Have you just been hit by an unexpected medical bill? Or have you lost your job and it’s becoming harder to put food on the table? Financial emergencies are part of everyday life. And almost every household has to face a financial emergency at least once every year. Therefore, instead of panicking, know that you are not alone.
The thing about financial emergencies is that they often catch us off-guard. And this is where all hell breaks loose. However, worrying won’t get you the money to pay for the expenses. You need to take a deep breath and evaluate your options. At the moment, things may seem blurry, but there are a couple of solutions that you can explore and get more money fast when you are having an emergency. These options include;
Borrow Money from Friends or Relatives
A lot of people shy away from this idea because nobody likes to be labeled as a friend or relative who is always borrowing cash. However, when disaster strikes and you need money urgently, who better to turn to other than your good old friends and family.
In society, our friends and family members don’t just come in handy when we have celebrations or we intend to spend quality time together. Good friends and family members should be available in bad times as well. And financial emergencies show you who your true friends and family members are.
Instead of addressing your problems to strangers, family and friends will be more understanding of your financial emergency and can offer you the help that you need. Remember, friends and family, aren’t financial institutions. They therefore may not give you the full amount. Appreciate the little that they can offer and do not forget to pay them back once you get on your feet.
Get an Emergency Loan
If you can’t borrow money in an emergency from your family or friends, online lenders are always a good alternative. If your home has been damaged by a natural disaster such as a hurricane, or your car needs to be repaired urgently, an emergency loan can be of great help.
With so many reputable online lenders available, securing an emergency loan nowadays is easy and fast. The process is even smoother if you have got a good credit score. Also, not to worry if it’s bad, there are lenders who will still give you an emergency loan. But brace yourself for high interest rates. Be as it may, emergency loans give you more money faster. You just have to repay the loan in installments.
Emergency loans fall under the category of personal loans which can be used on any type of urgent expense. Depending on the lender, the loan can be secured or unsecured. And you can get such a loan from online lenders, banks, and credit unions.
Sell Something that You Have Stopped Using
We don’t just buy stuff so that we can use and discard them. Our belongings can be of great help in situations where you have got a financial emergency. In this case, if you need money urgently, it’s time to look at your possessions and sell some of the things that you no longer use.
Most people prefer to set up a yard sale and get money for the things that they don’t need. Yard sales may or may not bring quick money. And this is why the internet exists. Personal belongings such as electronics, books, or clothing can be sold online in stores such as eBay. You can also advertise these items on social media. With the latter, you can get clients faster. And there is a good chance, you can find customers located close-by, this means that the transaction can be done much faster.
Even though this is a great method of getting money fast, you mustn’t sell items that you regularly use. Also, it is essential that you avoid making desperate sales where you dispose of items at throw-away prices. Later on, such decisions may come to haunt you.
Get the Money from a Pawnshop
Pawnbrokers have been around for as long as we can remember and there is a very good reason for that. These individuals offer loans in exchange for valuables that act as collateral. If you have got an antique lying around or a precious watch/ring, you can always take it to your nearest pawn shop and use it as collateral for a loan.
There is however one thing you need to know about pawnbrokers. They are a smart lot that understands most of their clients are often in need of quick cash. If you have an antique that you are planning to take to a pawnshop, ensure that you negotiate and don’t accept any price thrown at you. Dusting up the antique and taking it in its original packaging can ensure you get a higher value for your items. If you pawn an item for a loan, ensure that you pay it back in time.
Dealing with a financial emergency isn’t always easy. But with a sober mind, you can always identify a smart way to raise fast cash. The above four solutions can help you come out of this situation as soon as possible. When you finally recover from such an experience, plan on how you can build an emergency fund.
