How To Get Money For An Emergency?

Do you currently have enough money to handle an emergency? An illness, an accident, a job loss, or unexpected car or home repairs can strain your finances if it’s already challenging to pay rent or buy enough food for your family.

If you have no emergency funds to keep you afloat, you might ask your friends and family to lend you some cash. However, this isn’t a good idea as it could damage your relationships.

Here Are Ten Prime Ideas To Get Money For An Emergency

Take a moment to consider these few tips on how to get money for an emergency, and choose the one that works best for you.

1. Take on a side hustle to earn some money quickly

Depending on your type of emergency, you could simply take on a side hustle to earn some quick money.

For example, you could earn money from a ridesharing service or make fast food and grocery deliveries for different apps. You could babysit, pet sit, or even get paid to mow the lawn, do laundry, or help someone with different house chores.

Some companies will pay you for taking surveys, testing out websites and apps, or allowing them to put their ad on your car.

There are many ways to make money with a side hustle; in most situations, you don’t even need any particular skill.

2. Pay with your credit card or get a cash advance

If you have a credit card, you could use it to pay for unexpected repairs or buy a new appliance to replace one that just broke down. But you could also get a credit card cash advance.

You can do so by inserting your credit card into an ATM to withdraw cash. But remember that you are borrowing this cash from your credit card company and will have to pay it back in full and with interest.

Therefore, a credit card cash advance will only be a good solution if you face an emergency but know you will have the funds necessary to cover it later.

3. Get a payday loan

You could get a payday loan if your payday is too far away. Payday loans are like salary advances, and they usually require no credit check. To apply for one, you need a steady source of income.

One advantage of payday loans is that the money you need can instantly be deposited into your bank account when you qualify.

When you borrow money with a payday loan, you can expect high fees. Of course, it’s best if you can pay back the loan in full as soon as you receive your next paycheck.

4. Get a personal emergency loan

A personal emergency loan allows you to access a certain amount within a day or two. When you get such a loan, you know the terms and fixed interest rates you must pay.

This is a good way to get the money you need to face an emergency quickly. However, you must ensure you are dealing with a reliable and trustworthy lender.

Only borrow from a financial institution you know and trust, or do research before contacting an unfamiliar lender.

5. Sell some of your possessions

You could simply try selling some of your possessions when you’re wondering how to get money for an emergency but don’t want to work or pay interest on a loan.

For example, you could host a yard sale. Or you could go online to sell items you don’t need anymore, such as clothes, jewellery, handbags, electronics, and children’s toys. Many online consignment stores can help make this transaction easier for you.

It’s best to avoid selling your valuable items to a pawn shop, however, as this type of loan can be extremely costly.

6. Save money for an emergency fund so you can handle future emergencies

After getting the money you need for your emergency, you should consider saving for an emergency fund. This way, the next time you have to cover unexpected expenses, you can rely on your emergency fund. Instead, you can look for a quick way to get cash.

Ideally, your emergency fund should cover at least three months’ worth of your essential living expenses. Simply saving a few dollars in a monthly chequing account will help you get there.

But don’t withdraw money from your emergency fund unless you need to. You’re saving this money for emergencies, not for dining out or vacations.

7. Borrow From Family or Friends

When you are in need of money, it is always a dependable option to turn to a trusted member of your family if they are doing well financially. But it is required that you have healthy and open communication with that family member.

It is important that you have a clear discussion about your financial situation, the amount of money you currently need from them, and within what time period you are going to repay them. Also, have a conversation about whether they want an interest over the loan amount or not. 

8. Crowdfunding 

You should definitely utilize the digital age and all the crowdfunding platforms to support you financially. These are community-based platforms to whom you can approach and seek out financial aid. 

In order to start your own campaign there, you have to state your reasons for needing financial help; if it’s a genuine reason, then you are gonna get the help much quicker. And to make things move faster, you can post your crowdfunding campaign all over your social media platforms as well to get faster results. 

9. Loan against property

If you are a property owner, then you can easily get a LAP or a Loan Against Property in the case of emergency funds. Now, considering that your property is a security, you can get a flexible option for borrowing with a lower rate of interest. 

It is a much more secure form of credit that you can use for legal purposes that too without any restrictions. 

10. EPF advance

With the help of an EPF or Employee Provident Fund advance, you can take advantage of the provident fund savings in times of emergency. So, the first thing that you need to do is check whether you are eligible and then only consider this as your option when you are facing monetary problems. 

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