What You Should Do When You Need Emergency Funds

Posted by Phineas Gray on March, 2015

Are you in need of money? No matter the reason, when you are facing a situation where you need cash fast, you have to consider the options that you have available. If retirement accounts or emergency funds in a savings account are not an option, you have to begin to consider the other options that are available to you.

Unsecured Bank Loans

When you take out an unsecured bank loan, it means that there I no house or car that the bank will be able to come and take if you are unable to make the payments; they are simply giving you the funds and believe it when you state that you will pay them back. Due to the risk involved with this type of loan, it can be difficult to qualify for one. Even if you do wind up qualifying, you should expect to have to pay higher interest rates and fees on the loan.

Cash Advance from Your Credit Card

If you have a credit card, you may want to consider a cash advance. When you take out a cash advance, the interest rate that you pay on the amount you request will be higher. Additionally, the amount you can take out for a cash advance is typically much lower than what your actual credit card limit is.

Borrow from a Family Member or Friend

There are many people who will consider this option first, since in most cases it will be a loan that comes with no interest charges. However, you have to consider carefully if you want to borrow money from family. If you are unable or unwilling to pay the money back, then it can cause huge problems. While this may be a solution you have to seek out at some point in time, it is a good idea to ensure that you will be able to pay the loan back, before accepting any money from family and friends.

A Payday Loan

Payday loans are designed to provide people with short term funds for emergency situations. These loans are extremely easy to qualify for; however the interest and fees related to them are typically significantly higher. Payday loans also do not require you to undergo a credit check, or other extensive paperwork. A number of the Best Fast Cash Loans are able to be deposited in your bank account within 24 hours.

To know more visit the site www.shorttermloans.com.

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