5 Strategies for Getting the Cash that You Need When You Are in a Fix

You never know when you are going to need money in a hurry. When the car needs to be repaired or a medical emergency comes up, you can't tell the mechanic or the doctor that you can't pay due to a lack of funds. What can you do to get money that you need when you are in a pinch and have a severely limited amount of time?

1) Raid Your Retirement Fund

If you are facing a financial emergency, you can borrow up to $50,000 from your retirement fund. You will need to put the money back into your account over a period of up to 60 months, but the penalties for not doing this are not extremely heavy, at least when compared to normal loans and forms of financing. The advantages to such a loan are the fact that you can get the loan with few or no questions asked and you will repay yourself with interest, instead of a bank.

2) Sell Gold Or Silver

That silver ring or gold watch that has been sitting on your dresser for the last few years can be worth hundreds or thousands of dollars. While it is true that you are going to lose these items, you will not need to worry about paying back debts and losing money to interest.

3) Apply For A Payday Loan

While not an ideal solution, you can have the funds in your bank account within hours. If you have bad credit, it may be your only option when you need money in a pinch. Those who don't like payday loans can look for personal loans online or through their bank. You can expect a heavy fee to be attached to a payday loan, and it will quickly build up money if you don't pay off the loan on time, but it is one of the easiest ways to get a large amount of money almost immediately.

4) Access The Equity In Your Home

Homeowners can take out a home equity loan to get cash quickly at a low interest rate. With mortgage rates at historic lows, you will pay significantly less in interest charges than you would if you got a personal loan or used a credit card. The only risk is that you will be placing your home up as collateral for the loan, but this won't be a problem if you make all of the required payments on the loan.

5) Liquidate A Portion Of Your Stock Portfolio

Stocks, bonds, and other securities can be sold instantly to put cash in your pocket. Savings bonds can be cashed in instantly as well if you need money in a hurry. A silver lining to having to sell stocks or bonds is that you could take a capital loss that will help you save money when it comes time to file your taxes.

There are a lot of ways to get money when you are in a financial jam. While not all of these options are ideal, you will be able to get the money that you need, when you need it. When the bills need to be paid, it's important to know where you can turn to get funds in a hurry.

Take A Second And Just Breathe: What To Do During A Financial Emergency

Finance (Photo credit: Tax Credits)

Financial emergencies happen everyday, and not every family is prepared to handle the emergency when it happens. Sometimes you will find that you need help to get through the rough patch and you might feel a little overwhelmed. 

 When you face financial difficulties, the best thing that you can do is take your time, breathe, and approach the problem methodically. When you do that, you will be able to limit the damage and move forward without mortgaging your future.

Step One: Calm Down

The first reaction that you might have when you get into an unexpected emergency is panic. You want to take care of things right away and get on with your life, but the more stressed you get, the more likely you are to make bad decisions. Take an hour or so and just sit back and assess the situation critically. 

 What is the emergency? How long do you have to take care of it? Is it just a monetary issue or are there other things that you need to do as well? Once you know what the situation is, you will be able to make decisions with a clear head and move quickly to the right solution.

Step Two: Communicate

The next thing that you need to do is communicate your issue. If you are married, make sure that you and your spouse are on the same page. If it is something that affects roommates, call a house meeting and let everyone know what is going on. 

 The other person that you need to communicate with is the person who is asking for the money. Utility companies are often willing to work with customers who need an extra day or two to get payments in, and landlords would much rather keep a renter than try to find someone new. 

 Make sure that you let the person know that you are doing what you can to make payment and give them a timetable for when you will be able to get them their money. Do not be vague, or else they might think that you are just trying to stall; the more concrete details that you can provide, the more likely it is that the person you owe money too will work with you.

Step Three: Solve The Problem

The last thing that you need to work on is solving the problem. There are several different ways for you to get the money that you need to take care of a financial emergency. 

 You can go a traditional route and try to get the money from the bank, but if you have poor credit, this is probably not going to work out. If you have some things of value that you can live without for a short period of time, then you can always go to a pawn shop and get a pawn loan for those items. 

 The problem is that you will not get anywhere near what the items are worth in return, and if you cannot pick up your items when the pawn period is over, you will lose them. The best solution is probably going to be a payday loan. With a payday loan you can get a short term cash infusion that will not wreck your future financial security. You will be able to get money based on the amount of money that you can afford to repay on your next payday, and then your commitment is over.

Getting through a financial emergency takes time and patience. You need to approach the situation with a clear head, so that you make the best decisions and you will be able to move forward once the emergency is over. With the right approach, you will be back on track in no time at all.

Making it Through Your Financial Crisis

Payday Loans Neon Sign (Photo credit: rinkjustice)

Some people are saying they are seeing some positive economic signs, but many are still suffering from the economic downturn. The problems usually are an unexpected bill coming due or a medical expense. The most common one is the family car needing an unexpected repair. You don't have enough money in the bank to cover the bill and you have nowhere to turn. Your next payday is two weeks away and you need the money now. What can you do?

There is a way out and it’s payday loans. Payday loans are a financial product which helps people in need, by advancing them cash in a quick and easy way. Payday loans provide a solution to your need of short term cash by not giving you credit but by advancing cash for a short term and charging a fee.

Many people are apprehensive about using a payday loan service because of some bad press. But there are many companies that have served their customers well and built a reputation of excellent customer service. Companies today value their customers and they use cutting edge technology to provide great customer service. They offer valuable services that are very useful for those people who use them responsibly.  After all, where else can you look for a dependable source for immediate cash in any kind of emergency?

An online payday lender provides a process for a quick application. Most obtain fast approval and their money in a timely fashion. From the comfort of your home you enter your details online and you should receive approval within only a short time. It takes less than 2 minutes to apply and customer service will get in touch with you and inform you when you have qualified for the cash advance.

Payday loans are there when you need them. Their purpose is to help you out in any situation that you need quick cash and it is your responsibly to use them wisely and only when in need.

The only requirements you need to apply for a short term loan is a bank account. You must have a job or a way to prove income and be at least 18 years old. Go to cheapest pay day loans uk.

Factors to Look for When Obtaining Payday Loans

Last month, when I received my electric bill I was really panicky and nervous because I had no money to pay for it. I was really worried and wrecked. Then my friend suggested me to take out payday loan that is meant for meeting urgent needs such as credit card bills, utility bills, electric bills, overwhelming medical expenses and many others. 

Shelly (my friend, in case you wonder) even imparted me some other facts about payday loan such as this loan is a short-term loan, also known as cash advance and is debited with 24 hours after one applies. I was bit relieved after I got to know all these, and I soon applied for it. Believe it or not, I indeed received the loan within 24 hours and could pay my electric bill without any further delay.
 
Now, taking out payday loans might be sounding extremely easy and effortless task to you. However, let me here take a pause and remind you that my friend (Shelly) provided me with a list of factors to be taken into account when I was about to apply for a payday loan. Let me here share some of those factors with you, so that you can also go about taking out payday loans without putting much effort and facing any hurdle.

Terms and conditions: One of the important factors (as suggested by Shelly) for taking out a payday loan is its terms and conditions. She repeated asked me to skim over the terms and conditions in order to ensure that the interest rates charged are feasible. She even warned me that I might come across different interest rates offered by several different payday loan companies. Of course, she was absolutely true. I indeed tumbled upon different interest rates with different payday loan lenders, depending upon the size of the loan, and the amount borrowed. Nonetheless, I was careful and cautious as much as possible when obtaining the loan. Went through all the fine prints and ensured that the interest rates I receive are legitimate. I also looked into the matter of fees charged for the loan and also the penalties due to early or late payment.

Keep loans manageable: Shelly advised me to take out the amount of payday loan that is manageable and can be paid off at ease. Trust me this advice of the friend was really useful and handy. Since I took out only the amount that I had needed, I could easily pay it off. Hence, I would like to advise you to not obtain more than what you require. While taking out payday loan is easy and requires no credit check, it is tempting to borrow more and more. However, always bear in mind that if this vicious cycle begins, it will be very difficult to repay and get out of it. So, keep it as minimal as possible.

Customer service: Last but not the least, Shelly also asked me to consider customer service when borrowing the loan. She told me that if I do not feel comfortable working with a particular payday loan company, then I should look out for some other one. So, before borrowing the loan, I corresponded with the representative and ensured that they respect their clients and deal with them properly.

Credit Card Cash Advances: What do they Really Cost?

Credit Card (Photo credit: 401(K) 2012)

It is the shopping season: stores are trying to entice people in to buy overpriced presents for their children and grandchildren and adverts on TV are waving expensive toys in front of the nation’s kids as a means of putting pressure on the adults that will be fulfilling the role of Santa. Even the most frugal individuals may find it difficult to resist spending large amounts of money during this period, as it is a time when consumerism is at its peak. Unfortunately there is nothing special about the festive season that magically generates cash once a person has ran out, which means that Christmas shoppers can sometimes end up spending beyond their means and taking out credit card cash advances whilst caught up in the holiday excitement. What most people do not realise is that when withdrawing credit, they are being charged stupid amounts for the convenience and costing themselves more money than they should be forking out.

High Interest Rates and Fees

One of the major downsides to credit card cash advances is that interest rates charged on cash withdrawals are usually considerably higher than those charged on regular credit card purchases. In addition to this, these advances often come with upfront fees of between two and four percent of the amount advanced. Over 50s empowerment, protection and security charity AARP likens cash advances to bait placed in a trap. The charity warns that people are particularly vulnerable to taking this bait during the holiday season but urges them to resist the temptation.

No Interest Free Period

Another reason that these advances should be avoided is that the fifty-or-so day interest free period that most providers offer on regular purchases does not usually extend to credit card cash advances. This means that interest will start to accumulate on the balance straightaway when you withdraw money. This is one of the many dangers of credit card cash advances and makes them a costly way to borrow cash both in the short term and in the long term. According to the NBC News network, the majority of Americans are now over seventy five thousand dollars in debt. You can do your bit to alter this statistic by steering clear of borrowing money altogether or, if there is no other option, choosing more sensible alternatives to getting credit card cash advances.

Better Alternatives to Cash Advances

Making use of an overdraft facility is a wiser choice than getting a cash advance, as most charge less on borrowing. If you go for this option then ensure that your overdraft limit is sufficient to meet your withdrawal needs and be sure to contact your bank straight away if you think that you are going to go over your limit. Some credit card providers offer money transfer facilities that allow you to transfer funds from your credit card to your current account without incurring any interest. This is usually done as part of an introductory balance transfer offer. It is another viable choice, as is using a low rate purchase card. The interest charges are usually far less for these cards and they also provide the benefit of an interest-free period in which you can clear the balance. Unsecured loans could also prove to be a better option in the long term if you are constantly in need of extra funds and know that there is a high chance that you will be borrowing cash for an extended period.

Emergency Situations

In the event that you have no choice but to borrow cash using your credit card, try and opt for the card that charges you the lowest level of interest and fees for making cash withdrawals. Most credit card providers will charge you a fee for each cash withdrawal that you make so it is a good idea to withdraw the whole amount of money that you require in one go. This will ensure that you only pay the cash withdrawal fee once. Finally it is important to pay off the outstanding amount as soon as possible in order to avoid wracking up more interest. Putting this off is liable to result in you becoming swamped with debt and being unable to turn the situation back around.

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