The need for money is one of the most common emergencies in life. But if you’ve never had to deal with this emergency before, it can be hard to know what steps to take.
This article will offer some advice on how to come up with emergency money when you need it most.
Take title loans
When you’re in a money emergency, the quickest way to come up with some cash is to take out a title loan. A title loan is a short-term loan that you can get by using your car as collateral. The interest rates are usually very high, but it’s still a better option than bouncing a check or taking out a payday loan.
Every state has great loan companies and if you happen to be looking at title loans in Phoenix, Arizona the best way is to ask around and check online reviews. This will make sure you get the best rates and service without having to risk getting scammed.
In addition, here are a few tips for taking out a title loan:
- Make sure you can afford the monthly payments.
- Don’t take out a title loan if you can’t afford to pay it back within the designated time frame.
- Make sure you have a clear title to your car.
- Read the terms and conditions carefully before you sign anything.
- Ask questions if you need to.
- Don’t take out a second title loan unless the first one is paid in full.
- Avoid borrowing money from a car dealership because they’re going to charge you a lot of interest on your loan and it’ll be really hard for you to pay them back.
Request a payroll advance
You can always request a payroll advance from your company. A lot of companies have this option in place for employees who are in dire need of cash, even if it’s just to make rent or pay the electric bill.
This is definitely one of the quickest ways to come up with money when you’re in an emergency situation. You’ll most likely get your money within a few days. The only drawback is that you’ll have to pay back the money on your next payday, but it definitely beats not having money when you need it the most.
Keep in mind that not all companies allow their employees to take out payroll advances, so check with your manager first before you ask for one.
Borrow money from friends or family
Family and friends should usually be your first choice when you can’t pay your bills. They’re usually understanding and willing to help, so don’t be afraid to ask for their help when you need it the most.
However, keep in mind that borrowing money from a friend or family member is a serious matter and should never be taken lightly. It’s hard enough dealing with financial emergencies without having to put up with the guilt of borrowing money that you have no way of paying back.
Before asking for a loan, think about how you’ll pay it back so things don’t get awkward between you and your family or friends.
Sell some stuff
When all else fails, try selling some stuff to come up with cash. You can sell your old cell phone, your old car or even sell some of your clothes. The important thing is to remember that these are emergency measures so you should only do it when all else fails.
Selling stuff around can be great since everybody has stuff they don’t use anymore, so see if anybody around you is interested. Just organize a yard sale or use one of the popular websites these days that allow you to sell your old stuff. Lots of people go on these websites and sell their belongings for cash within a few days.
Refinance your current mortgage
If you’re currently facing financial difficulties and struggling to make payments on your house, then refinancing might be an option for you. A lot of homeowners take out a second mortgage in order to get the money they need. Although you’ll have to pay interest on your loan, it’s definitely better than not having enough.
Furthermore, this is a great option for those who’ve been considering selling their homes because they can’t afford it anymore. Rather than go through the hassle of selling a house, you’ll be able to get out of debt and keep your home at the same time.
Selling stuff or borrowing from friends and family are just a few of the ways you can come up with money quickly during an emergency situation. The important thing to remember is that these options should only be used when all else fails because they may cause tension in relationships between loved ones, but sometimes it’s better than not having enough cash on hand.
If none of these strategies work for you then don’t hesitate to take out a title loan so you can get some fast cash without getting scammed by shady lenders who want nothing more than your hard-earned money.
No matter what route you choose, make sure that if someone does give you some quick cash whether it’s through payroll advances, loans, or refinancing your mortgage, pay them back as soon as possible or you’ll end up with more financial problems than you had in the first place.