Suppose there’s a sudden bad news! You’ve received a car repair bill of a hefty amount which is beyond your budget at the present moment. Currently you don’t have the money that is required to make the payment. But once you get paid for the entire month, you can then make the payment. This is a situation which most of us face almost every month when we are subject to unpredicted expenses. But in such a case how will you reach your office without your car?
This is when you may need to seek the help of emergency cash with which you can fulfill your mid-month financial contingencies. There are different sources of emergency loans that can help you bridge the gap. For instance, if you need a loan for a business, you can explore a service provider such as a bridge lender who may customize loans for various options including buying property, investments, etc.
Bridge lenders can provide these specialized loans quickly and often have fewer requirements than traditional lenders. This makes them an ideal option for those who need access to fast cash in order to meet their financial obligations. The best part about this option is that securing a low amount, say £100k bridging loan is possible within a matter of just three days in most cases.
Well, this was just one of the options, and maybe the best one. But there are other sources too that you can take into account for some quick emergency cash. Some are as follows:
Family members and friends are the first things that come to mind
Probably the fastest and cheapest way in which you can get an emergency loan is from a family member or a friend who is close enough to you. However, you need to take your steps carefully so that this doesn’t spoil your relationship. The family member won’t charge you outrageous fees and there won’t be a waiting period to obtain the loan proceeds. While there are several methods of getting fast cash, we will cover a few of the options in this post.
Credit card cash advances should be taken with caution
This is yet another fastest way of borrowing money. You can get quick online loans from a cash advance lender and these days it is also possible to obtain a cash advance from your credit card which can be withdrawn from the ATM. Doesn’t this sound great? However, there is a downside and that is these credit card cash advance loans have high rates as compared to others. If you miss making payments, you will probably be pushed into a vicious cycle of debt. Hence, make timely payments when you take out cash advance loans.
Online peer-to-peer loans
These are peer-to-peer lending websites and hence online lenders can definitely be a proper option for emergency loans. These types of loans have a good turn around and the best part is that you will get the money in your bank account within few days. Interest rates can differ depending on the rating of your credit score. In case you have a good credit score, this could be a cheap option. When you have a plan to pay it back, this will be even better for your financial health.
Therefore, when you have an emergency situation where you need instant cash, you can take into account the above mentioned options. Get the best loans from the best lenders and make sure you read the fine print before signing the agreement.