Unexpected austerity can strike at any time, and push you to the edge of spending the last atom of your energy to spot a reliable emergency fund. Above all else, you must base your final decision on reasonable interest rates and repayment terms.
A close friend may also be your savior by providing an emergency fund. However, the best approach to get access to an emergency fund is to make cash with your skills and abilities. To help you in the process, we tried to answer the most frequent questions of troubled borrowers.
How can I get emergency money fast?
Don’t despair if your financial situation underwent a dreadful downfall! You have several options to get approved for emergency money, even without the need to pay back. First, seek government financial assistance at Benefits.gov. It offers benefits and resources for people in need. Don’t refrain from asking a friend or a relative to give you a personal loan under a mutually agreed contract.
Alternatively, you may apply for a personal loan or a cash advance, but you’ll have to pay the debt back. If you need money help, look for a zero-fee credit card or at least with decent rates. Finally, pay a visit to a loan store or a loan app if you need emergency money fast.
What to do if you have no money?
Before taking a personal loan and running into debt, make sure you exhaust the other alternatives to earn money. If your question is ‘how can I make $200 fast’, consider pet or baby-sitting for a while. Moreover, if you have a whole bunch of old stuff, why don’t you make some decent cash and settle your debt?
If you are biking regularly, investigate creative ways to make savings and save money fast. Moreover, try to grow or make organic food to sell to your local community and get out of debt. Also, consider wise debt-free use of your credit card to meet basic needs. When everything else fails, and you still need urgent money, personal loans might be your best option.
Who can help me with money urgently?
Depending on how urgent your need for fast money is, decide on the most viable credit option. Study the government-run loan programs that provide emergency loans quickly. Such programs are the best credit instruments to access funds in challenging circumstances. If you qualify for the Emergency Cash Assistance and you haven’t used its benefits yet, make sure you apply.
Be honest with family and friends about your hardship. Only then discuss the possibility of taking a loan from them. They may be more willing to accept if you offer to pay low interest on the loan. Some employers may also provide loans to help workers overcome temporary financial crises.
Finally, if everything else fails and you have no savings, resort to personal loans. Another idea is to take a cash advance from a credit card or even borrow from your retirement fund. Even borrowing against your home equity can come handy and get you money fast. In each case, interest rates apply and depend on the individual credit plan.
How can I borrow $100?
Your credit cards won’t do, and you need money now, whatever the interest rates. Think about an online lender or pay an in-store visit to get approved a $100 loan. Check whether you meet the requirements and have a regular income. The next step is the application process that may take a couple of minutes.
You may receive various offers to select from depending on the terms and conditions attached to them. Payday loans get approved within a short time, and the money may reach your account the same business day. Personal loans and cash advances must get repaid with the next paycheck plus a flat fee up to $30.
How can I get emergency money for rent?
Fortunately, various charities, governmental organizations, and non-profit agencies offer emergency rent assistance. Eligibility for such emergency fund help is limited to individuals faced with a notice to quit or eviction from a landlord. The amount of emergency money depends on the program and your circumstances.
If you’re a low-income family with kids and no savings, a disabled person or a senior citizen, the changes to get emergency fund help are higher. However, pay attention that such grants serve as a short-term solution only or to overcome a temporary crisis.
If you decide to reach out to non-profits, you may consider options like Catholic Charities and The Salvation Army. Moreover, you may contact the United Way helpline that connects people in need with local sources of assistance. Homeless veterans, in contrast, can get financial help from the US Department of Veterans Affairs or non-profits like Veteran Inc.
How to get emergency money with bad credit?
Does bad credit loans guaranteed approval ring a bell? In a nutshell, you may become eligible for emergency cash even if your credit score is far from ideal. That said, you need to be cautious with the wide-spread lending options available, as they may involve high fees and interest rates. If you get trapped in a cycle of debt, that could spell your ultimate financial collapse.
Payday loans and cash advances are high-cost and short-term loan solutions that may reach, or in some exceptions, exceed $500. Another way to procure an emergency fund is through a title loan to your vehicle. The APR of title loans may reach 300%, and once you repay the debt, the title of the car gets transferred to you.
Another financial option is unsecured personal loans. These give favorable terms with lower interest rates and more extended repayment periods. Lastly, consider options like a credit card cash advance, charitable financial grants, repayment plans, or employer advance loans.
Emergency loans for unemployed
The fact that you’re jobless and have no savings now doesn’t have to limit your access to emergency loans. Everyone may face upheavals without having savings to fall back on. So, there are lenders specialized in providing loan products to unemployed people with a low credit score and history. Even better, they may gladly lend money in need if you can prove that you have alternative sources of income.
The downside of emergency loans is that they entail unusually high-interest rates. Such interest rates can be detrimental to your financial position if you can’t repay on time. Plus, most lenders may require some collateral to secure your payments, such as your car or your home. In short, if you default on payments, the lender has rights reserved to have your vehicle or home seized and repossessed.
Your emergency money options are mainly payday loans and credit unions. Credit unions, for instance, are non-profit financial organizations. They collect savings from members and lend them to people in need. Compared to payday and doorstep loans, such emergency money seem to be more secure, though they impose high-interest rates, too.
How to get emergency money from the government?
In reality, the number of government assistance programs for emergency cash is substantial. First, the TANF emergency fund helps with necessities like food and housing. Second, the LIHEAP program may pay for utilities and low-cost repairs of the AC and heating system. Medical Savings Programs cover medical expenses. These include premiums, coinsurance, and copayment for low-income families and individuals.
When it comes to unpaid rent, the federal government provides partial help via the housing choice voucher program. As the waitlists are pretty extensive, you must be near eviction or in deep financial unease to get approved for emergency money. Also, the HUD housing emergency fund provides for subsidized housing without any interest rates.
Assistance programs have different requirements, but all of them accept online applications. They may seek documents such as IDs, proof of income (lost job), and bank statements. They will inform you whether you qualify for assistance once they process your application.
Summary
Regardless of whether you need quick cash or emergency money, you have many options available. Whether you opt for personal loans, credit cards, or emergency loans, check the interest rates and your eligibility. Before anything, pay attention to the upsides and downsides of each financial solution. Above all, we encourage you to have an emergency fund to help you on a rainy day.
If you liked this article on emergency money, explore our other useful guides too. Do you have personal experience with emergency loans and interest rates? If so, please share it with us in the comment box below.
