Whether you’re behind on bills, facing a tough medical situation, or have sudden car trouble, it’s never fun finding yourself in need of an emergency cash loan. Fortunately there are as many viable resources for finding emergency cash loans as there are emergencies which require cash. In an ideal situation you would have an emergency cash fund with at least 3 months’ salary saved for just such an occasion. However, most emergency situations requiring fast cash are not ideal and in those cases it’s reassuring to know that you have options.
In a time of need, it might be advantageous for you to approach a family member or close friend for a money loan. A friendly loan can prevent interest rates and fees from pilling up, but it can also be a cause tension in an otherwise solid relationship.
Cash Loans from Your Bank
Of course cash loans can also be acquired at your local bank, but this process is normally slow and can involve a rigorous approval process. Even if you are approved and your credit is not great, you will have unreasonably high interest rates and terms. Another way to borrow money from a bank is via credit card cash advance. Of course this requires that you have an existing credit card with the bank, and the APR associated with a cash advance loan is often substantially higher than that of regular card purchases. If you own your home a home equity loan of home equity line of credit are options. Or you can apply for an unsecured, or signature, loan. Again most of all of the bank options require that you either have good credit, preexisting credit, or equity to use as collateral against the loan.
Cash Loans, Emergency Cash
Online Cash Advance/Payday Loan
If you don’t have the time or the credit history to approach your bank for an emergency cash loan, you might want to consider a payday loan or payday advance. Essentially, a payday loan–also known as a paycheck advance–is a short term loan that is intended to help the borrower with extra cash needed until the next pay period. These loans are often electronically wired into your account within 24 hours and approval can happen in as quickly as an hour. There is no traditional credit checks performed when applying for an online cash advance, which makes these money loans attractive to borrowers of a wide variety of socio-economic backgrounds.
Ultimately, the best solution for money emergencies is to simply watch you’re spending and save accordingly. However, we are not all as well prepared as we’d like to be, so it’s important to know exactly what your options are, and how they will affect your unique situation.
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