Wed. Sep 19th, 2018

5 Financial Resources to Get Quick Cash for Emergencies

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What happens when an unexpected situation hit your life? What if this inevitable scenario requires more funds than you think? The only thing you can do is to produce more funds to cover unexpected emergency such as hospital bills and sudden unemployment.

Situations like mentioned above can really dry-up one’s savings and maybe there will be no left on the pocket and bank account. This is a vulnerable time for people facing financial problems. This is why people need quick cash, instant money that would ease the financial problem at hand.

There are numerous places where people can get instant money that fits their financial needs. Check them below:

Family members and friends

It is true that it may be uncomfortable to ask financial help from families and even to friends. However, this is the perhaps the safest place where one can ask for small amount of loan. Keep in mind that when they agree to lend some money, it does not mean that it is an interest-free loan. To be fair with your friends and family who will lend the money, the borrower should agree on an interest that is both lower and fair for both parties.

It is easier to convince friends and family members to lend money because the borrower has a relationship with them already. Compared to the bank, you do not need to produce documents such as bank statement or tax return to evaluate the paying capability.
if you have poor credit, as many of these lenders are set up to work with bad or no credit.

Online money lending company

Perhaps this is the quickest way to apply for cash loans. Online money lender is quick to assess one’s application and the borrower may even get the money within the day or early next business day. The borrower only need to put information and wait for the approval. If the borrower has a poor credit standing, this may be the answer to get money in an instant.

Peer to Peer Loans (P2P)

This is another popular online lender company. A borrower applies for a loan and the money will come from individuals. He/she pay the interest and some balance back to these individuals. Keep in mind that peer to peer loans have reasonable interest rate compared to banks. The paying terms generally range from three to five years. The borrower can pay off quickly and without pay.

Credit Cards

Do you have a credit card? This would be helpful when you need quick money. Most of the credit card companies offer cash advances in the form of ATM access or check. Usually, the interest rate is between two to four percent. However, if you miss a payment, there is most likely a late-payment penalty.

Personal bank loan

A lot of banks these days offer unsecured personal loans. The process would be easier if you have an account on a certain bank. Bank’s unsecured personal loans do not require collateral such as borrower’s house or car. However, the bank requires a good credit score to qualify for the loans. If the borrower miss a payment, the interest rate might be raised and the credit rating will be dropped.

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