Vehicle title loans also operate just like collateral loans and provide a fast way of getting emergency cash. As long as the title is clean and genuine, the majority of the lending institutions will advance cash within a very short time.
Credit card advance
This is equally a good way of getting emergency cash as long as you have a good credit record. The cash advance can take less than one day to be processed depending on the financial institution. In most cases, there is no credit check especially when one is using an existing card. However, in this type of means, it is the lender who determines the repayment cash.
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