Emergencies happen. Paychecks can be delayed. Opportunity strikes and moves on. There are moments in life when you just need to have some cash in hand. Unfortunately, keeping cash on hand can be a challenge. If you don’t have extra funds in the bank, you’re not alone. About 40% of households don’t have cash on hand to cover even a minor emergency.
Fortunately, there are several ways to get extra cash when you need it the most.
If you have regular paychecks, you can borrow your own future money by using a payday loan. Apply online or in a storefront location, and you can get cash in hand with no credit check. The amount you can borrow will be tied to the amount you earn, but a payday loan is another fast and easy way to borrow up to $1,000.
Short Term Loans
Another borrowing option is a short term loan. A short term loan allows you to borrow a set amount for personal needs and then repay the loan quickly. While a credit card would require you making payments for years to pay off a balance, a short term loan will arrange just a handful of payments to repay the amount borrowed.
You can get the funds you need quickly and repay the loan quickly as well. A short term loan is a great way to enjoy the funds now – perhaps with a vacation or home remodel – with easy repayment terms for later.
An installment loan is a type of short-term loan that you pay back in regular installments. You borrow the amount you need, and then pay the loan back in smaller portions over several months.
Installment loans give you the ability and the time necessary to work the payment back into your regular budget with smaller payments. The installment loan is a nice option when you need a larger sum of money now to cover a large expense like a wedding or large trip.
When you need cash quickly, why not borrow some? You can easily get a quick loan for $1000 or less through online lenders. These short-term loans have a simple application, fast delivery and often include direct deposit. You can apply, be approved and have funds delivered using your home computer.
Personal loans are not tied to collateral – they provide funds you can use for any type of purchase including debt consolidation, medical bills, utility payments, holiday purchases, and more.
Some companies might let you take money from a future paycheck using a payroll advance. Companies that offer payroll advances will give you funds now and then arrange for you to repay that advance through paycheck deductions in the future until the loan is repaid.
You will need to check with your own employer to see if they offer any type of payroll advance. If you leave the job before you’ve repaid the advance, you may also be expected to pay the full loan amount.
Borrow from Retirement Accounts
If you have a retirement account like a 401k, you may be able to arrange a loan through that account. This is essentially borrowing your own money. A 401k loan is arranged with the bank that holds you retirement account. You get the funds in hand in a matter of days and then the loan is typically repaid either through payroll deductions or through regular payments like other installment loans.
Move a Car Payment
You should never skip any payments on loans, but some banks may allow you to change the payment date for your upcoming car payment. You might be able to move this month’s payment to the end of the loan if you have been a good customer with a solid repayment history.
In some cases, having the bank move the payment due date by a week will give you an extra weekly paycheck to cover the expense you are facing today. Be sure to call your car lender to see if this might be a possibility – paying late without arrangements with the bank can severely impact your credit score and future borrowing ability.
If you have items of value, you can arrange a quick loan through a pawnshop. You take your item to the shop to use as collateral. The shop gives you funds as a loan and holds your item. If you repay the loan according to the terms, you get your item back.
If you fail to repay the loan, the store will keep the item that you used as collateral as repayment for the loan. The amount you can borrow is tied directly to the item that you are willing to use as collateral. Valuable items create larger loans.
Borrow Your Life Insurance
If you have a certain type of life insurance you may be able to borrow from the proceeds of the insurance. Permanent life insurance has cash value, and you can borrow against that value in certain cases.
Once you have arranged a loan through your life insurance policy, you will have the rest of your life to pay the loan back. If you fail to repay the loan, the amount of the loan is just subtracted from the cash value of the insurance when it is paid out to your survivors.
Cash Advance from Credit Card
If you have credit cards and need cash, you also have the option of taking cash directly from the card. You will need the pin number the credit card company sent with the card, or you will need to contact the company to set up the pin for your account.
Then you can take the credit card to any ATM and use it like a debt card to take cash out of the ATM. The cash advance is considered a special type of charge on the credit card and will show up on your credit card statement alongside all your other purchases.