You can’t predict when you may need to replace the washing machine or when you may need to go to the hospital. However, it is safe to say that you will be required to pay for those emergency expenses whether you have the cash on hand or not. Therefore, it is in your best interest to know where you can turn to get money fast whether you have good, poor or no credit at all.
Turn Your Car Into Cash
There are several ways in which your vehicle can help you get the money that you need. First, you could choose to sell it to a car dealership or trade it in to cash out your equity. Alternatively, you could turn to a title loans company in your area to use your vehicle as collateral for a short-term loan. This may be advantageous if you don’t want to part with your car, truck or SUV or can’t get the amount you are looking for through a sale or trade with a dealer.
Payday Loans Could Work
A payday lender can have money into a designated bank account within 24 hours of your loan request. In some cases, you could have that money in as little as an hour. Payday loans don’t require a credit check as a condition of getting your application approved. However, you may not get much more than $1,000 per loan, which means that they are most appropriate for small repairs or for smaller emergencies such as needing to make a car or rent payment.
Personal Loans Could Be Processed Quickly
If you want a loan with affordable rates and other reasonable terms, a personal loan may be your best option. Many banks and financial institutions can make a loan decision within hours and fund the loan within a few days. While not the fastest way to get money, repair shops, hospitals and other retailers should be willing to set up a payment plan or give you a few days to get the money needed to cover your bill. Therefore, the delay should not have any serious effect on your ability to get the service that you need right away.
Apply for a Credit Card
Borrowers with good credit should be able to get a credit card with 0 percent interest for up to 21 months. What this does is allow you to pay for your repair or emergency expense over time without paying for the right to borrow the money. Credit cards may also be acceptable if you are planning on taking a trip or need an emergency fund for the future. They are also worthwhile when you are trying to keep cash on hand to pay other bills that you can’t or don’t want to put on a card.
While you don’t want to be caught in a situation where you don’t have the cash to cover your bills, it may happen at some point in your life. Therefore, it is important to know where you can go for the money that you need without starting a cycle of debt that can take months or years to recover from.