A financial emergency is something that no one wants to face at any point in time. Unfortunately, it may happen at any time and with anyone. Don’t consider yourself safe even if you have a good income because a child may suddenly fall sick or your business may come across an unexpected slump.
When cash runs low and you have no savings, consider yourself in big trouble. And the trouble can become even bigger if you need cash right now. Is there anything that you can do to get immediate cash and come out of the fix? What if you have bad credit and getting a loan seems impossible? Don’t lose heart because there are ways to procure immediate cash. Let us list some for you.
Consider online loan if you need cash now
Think of a situation when you require cash at this very moment for an expense that cannot wait. It could be a leaking roof, some important medical tests for a sick family member or anything else. Taking a loan is the best option but you would need one that is quick and hassle-free.
An online loan serves the purpose if you need cash now, even with bad credit. All you need to do is fill a form and submit it and you can get the money in your account in just a few clicks. Bad credit is no problem if you are able to prove your repayment capacity. Moreover, you have multiple options that you can explore:
- Payday loans refer to the cash loans that you can borrow for a short span of time, probably a few weeks, and repay with your next paycheck.
- Installment loans are personal loans that you can borrow today and pay off as small installments on a weekly or monthly basis.
- Cash advances online are much like payday loans but the only difference is that you need not necessarily pay back with your next paycheck.
When you choose to take any of these loans online, you can avail of several advantages. The loan will be credited to your account within one working day if approved. There are not many requirements and much paperwork that you need to fulfill for getting approval.
Moreover, online websites have a big network of lenders, which gives you good chances of securing a loan even with bad credit. Further, you can compare the loan terms of different lenders and choose the one that sounds the most lucrative. Zero hassles and quick cash are some benefits that come naturally with an online loan!
Borrow directly from a lender
While procuring a loan online is one option, you can also borrow from a lender for some quick cash. The only glitch here is that most of the lenders will have some formalities that the borrower has to complete before they extend a loan (which is something that need not be done with online loans). Most of them would ask for a lot of documentation and will even do some background checks to know your credit history.
Further, it may not be easy to find a lender who would be willing to lend despite the bad credit. You may subsequently find one who may be ready to give you fast cash on some conditions such as a marginally higher rate of interest or collateral security for the loan.
Pawn or sell old valuables
If your cash needs cannot wait, pawning or selling off old articles is another good idea. Similarly, precious metals like gold and silver are as good as liquid cash. It is best to collect gold and silver coins for a rainy day because coin shops are ready to buy them for instant cash. You may even sell your jewelry or collectibles in precious metals to arrange fast money for emergency needs.
Look around for stuff that is in good condition and you don’t use them any longer. Your old furniture, décor items, cell phones, bicycle, electronics, and even books can get you out of financial trouble provided that you are able to connect with buyers who are willing to pick them for instant cash. You can organize a garage sale to attract potential buyers for checking out the stuff and buying the things that like. Another smart idea is to sell these things online because there are plenty of websites that sell used products for instant cash.
Borrow against life insurance
Just like your assets, your life insurance can also act as a savior when you are in deep financial trouble. If you own a permanent life insurance policy that has a cash value, you can easily borrow against it and repay it later. So your policy can help you procure instant cash loans without hassles because it is as good as any other asset. Similarly, it is also possible to take a loan from your IRA account if you need quick cash for an expenditure that cannot wait. Though you have to repay the amount subsequently, it can still get you out of immediate trouble.
Use a credit card advance
Another option to get out of financial trouble with some fast cash is by using a credit card advance. Obviously, you need to have a credit card to get this kind of advance in the first place. Moreover, your account should be in good standing to be eligible for a cash advance. Though you will have to pay a fee along with interest on this borrowing, it may still be worth it when you are stuck in a dire situation.
Being in financial trouble can be highly stressful but the right approach can help you get out. Though you may need cash immediately from time to time, you should still borrow judiciously. Borrow only when it is absolutely necessary and limit the loan to a minimal amount. Having a repayment plan is equally important because liabilities can land you just deeper in trouble. Also, make sure that you spend every single penny wisely and save as much as you can.