Personal finance and loans

Emergencies are inevitable in life and can knock at any time without notice. It is crucial to explore the available avenues where one can get financial assistance in case of an emergency. You can either engage in some activities besides your regular work where you can and save for emergencies or borrow from money lenders where troubles catch up with you. It is good to explore some of the interest-free methods of obtaining emergency cash. I will take you through some of the ways you can raise money fast.

Borrowing from relatives and friends

Friends and relatives are the first persons we run to when we are in any crisis. Before you go to the bank and other money lenders, it is good to check whether your friends can assist you. It can be uncomfortable borrowing money from your colleagues, but some friends are reliable. Most of the time, cash from friends will have favorable terms of payments and maybe interest-free.

Non-profit making programs

In some countries, non-profit organizations take care of emergencies such as lack of food, clothing, and other necessities due to calamities like fire and floods. Before you start looking for costly loans, it is advisable to check whether such organizations are within your locality.

Sell extra belongings to get cash

Some people have several items in their apartments, which they rarely use. Some people own several wardrobes, yet they only use one. You may have clothes that you have not worn for years in your closet. You may also have some glassware and cutlery that you no longer use. These are some of the things you need to sell in case of an emergency to raise cash quickly. Online platforms like Craigslist and Facebook marketplace can be some of the best places to advertise and sell your products quickly.

Raise money from crowdfunding

There are fundraising websites with a minimum or no entry fees where you can raise money in case of an emergency. Emergencies such as medical bills, evictions, and clashes can be well settled through fundraising. You only need to share your story through these platforms, and getting help becomes easier.

Personal loans

All other avenues may fail, and the next place you can run for help to solve an emergency is the bank. Banks give personal loans on different terms, which you need to learn before borrowing money. Your bank would be the first choice because you haveestablished yourself with the bank already. Some employers offer personal loans to their employees in case of emergencies with favorable payment terms.

Cash advance

People who have a credit card can obtain an advance against the credit card fast. You only need to visit an automated teller machine and insert your credit card to get cash. However, cash advances are costly in terms of interest and related fees, and the money advanced is usually little.

Address existing debts before borrowing

Another way to get cash in times of emergencies is to negotiate with your existing loan lenders to see whether they can loosen the repayment terms. Your lenders can lengthen the duration of paying your current loans, and in such cases, you can free some money to cater for the crisis.