Whether we like it or not, most of us need money to get by in life. We need it to buy or rent shelter, purchase food, entertain ourselves and so much more. While most people have a good handle on how much they spend and need to get by, very few of us are very good at saving. In fact, over half of American adults have less than $1,000 in savings.
This can cause real problems if (and when) emergencies happen. If something like a car accident, job loss, medical emergency or other situation occurs, you might need to borrow money to deal with it. While getting a standard loan might be the first thing you think of, these can take days or even weeks before you get the money. Thankfully, there are indeed some ways to get cash incredibly fast when you need it, and this article will look at a few of them.
Use a Car Title Loan
If you own a car that has a bit of value, there are few better ways to get fast cash than via a car title loan. A car title loan is when you put the title to your car up as collateral for a loan. Not only can this help you get a better interest rate and a larger loan, but you will generally get your money incredibly quickly. Also, don’t worry if your car is a salvage, as it is possible to get salvage title loans California as well.
While these are quick and easy to get, they are also very risky. If you default on your loan, you could end up losing your vehicle. So if you use a car title loan, be sure to only borrow an amount that you can be sure you will be able to pay back in full, and on time.
Ask Family or Friends
If you are in a pinch and need some cash for emergencies, consider asking your friends and family members for help. While your pride might make this difficult for you, sometimes it is worth it to swallow your pride. Many of your loved ones will want to help you and will be willing to do so. They can often get you what you need quickly, and more affordably than most lenders.
Of course, if your family or friends do indeed lend you some money, be sure to pay it back. In addition to paying it back, consider giving them a little extra for helping you out if you’re able to. Money can often ruin relationships so whatever you do, be sure to indeed paying it back. A few hundred dollars isn’t worth losing a friend or family member for.
Consider a Payday Loan
If you need money incredibly fast and no other options are available to you, you may need to consider using a payday loan. These are loans for a few hundred up to a few thousand dollars, and generally have a term of a few weeks to a month. They are essentially meant to hold you over until your next payday. Nearly anyone can get them, but this is because they often have incredibly high interest rates and strict terms.
They can get you the money you need, but paying it back will be expensive and can be difficult for some. Of course, be sure to be aware of the signs of predatory lending. Many scam artists will prey on those using payday loans as they know they are quite desperate and need the cash. If something seems too good to be true for your situation, or makes you uneasy, it is best to listen to your gut.
We hope that this article has been able to help you learn a couple of great ways to get quick cash when faced with an emergency.