Today, the harsh reality is that many people are still living paycheck-to-paycheck. While people work long hours in a day, sometimes, this is still insufficient to make ends meet. When an emergency expense arises, people are often at a loss as to where they can obtain the funds that they need to successfully survive the emergency.
For people that face this difficult situation, often, the very first recourse is to use their credit cards. However, this option can often be counter-productive as it can only lead to an even deeper negative financial situation. Using your credit card for every emergency that may arise leads to one interest piling up after another.
Hence, the need for other modes of getting emergency money. To help you out, this article explores a few other options.
Using Online Cash Application Sites Or Apps
All thanks to technology, there are now many ways for you to obtain cash online. Gone are the days when you have to fall in line and go through a rigorous process of borrowing money from credit institutions. Apart from all the documentary requirements that this route will take, you may also be asked for a collateral. In some cases, you may not have this option available.
One of the best ways for you to have fast cash when you need to pay off those debts is to apply for a loan through websites or apps. In as fast as a few hours, the cash you need will automatically be credited to your account. This can help you through an emergency, particularly one where time is of the essence.
To help you get started, iCash Canada is one of the best options you can go for.
Apply For Government Assistance
Another means of obtaining money to pay for an emergency expense is to apply for government assistance. However, this would often depend on the availability of a cash assistance program that’s present in your local state or area. Also, you may have to be very patient in waiting, especially when there are many people applying for one.
An advantage of government assistance is that these are often in the form of a grant or gift. Hence, it’s not a loan that you’ll have to pay for with2 interest. If it falls in the latter group, the interest rate will also be lower than that of private lending institutions.
Pawn Or Sell Your Jewelry
If you have real gold jewelry that you’re no longer using, you may want to pawn or sell it. But if you’re going for this route, go for the latter option of selling your jewelry. That way, you can make more money out of your jewelry.
This valuable item is the fastest item for you to sell as there are many individuals that are more inclined to buying jewelry as an asset, rather than any other piece of material.
Borrow From Trusted Friends And Family
One of the best ways to obtain emergency money is by borrowing from friends or family members that you can trust. If you have family members that you’re very close with, they’ll be more than willing to help you go through the financial difficulty that you’re experiencing.
An advantage of borrowing money from friends and family is that there’s a huge tendency that you wouldn’t be paying for any interest. When you’re really close and trusted by your family and friends, they may even offer you very flexible payment terms. This can really help you out, particularly in times where it may be difficult for you to pay off your borrowed money right away.
Apply For A Cash Advance
There are many institutions that can offer you a cash advance or financial aid. You can have one from a bank or, if your employer is generous enough, you can apply for one from your boss.
Cash advances can be used for anything that requires money. Whether it’s a bill payment, a car payment, or even for something as simple as a home repair, you’ll be able to get the help that you need.
There’s a reason why you should pay any more than you have to in order to get a cash advance. So, if you choose to obtain a cash advance from a private institution, be wary about the fees that may be attached. It’s important that you get the money you need quickly so that you can continue with your day and go back to your routine. If you wait any longer than you have to get your money, you could find that you’ll fall behind with your payments, resulting in debt.
When you do have to pay the amount you need to get one of these, you can expect to pay very little money if you know how to do it. Choose the most generous option of a cash advance that could be available to you. There are some lenders that have different rates and terms, so you may find that you have to pay less in order to get the money you need.
Sell Your Books And Other Belongings
Take a good look around your home right now. If you can find that there’s just so much extra clutter all over your house, now may be a good time to purge. This means rummaging through all of your things and selling your pre-loved items.
While you may not get back the full amount that you spent to purchase those things, at least you have a means of earning extra cash to cover your emergency. When you’re not using these things anymore, why keep them anyway when you can earn money from it instead.
As you consider any of the following tips above, you now know where and how to obtain emergency money when you need it. When you use your emergency money wisely, your money management problems will become less of a concern.
Financial emergencies can often be a serious matter. But it doesn’t always have to lead you to debt. You can stop living paycheck-to-paycheck and find a solution to your problems today.