Where to Get Emergency Money?
October 14, 2021
Financial emergencies rank high on the list of things people worry about nowadays. Even with a stable source of income, a physical injury or a repair job might mean the end of all the money in your savings. On top of this, America is not done recovering from the financial crisis caused by the pandemic, and quick sources of cash are even harder to come by. When people ask where to get emergency money, there are some common suggestions, but only a few of them are effective if you care about staying out of debt.
Dealing with Money Problems in the U.S.
There is no shortage of options to cover the costs of an unexpected emergency, but there's no denying that it's become more difficult in the last few years, and more notably, in the last 12 months.
To expand on what we said earlier, the average person has multiple options when it comes to finding and keeping a regular source of income, from jobs to entrepreneurial ventures, all depending on the person's daily needs. On the other hand, pay cuts and staff reduction strategies became common in certain industries after COVID-19 hit the U.S. Parts of the country's workforce stayed afloat, and the new circumstances even allowed the development of stay-at-home work. Regardless, the pandemic still altered people's financial standing, and this is especially obvious during emergencies. At the beginning of the year, CBS News reported that fewer than 4 in 10 Americans have money to cover an unexpected $1,000 expense
There are ways to make sure you have money to spare in the event of an emergency. Most financial organizations recommend keeping records and receipts of all previous expenses, as well as an emergency account where you can put a percentage of your monthly savings without having to withdraw money for everyday needs. Of course, your ability to do this will depend on your personal circumstances, starting with the sources of income within your household and the number of dependents under your care. According to Bank of America, families with one breadwinner should try to have enough money to cover expenses for nine months
, as opposed to people with no children who might only need to save three month's worth. By this account, an emergency may drastically affect the prospects of many families with average savings.
Now, even a stable savings account might not be enough to sustain certain types of emergencies. In other cases, people's savings are destined to necessary life plans, so an unexpected expense might leave them in worse conditions even after all the costs have been covered.
Best Options to Get Extra Money Fast
Banks and credit card companies are likely the first options that come to mind during a financial emergency, but they're far from the fastest. There's a lot of paperwork to get through before you're granted a loan, and you won't be eligible at all if you have bad credit at the time you make the request. Banks, like credit unions and other entities, have strengthened their restrictions and added more requirements, making the loan process entirely unfeasible for people with time constraints. When it comes to time-effective options, most people go with any of the following:
- Payday Loans: Payday loans are accessible where bank loans are limiting. Almost anyone is eligible, and their short-term nature makes them ideal for dealing with sudden emergencies. They are meant to be paid on a person's payday, which may actually make things harder when money is tight, and there are no savings to fall back to. They also have high-interest rates, making them a common source of debt.
- Community Organizations: As stated by the Federal Emergency Management Agency (FEMA), food banks and other such organizations can be of help when an emergency stops a person from securing daily essentials. If your financial crisis isn't so dire, these organizations can still serve as a starting point to learn about reliable loan services in your area.
- Pawnshops: Some people can use jewelry and other valuables as collateral for a loan. Once again, high-interest rates are an important drawback, and the loan amount may not be enough to cover medical bills or large-scale repairs. If you don't have any emotional attachment to the goods you're using, selling them would be a more practical solution. After all, a pawnshop could sell your items if you don't pay for the loan on time.
- Borrowing from friends or relatives: Depending on the case, you can ask for money from a person you trust, making a personal commitment to repay them before a certain window of time has passed. With this approach, there's no need to worry about the lender's reliability, and there's less stress involved concerning deadlines, but a delay might deeply affect your personal relationships. As a general rule, it's not advisable to loan large amounts of money without a written agreement, so if you want to overlook all the other options, make sure to keep the loan terms as clear as possible when reaching an agreement with a friend/family member.
- Car Title Loans: Auto title loans are a popular option for people dealing with sudden expenses. They offer low-interest rates and accessible terms to make it easy for people to pay for the loan without making a dent in their savings. When applying for a car title loan, the borrower only needs to provide basic documents to prove their identity and their ability to pay for the loan, along with a clear title and the vehicle that will serve as collateral. A person's credit score and financial history have no effect on their eligibility and will not affect the loan amount.
A car title loan is a viable option to cover emergency expenses without adding more stress to the process. You can apply for the loan online and finalize the agreement in a single session, right after having your vehicle inspected by the loan specialists. The equity in your vehicle will determine the loan amount, and you can leave with your car and your money right after settling the terms.
Quick Cash Auto Loans is a consumer finance company licensed in the State of Florida under Statute 516. You get a smooth process at the hands of our specialists, with little paperwork and monthly rates as low as 1.50%. Your peace of mind is our priority at all times, but especially during sudden emergencies, so you can be sure we won't look into your credit history or ask questions that would slow down the process. Quick Cash Auto Loans provides all the options you need to get the money you need when you need it.
Quick Cash Auto Loans is here to help you through all types of money problems. Our specialists are ready to help you with the most accessible loan terms and the most reliable system to protect your information. If you're in Miami or any part of the South Florida area, you can always stop by our office to learn more about our loan process. You can also fill out the application form
at the top of the page or call (786) 600-3411
to get started with the loan application. Contact Quick Cash Auto Loans and make the first step to regain your financial stability.
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