Getting Fast Cash for Emergencies

The unexpected happens to everyone at some point. The car breaks down, the furnace fails, a friend needs bail money, or the electricity is about to be shut off are just a few examples of why people need fast cash. A bank cannot help for a few reasons. The first is a lengthy application and approval process. The second is limited availability. Banks are not open seven days a week, or even past the hour of five in the afternoon. Another reason is strict eligibility requirements. Anyone with bad credit will most likely not be granted a loan. Homeowners who have an equity line of credit may be successful, but the availability will not be any better.

The best way to ensure there will be cash available for emergencies is to have money in a savings account. Access is possible even if the bank is closed via automatic teller machines (ATMs). People living on a limited income and those who lack discipline will not have this option available to them. Another option may, or may not, be borrowing the money from a family member or friend. Pawning something of value is an excellent idea because there is no financial penalty if the money is not paid back. The pawnshop simply keeps the item of value as reimbursement for the money loaned out. The loss of the item can be difficult to deal with so be certain the money is for an emergency rather than a desire.

A last resort solution is a payday loan. Most companies accept applications online for convenience, and approval can be granted within a few minutes. The loan is short-term and interest rates are higher than any other type of legal loan. The advantages include approval with less than perfect credit, fast turnaround time for receiving the requested amount, and increased availability over a bank, pawn shop, or credit union. Requirements are few and typically include proof of income, a valid picture identification, and an age requirement of at least eighteen years. Putting a little money away in savings every payday can avoid a lack of funds when emergencies happen, but there are a few other ways to get cash fast when necessary.