How to Find Emergency Cash

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We’ve all been there. When times are tough and cash is tight, it’s easy to find yourself feeling cornered. Don’t worry, though - there’s more than a couple of ways you can get yourself some financial help in a pinch.
Family and Friends
Before seeking out riskier forms of help, consider going to a family member or friend for a loan. While the thought of it may initially seem uncomfortable, it can often turn out to be the best option. Make a written repayment plan to give you and them ease of mind, complete with interest if you feel it’s necessary. Remember, family and friends are more than likely happy to help out someone in times of need.
Personal Bank Loan
If you truly need cash immediately, a personal bank loan may be a viable option. This does require a good credit score, however. Many banks and credit unions offer these unsecured loans, which aren’t backed by something such as a house. Keep in mind that these often include some sort of flat interest rate that holds steady if the loan is repaid in time.
Credit Cards
Most credit cards offer cash advances, either through an ATM or in the form of a check. Interest on these advances begins as soon as the money is taken out, and interest rates can vary wildly. While this option will get you the money you need immediately, it can add a considerable amount of money to be repaid on top of the initial loan.
Secured Bank Loan
As mentioned previously, some loans are backed by something such as a house. These loans have considerably lower initial interest rates. However, they are more risky in the sense that you could lose the assets that the loan is backed by, and you’re also at the mercy of fluctuating interest rates.
401k Loan
If you are participating in the 401k program of a company, you may be able to take out  a loan in the amount of any money you’ve invested in it. It doesn’t impact your credit rating, and the loan balance interest goes back into your account, making the loan free or nearly free.
These loans should be used with the goal of getting you back on your feet with the intention of finding yourself able to pay them back later. Be weary of interest rates, and be sure to stick to reputable loaners if you decide to take that route. Hopefully some of these options may be able to help you find the financial aid you require.

By: Tim Milles

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