Help! I Need Emergency Cash!

There are certain times in life when we just need money fast. It may be unexpected fees, fines, charges, or Expenses of various kinds that lead us to really need to raise cash in a flash. This is not always a very comfortable position in which to find oneself. When you are strapped for cash it sometimes seems like you have nowhere to turn. In fact, when you need money there are a lot of options that can help you access emergency cash when you really need it. Here we look at five options that will address your needs in a time of need.

Pay day loans

A pay day loan can provide you with a cash loan online or in store within a short amount of time for when you really need money. Pay day loans are available with flexible times to suit every budget. You can get up to $4600 within 24 hours allowing you quick access to extra funds. Payday loans can help you to quickly get your finances back on track. Payday loans are adjusted to your income and capability to pay the loan back so that you don’t get in over your head. This can be a smart way to borrow money in a hurry without getting yourself into more trouble. You can pay back the pay day loan over an affordable timeframe of up to two years. This is a useful and flexible option when you need fast money.

Credit card advance

A credit card advance works like a short term loan in that it allows you to take out cash on your credit card. You will be charged a transaction fee and you will pay higher interest but you can get quick cash from a credit card advance. If you don’t have time to organise a loan a credit card advance can be a quick way to access extra cash when you really need it. Usually the amount of money you can borrow on a credit card cash advance is smaller than with other loans. But if you need a small amount of cash quickly it can be useful.

Retirement account loan

If you prefer to use your own money to help fund an emergency, you can borrow from your superannuation or retirement account. You shouldn’t use this kind of loan if you are likely to lose your job or retire soon. You need to make sure you pay back the loan if you leave your job or the loan will be considered as an early withdrawal. You also want to keep in mind that your retirement fund is for your future so you don’t want to take too much money out of this fund. But this kind of money borrowing is lower risk and can offer you a greater amount of funds, lower rates and more flexibility than other options.

Peer lending

Peer lending is where you take a personal loan from a stranger who is interested in lending to you as a source of investment. Interest rates with these loans are based on a number of different factors. This can be a useful option to get emergency cash because the interest rates may be lower than some of the other options.

Home equity loan

Many people who need extra cash will borrow money against the value of their own home, effectively taking out a second mortgage. This can allow you access to a much greater source of funds and better terms than other sources. Of course, your home is the collateral and you risk losing your home if you don’t pay the loan back but the interest rates are low and it’s easy to qualify for the loan.

There are many options available when you need money fast. It is important to do your research and understand the benefits and then the limitations of each option in order to make the right decision for you and your needs now and in the future.

by Flexi Plus Finance / No Comments / April 13, 2016

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