For most people, life has its ups and downs and,unless you are very fortunate,it is likely that at some point you will find yourself needing to generate some cash rather quickly due to an emergency situation occurring. This could be because your car has suffered a mechanical problem resulting in you not being able to get to work, thus costing you much-needed income. Your pet may require emergency surgery and you need to pay the vet or you may have to get on a plane to visit your sick father and need to purchase a ticket.
You will be pleased to read that there are a number of options when it comes to raising cash in an emergency situation. Below are five tips of how you may be able to do so: –
- Online Savings Account
If you happen to have the money sitting in an online savings account with your bank or another provider that is immediately accessible without any penalty then you have nothing to worry about. All you need to do is to go online and transfer the funds that you need to cover the emergency situation into your checking account and then withdraw the cash or use your debit card to pay whoever you need to. It couldn’t be more straightforward. All it will cost you is the loss of interest that you would have earned on the amount you have taken out of your savings account.
- Payday Loan
If you looking for fast cash loans then you should consider a payday loan. These loans can be approved within minutes, having the cash delivered right to your bank account within the same day! You can still be approved with bad credit, however, you may need to pay a higher interest rate, but this may vary between lenders. It’s important to setup auto repayments as it’s a great way to keep on top of your finances, without missing any repayments.
- Borrow money from a relative or friend
If you don’t feel too embarrassed to ask, possibly one of the cheapest ways of borrowing money is from a close friend or relative. If you need a couple of hundred dollars in the next two or three days then you could have a word with your father and he is probably not going to charge you any interest. However, do make sure that you pay it back within the agreed timescale so as not to cause any ill feeling. To say “thank you” for getting you out of a sticky situation, you might like to take him out for a drink or two.
- Credit Card Cash Advance
If you have a credit card then you may be able to arrange a credit card cash advance which is where you withdraw the cash from an ATM. Do bear in mind that, unlike purchases you make in a shop, you will be charged interest on a daily basis from the day you take out the cash. In addition, you may also be charged a cash advance fee that is either a minimum fee or a percentage of the amount you withdraw. It is also worth noting that the interest rate on a cash advance tends to be higher than when you purchase something in a shop using your credit card.
- Personal Overdraft
You can apply for a personal overdraft that is linked to your checking account. A limit is agreed up to which you can go overdrawn enabling you to pay for that unexpected emergency. You do not usually have to pay to set it up but you will be charged interest on a daily basis but only for the amount you are overdrawn and you may also be charged a monthly fee.
As you can see, there are many ways to generate cash quickly to help fund an emergency situation such as to pay a medical, electric or gas bill with cash loans being one of them!