A financial emergency can completely wreck your plans and drain your bank account. Whether it’s a huge hospital bill you need to pay somehow or you suddenly find yourself in an accident, having a plan to deal with it and cover the costs sure does help a lot and allows you to maintain your composure. Since you’re wise enough to realize it can happen to anyone and have thus started looking for the options that are available to you, you’re certainly on the right path. As luck would have it, we’ve got plenty of them in store for you:
- Sell your belongings
Do you absolutely need a car? If switching over to public transport only means sacrificing a bit of comfort, you should think about selling it, as it will give you a huge financial boost you can use to cover your other expenses. Plus, you can always purchase it again at a later date. The same principle applies to other valuables and assets you might have, such as paintings, jewelry, stocks, property, etc.
- Ask your friends or family members
Aside from emotional support, friends and family members should also be willing to help you out financially when times get tough. This is much better than getting a loan, since the repayment terms are often negotiable (and you may even convince them to flat out give you the money if you’re close enough on a personal level).
- Tap into your credit card reserves
However, you should do it the smart way; the interest rates can get quite unforgiving very soon. Plus, maxing out your credit card without having the means to repay the debt could spell other problems for you, with bad credit score resting at the top of the list.
- Rent out your place
Depending on how urgently you need the money, you may consider renting out your place (or even you car). In this case, you’re well within your rights to ask your tenants to pay rent in advance, which should guarantee a healthy stream of additional income you can access right from the get go.
- Find a side job
Feel free to choose from doing food deliveries, driving people around, housekeeping… you name it. Surprisingly, there are plenty of options available when it comes to side jobs, with lots of them paying upon the moment of completion (which is usually within the same day). If discipline and dedication are not foreign qualities to you, paying your bills (and putting some money on the side) should be well within your reach.
- Peer to peer lending
P2P lending is a win-win for all the parties involved; upon approval, you get access to the funds immediately, and your lender profits over time through interest rates. However, please bear in mind the height of these depends on your credit score.
- Get a personal loan
If none of the other options sound appealing to you, visit KingOfKash.com or a similar provider and apply for a personal loan. Compared to traditional loans, you can get approved faster; however, the interest rates may be a bit higher as a result. Therefore, resort to this option in a dire financial emergency only.
Conclusion
Although you’re probably excited to give some of these a shot, bear in mind that all of the options listed above have upsides and downsides you should consider before rushing to any single one of them. Only by researching, planning ahead and making a calculated decision, will you be able to pick what’s right for you and adapt to whatever the situation seems to be calling for.