If you’re suddenly faced with an emergency, it can be a really stressful situation. If that emergency requires money to help solve it and you don’t have the funds on hand, then your stress levels can literally go through the roof. No doubt you’ll need to be able to find the money required in fairly quick time, but if you don’t already have it, what are your options for obtaining the funds you need?
In this article, we’ll look at some ways that will help you find the money you need in rapid time, so you can solve your problem and release that pressure valve a little.
#1 – Make a List of All the Possible Options
Step one could be making a list of all the possible options you can think of to raise some cash. Some may be plausible while others not so much. The point is, when you do this exercise, it generates more and more ideas. It also gives you something to reference if one of the options you take doesn’t bring in quite enough money and you need to try something else as well.
Once you have compiled a list, you’ll relax a little because you’ll be able to see, at a glance, that you have some good possibilities to get the cash required.
#2 – Is There Someone You Can Borrow the Money From?
This could be a family member, a good friend, or even your boss. Everybody knows somebody they might be able to call on for a favour. Even if the amount is too high to lend off one person, you can still get a portion of the money you need, or borrow the money from more than one source.
To ensure you get a yes, you could even offer to pay back the money with interest. It’s also wise to offer some sort of deadline for repayment, as this will give the lender more confidence that the money will be returned to them soon.
#3 – Emergency Cash Loans Could Be the Answer
This could mean applying for a Personal Loan or through a lender that offers Emergency Loans for different purposes. Fortunately, this is a viable option that’s available to many people, so long as you don’t have a particularly poor credit record.
To make matters more convenient, you can usually apply for Emergency Loans online. This saves time and hassle, which is important when stuck in an urgent situation.
For faster turnaround times, you’re better off targeting the private lending sector, as they focus on speedy processes and approvals. When you need the money fast, a private lender is the way to go in most cases.
#4 – Is There Something You Can Sell, Fast?
Most of us have accumulated all sorts of possessions over the years. Maybe you have an item or two that you know you can offload quickly and get the money you need that way? Advertise your items online on platforms such as Facebook Marketplace. Or you can post a for sale listing on websites such as Gumtree.
You’ll want to target items that are in demand to guarantee a quick sale, and to ensure you get a fair price for the item in question.
Even holding a garage sale might provide you with the funds you need, so long as you can organise it quickly.
#5 – Do You Have a Credit Card?
If you happen to have a credit card with available funds on it, you can use this money to temporarily cover you until you get your emergency sorted. After that, you can focus on repaying that debt with less things on your mind.
Yes, credit cards tend to have high-interest rates compared to other forms of finance, but if you’re really in a bind, they can save you in the short-term. Emergencies often require accessing whatever options are available to you. If you have a credit card with funds, you may need to consider using it.
There are always ways to find the money you need, and when faced with the added pressure of an emergency, chances are you’ll be motivated to find that money, and fast. Always make a list of possible options first, to give you a clearer picture.