Whether you need quick cash in case of a medical emergency, to fill up a business deficit, or want money for emergency home repairs, you need it the quickest way possible. Unfortunately, most of us are not prepared beforehand for a financial emergency that results in negative consequences. However, knowing the quickest ways to get cash can at least let you be prepared for situations like these. Read on as we share with you expert recommendations on the options to raise money while keeping finances under control.
High-Value Items
Expensive jewelry, luxury watches, and vintage items are some high-value items that can be liquidated into fast cash. Consider selling items that are just lying in your jewelry box or closet. However, avoid liquidating items that have a certain degree of sentimental value attached to them. You have the option to either hit the local pawn shop for quick cash or put your items on an online selling platform. If you don’t have jewelry or a high-value item in your closet, consider selling electronics, used furniture, and related home appliances at these online marketplaces to bring in quick cash.
Retirement Accounts
When you are experiencing an event that requires more money to be resolved, withdrawing from a retirement account is an option to look into. Most retirement accounts set up an age limit that has to be reached by the account owner to withdraw cash. Individuals younger than the set age limit might have to pay a penalty for withdrawals. However, these penalties can be waived off if you are experiencing problems with the reimbursement of medical bills. Retirement accounts also give you the option to borrow money instead of withdrawing. Therefore, review the terms and conditions of your account or contact the relevant account personnel to help them guide you through the process.ÂÂ
Money lending Firms
Contacting money lending firms can be a way to get instant money during a severe financial crisis. A variety of options are available which include banks, credit unions, brokerage firms, investment banks, licensed money lenders, and certified loan associations. You can either contact regulatory authorities or search online to look up a list of moneylenders that can be contacted to borrow money. However, before you plan to borrow money, you have to keep two things in mind. Firstly, gain a clear understanding of the required amount and make a transparent strategy on how you would repay the money. The second thing to consider is reviewing the terms of the money lending firm. Doing this is necessary as some money lending firms have very high markups and strict terms that could lead to further financial instability. Take a look at smart ways to deal with Loan Shark Harassment.
Home Equity Loans
If you own a property, it can be kept as collateral to obtain an equity loan. The interest rates for these loans are bearable and have higher chances to qualify. However, never commit to terms that you are unable to fulfill. You should also compare equity loans offered by different firms to pick the one that will benefit you the most.ÂÂ
Peer Lending Services
Nowadays, we can find several P2P websites offering loans that are given after evaluation of the credit score, monthly income, expenses, and overall financial status. Individuals with a poor credit score might have to struggle with finding a lending service, or they might find one but the interest rates would be very high. Another thing to remember is that you have to be prompt with repayments as being late can lead to financial problems.ÂÂ
Credit Card Loans
Another option to consider is credit card loans which can be obtained almost instantly. The limit of loan you get is decided after evaluating your credit history and usually has very high-interest rates. You have to be extremely cautious when going for a credit card loan as these loans are short-term and failure to repay can put a negative effect on your credit score. To know the exact amount you can get as credit, review the cardholder agreement or contact the bank for further details.
It can become a daunting task if you go through each option when you need cash instantly. However, it is important to never rush towards making a decision and compare the advantages and disadvantages of the available options. Researching will make sure that you select the option that fulfills your requirements and has options flexible enough to let you repay on time. We hope that you find these tips handy and help you in deciding the best way to move forward during a financial emergency.
