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Getting a Good Emergency Cash Loan
Emergency cash can come from a variety of places. Ideally, you’ve got an
emergency fund built up. If not, you may need an emergency cash loan. This
page covers emergency cash loans, and the best places to find them.
A Little Help From Your Friends
Before going into debt for an emergency cash loan, consider talking with
your network of friends and family. If you’ve suffered a hardship, they may
be willing to help. Of course, don’t be offended if you don’t get any money
from them – giving you a loan may be more risk than they can afford to take.
Remember, they could end up with their own emergencies any day.
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Emergency Cash Loans From the Bank
Depending on how fast you need cash, you can get emergency cash from the
bank. This is probably your best bet if you have no other resources.
You can get emergency cash loans from the bank in a variety of ways:
A charge on your credit card
A home equity loan
A home equity line of credit
An unsecured loan (or “signature” loan)
When looking for an emergency cash loan, don’t forget to look at credit
unions. These institutions may be more willing to work with you.
Payday Loans – Dangerous Emergency Cash Loans
Perhaps you’re looking for an emergency cash loan but |
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you’ve got no credit. In that case, traditional borrowing may not be an
option. You may be considering payday loans to get you through the hard
times. If so, be very careful.
You really need to be careful about using payday loans. The problem with
them is that they most likely will make your situation worse. A payday loan
for emergency cash is like a band-aid – it won’t heal you, and it’ll fall
off sooner or later. In addition, it won’t keep you from scraping yourself
up in the future. Remember that payday loans can easily cost you several
hundred percent APR.
Emergency Cash Loan Alternatives
Ultimately, you need to have an emergency fund. If you don’t have one today,
build one for next time.
Next, consider your assets. Can you sell something (or several something)
to cover the costs of this emergency? That’s going to be a much better
option than taking on debt. Consider the possibilities: you might have a
nice TV, auto, or couch that you enjoy. You could either sell the item and
get out of the emergency unscathed, or you could end up paying for an
emergency cash loan for many years to come. Which choice sounds better? |
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