If you need emergency money, you have several options to explore. Some of these options include borrowing money from a friend or relative, getting a personal loan, or requesting a paycheck advance. You may also decide to get a side job on freelancing sites to make some quick emergency money.
Ways to Get Emergency Money
Below are six of the many ways to get money quickly should you find yourself in financial difficulty.
Family and Friends
Borrowing money from family and close friends can be upsetting and uncomfortable in some cases, but it is a good source of finance without much risk.
Getting a Part-time Gig
You can consider starting a side job on online sites such as Fiverr and Upwork, which can be a great money maker.
Loans from Banks
Getting personal loans from banks or credit unions is another great way to settle financial difficulties, which has low interest rates if you have a high credit score.
Advance from Employer
Some employers offer advances in salary to help employees settle sudden financial difficulties. This option also has a lower risk compared to borrowing from banks.
Selling Spare Appliances
Another way is by selling old devices such as phones, laptops, etc., on online platforms such as Amazon Trade-in, or in-store at BestBuy or other retail outlets.
Credit Card Advances
You can also get a cash advance on your credit card - within the loaded credit limit - as an extra source of funds. But the interest rates are relatively higher than those of personal loans.
Start Preparing for the Next Emergency
Though emergencies are sometimes inevitable, preparing for them ahead of time might make them less distressing when they occur. Steps you can take in planning for the next emergency are:
- Working out a budget containing your expenses, income, and savings each month.
- Start a savings account with the leftovers from the budget to use as a safety net.
- Settling your debts from the previous emergency to expand your borrowing options.
- Improving your credit with banks in order to access higher and longer loans.