No Rainy Day Fund? How To Get Cash For An Emergency

Thursday, October 13, 2016, PM | Leave Comment

Whether you’ve crashed your car, broken a bone or lost your job, you need money now and your savings account is at zero.

When you simply must raise money in a hurry, it’s easy to feel overwhelmed and at a loss for what to do.

Luckily, you have options. Here are some ideas for getting cash fast!

No Rainy Day Fund

  • Get a Cash Advance

    Your credit card probably has a cash advance option, meaning you can withdraw a certain amount of cash from an ATM.

    According to CBS News, most cash advances come with an extra fee, so be prepared to see that on your next bill. Also, you probably have a smaller cash advance limit than your regular credit card limit.

  • Sell Your Items

    If you need cash quick, now is the time to sell the belongings you haven’t really been using. Furniture will garner the most amount of money.

    If the weather is warm, you can hold a garage sale right on your property.

    You can also consider selling your smaller items, like gold jewelry, somewhere like Sol’s Jewelry & Loan to get cash now with the option to buy back your belongings later.

  • Take Out a Personal Loan

    Personal loans are specifically designed for personal expenses, like emergencies. You can either choose a secured loan, which is backed by some sort of collateral, or an unsecured loan.

    Various lending institutions including banks as well as online lenders offer personal loans.

  • Get a P2P Loan

    A P2P loan, or peer-to-peer loan, means that people who are willing to loan money connect with people who need money.

    As with a traditional loan, your credit score will affect the loan’s interest rate. Some lenders may also ask to see current pay stubs to feel secure that you’ll pay the loan back on time.

  • Withdraw From Your Retirement Account

    While this should be a last resort, you can cash in a portion of your retirement account in order to get money quickly.

    According to Kiplinger, a Roth IRA lets you withdraw money at any point without having to pay penalties. If you don’t have a Roth IRA, you can borrow money from your 401(k), but be prepared to pay taxes, penalties or both.

Just because you don’t have the cash on hand that you absolutely need right now, that doesn’t mean you’re completely out of options. There’s almost always somewhere to turn when you’re in need of quick finances.

Author BIO

Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.

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