Emergency Loan Funding
Free credit tips for emergency loan funding. Cover urgent expenses with a credit card, short term payday loan, long term equity loan, borrow money, reduce bills or negotiate repayments.
Rising fuel costs; as well as its impact on other goods and services such as food and transportation, and the bad credit lending crisis are some of the problems contributing to a troubled economy. When you're already borrowing money just to purchase necessities, the last thing you want to happen is to have an emergency situation and no available cash. Here are tips on how you can get emergency loan funding:
These tips may not be the best solution for you, but are ideas to help you get emergency cash should you need it and not have any other options.
Credit Options
Credit Card:
- If you don't have a credit card, apply for one and focus on getting a card that offers the lowest interest rate instead of perks and rewards, since chances are you'll end up carrying a balance which would cost you interest that would override any benefits.
- If you have a credit card, in addition to using the card for standard purchases, your issuer may also offer cash advances. Note: credit card cash advances have higher interest costs.
- If you have a credit card but it's maxed out, ask your issuer to increase your maximum credit limit.
- If you have a credit card with a good credit rating, apply for a 0 intro balance transfer credit card. This can help you buy some time while you are in a financial crunch.
Auto: If you have an atuo; whether it's paid off or not, you may have two options to use it to get cash.
- Paid Off Auto: You could use your auto as collateral. Note: an auto refinance loan has a higher interest rate than that of a new car.
- Auto With Loan: If you have enough equity in your auto (if it's worth more than the balance owed), you could refinance it for its full value and get equity cash. NBote: auto refinance loans have higher interest rates than new car loans.
Payday Loan: If you simply need some quick cash to hold you over until payday, consider a payday loan. Although the fee may be $30 or more; depending on how much you borrow, it could end up saving you more by protecting you from having to make a late payment and get hit with a late fee, bounced check fee, and possibly damage to your credit by not being able to make a payment timely.
Negotiate Payments: Instead of not making a payment, ask your creditor for an extension. If you have severe debt problems, consider credit counseling or debt settlement.
Expense Cutting Options
Memberships: If you have memberships you don't use enough to justify the cost, cancel them. If you're under a contract, put them up for sale. To unload them quicker, offer a free month (which you'll pay for). For example, if you have a 12 month membership, offer it for the cost of 11 months. Although you'll be paying one of the months, you'll be out of the contract and will save 11 months in membership fees. Just be sure to get the deal in writing with the buyer, and see if you can get the membership club to transfer responsibility to the new owner.
Fire Sale: You probably have items you don't need or no longer use. Let someone else enjoy them and put money in your pocket. Sell those items from your home or online. For example, if you have DVDs you've watched a dozen times each, sell them for $5 or $10 a piece.
Friends & Family: Borrowing from friends and family can be disastrous, and it's up to the borrower to not let it become a problem. When you borrow, pay back as you had promised. Another option instead of borrowing money from friends and family, is to do favors for them in exchange for money which won't require paying back. For example, baby sitting, yard work, car washing and errands.
Track Expenses: You may be wasting money in other areas which you could eliminate. Download our free software to track expenses.
Other Options
Search our personal finance articles for more tips on how to reduce expenses and to get out of debt.
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