How to Get Fast Emergency Cash When You Need It Most

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Emergency are unavoidable. While all of us try to save for tough times, what if a financial crisis occurs before you have made monetary preparations? Financial crisis can be devastating and result in emotional and physical instability. If such a situation arises taking calculated and strategic measures can assist you in overcoming the problem.

Here are a few ways through which you can get fast emergency cash to help you during tough times:

• Take Money From An Investor

For instant cash, you can seek help from a peer to peer lending club that will link you to a potential investor. These investors are people with substantial amount in their accounts, offering immediate help.

Such loans tend to get approved anywhere within a few days. The decisions are governed on personal terms and preferences, so if you have contacts the process can become faster.

• Quick Loans

If you’re in desperate need of cash, then quick loans are arguably one of the fastest ways to get it if you have no-one to support you. The clue’s in the name: they’re an instant option and a decision can be made in as little as 10 minutes. You will be asked some questions and your financial situation will be reviewed. If successful, you’ll get the cash straight into your bank account.

Quick loans can be risky however and different lenders will have different terms, which could catch you out. 118 118 Money are an example of a lender who offer extremely good rates from 35.9% APR so if you want to get quick loans now, they’re worth considering.

• Payday Loan

You can opt for a payday loan that will be an advance against the paycheck. Such loans can easily be acquired from online lenders. Such vendors offer cash to those in need without paying much attention to a good credit history. The eligibility criteria of such a loan is simple – a paycheck and a bank account. By answering a few simple questions, you can secure a loan easily.

Payday loans tend to vary in terms of associated fees and terms. This means one vendor may charge you a processing fee, while another won’t.  To manage such loans, make your payments on regular intervals to avoid further financial damage.

• Personal Loan

Online money lenders, credit unions and banks offer personal loans that can be used for emergencies. Therefore, if you have less time and require immediate cash then such loans are a viable option.

You can physically visit a bank to evaluate your options and eligibility for a loan. The process can become fast if you already have relationships with the banks. Similarly, you can also opt for a quick loan through online money lenders. Such lenders offer you money without intensive documentation and have a fast decision turnaround time. This means, you can get a decision in a few days or weeks. In certain situations, the decision is also communicated within 15 minutes.

Personal loans tend to vary where the interest rates can be extremely high if the credit history is poor. Also, beware of online scams. The last thing you would want is to get into a bigger financial crisis.

• Advance Cash

If you own a credit card, opting for a cash advance is a good option. Basically, such a loan is granted against your credit card. The process is extremely convenient, where you can get money by inserting your card into a cash machine.

Advance cash is a flexible and simple way to get immediate access to money anywhere in the world. However, this method has its fair share of drawbacks. A lender can set limits to the amount you can withdraw. This means that despite having £3000 in your credit account, you cannot withdraw the entire amount.
It needs to be noted that such a method includes a cash advance fee. These charges can be considered as interest on the amount withdrawn. Moreover, the interest rate for such amounts is extremely high.

• Family Loan

If you need a small amount of money to finance a need, asking a loved one is the safest option. Some employers also offer loans to facilitate their employees. Other than that, you can also request an advance salary to facilitate your need.

Make sure to write a physical contract for any amount borrowed from your loved ones to avoid inconvenience. Writing down the interest rate, amount borrowed, repayment schedule and other similar terms will avoid damage in the future for both parties.

Irrespective of the chosen method, make sure that you only borrow an amount that you can pay back. Taking a loan greater than your need or ability can further intensify your financial misery. Thus, be strategic with your options and calculate the loan amount before you apply for a loan.