Sometimes things don’t go as planned. You know how it is – the roof starts to leak, a family member needs emergency medical care, or someone dear to you asks for help paying bills and buying school supplies. Whatever the reason, you now need to dig deep into your pockets and send over much-needed monetary aid.
What happens if you don’t have available funds at your disposal and your salary is two weeks away? There are many ways to get emergency funds and some are better than others. Here are four popular and safe ways to get emergency cash.
Borrow money from a friend
This might be the best option to secure emergency funds, dependent on the amount requested, of course. However, it isn’t necessarily the easiest option or even the right one as you’re now adding a business layer to your social relationship.
To make sure this action doesn’t take a toll on your relationship, consider crafting a short agreement that both parties are happy with. The agreement can contain the terms of the loan such as the amount borrowed, a payment plan including dates and deadlines, rates, and fees.
Online loans and bank loans
If you have a local bank account in Europe, asking the financial institution for a loan shouldn’t be too difficult. All you have to do is make sure you can secure the funds in the timeline that suits you best.
Another option is to secure a loan online. Choosing this option can be tricky if you don’t do your homework – the most important aspect is to choose an online banking partner you trust and carefully check the terms and conditions. Luckily, there are various options for securing small loans online, which are 100% safe and offer fair terms and conditions along with a custom installment plan that is aligned with your financial abilities.
Ask your employer to pay you earlier
Your relationship with your manager is very important and can prove to be more helpful than you think. If you find yourself in an emergency situation and your next salary is several days or weeks away, you can talk to your employer, explain the situation, and see if they can help. Sometimes, employers can provide you with your salary ahead of time.
Note that paying employees ahead of time is not always possible and depends on your employer’s liquidity and whether or not they can allocate sufficient funds ahead of time.
Sell or pawn personal items
If you have valuables you want to exchange for the money you urgently need, selling or pawning items is a viable option.
Selling items can easily be done online on websites such as eBay or even Facebook Marketplace. You wouldn’t believe the items put for sale online. Note, however, that this solution might not instantly provide you with the cash you need.
When pawning items, the amount of money you get is based on the value of the item you pawn. Know that the process is very fast and will probably only take a couple of minutes. Credit checks are not made as you are placing a physical item as collateral. This is basically a high-interest rate loan that will normally cost up to 25% of the item’s value. Note that if you cannot pay the balance on time, your pawned item will become eligible for sale.
Experiencing an emergency situation that requires immediate financial assistance is never easy – both technically and emotionally. While some of the options suggested above may sound extreme to some, when push comes to shove, creative solutions must be taken into account. Plus, knowing you have options can help relieve some of the pressure that naturally comes with the situation.