Do you need emergency cash? There are a lot of ways to get extra cash but not all of them are a smart financial decision. When you need to get emergency cash, it’s important to evaluate the options that you have available to you and make a wise decision. Below, you will find the top 5 methods we have come across for getting emergency funding for bills, debt, mortgage payments, business startup costs, or any other financial obligation.
1 – Short-term loans
When it comes to emergency cash, there is nothing more reliable than a short-term loan. These loans are sometimes called payday loans, fast cash, or quick cash loans and they offer an immediate approval. Short-term loans from sites like GetCashNow.net are not dependent on your credit score, so it doesn’t matter if you have bad credit or no credit at all, you can still qualify! You have to pay back the loan quickly, but it gives you the emergency cash that you need with no exceptions.
2 – Peer to peer lending
Lending websites have started an entirely new service known as peer to peer lending. What is it? Well, it’s where you borrower money from your peers. You don’t actually have to know the person you are borrowing money from either. If they have cash, they can lend it into the peer-to-peer system and it will be distributed out to the borrowers that need it. It usually comes with a low interest rate too!
3 – Sell something
If you truly need emergency cash, then you should probably consider selling something. An item like a car is likely to sell quickly and it can give you the cash that you need to pay off any type of financial obligation. Use sites like Craigslist or Ebay to sell your items online.
4 – Cash out your savings bonds or CD’s
Cashing out your savings bonds or certificate deposits is a great way to get emergency cash. If you have friends or family members that have started these for you in your name, now is the time to cash them out. Of course, you are going to lose future interest and you might only walk away with the money you originally invested, but it’s worth it if you need the cash because of an emergency.
5 – Dip into the 401k
Most people have a 401k. Essentially, it’s a retirement savings account that you can access when you retire from the company that you presently work for. 401k’s are not very easy to tap into and when you do, it should be a complete last resort. Taking out money from your 401k means that you will lose money that you otherwise could have made, had you waited to do this. However, if you need emergency cash, your 401k is a good place to look.