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Whether you have a medical emergency, a broken car or a last minute bill that absolutely needs to be paid, you might find yourself in a position where you need to get cash quickly. If you have plenty of savings set aside, this won’t be an issue. Unfortunately, even the most financially savvy people find it a struggle to set aside significant savings for all emergencies. If you are in a bind and need money in a hurry, use one of these methods to acquire cash in just a few days or even hours.
1. Payday Loans
A payday loan is a popular way to borrow up to £5,000 in as little as 20 minutes. The process requires you to show proof of your employment as well as your monthly or weekly salary. The loan amount you borrow will need to be repaid within one or two pay periods. This is often the fastest way to get cash in a hurry, but it can have serious consequences. The interest rates are typically very high and your salary or bank information is needed by the company before the money is given. They can actually take money from your account should you not repay the loan in time. It is recommended that you leave this option as a last resort and only take out a payday loan as an exception rather than each week or month.
2. Credit Cards While most credit cards are used to charge purchases to your account, some also allow you to make large cash withdrawals. Not all credit cards will allow you to do this, but the ones who do typically charge high interest rates. If you have an emergency, this can be a simple way to get a cash advance in the time it takes you to find an ATM or a bank.
3. Car Title Loans
If you own your own car, then a car title loan can be a great way to get a loan in a hurry. You can borrow up to 50% of the car’s total resale value in most cases. You will need to present your car title, driver’s license, identification and contact information to the car title loan company. In order to get the car title returned to you, the loan needs to be repaid in full along with interest.
4. Family or Friend Loans
If you find yourself in an emergency situation and desperately need cash, a loan from a friend or family might be the best choice. Although it might be embarrassing to have to ask your loved ones for money, it can be a great deal smarter than accepting the terms of a payday loan or a car title loan. Draw up a contract to make sure that the amount gets repaid in full according to a set schedule and your relatives don’t feel taken advantage of.
5. Pawn Valuables
If you don’t feel comfortable taking out a loan in an emergency situation, then consider pawning valuables instead. Jewelry, electronics, antiques and more can all be pawned in a local shop for cash. If you are able to repay the full amount within a designated time period, you can pick up your valuables again. If not, you will relinquish your items. Each of these five options is a potential way to acquire cash in a hurry. While none should be a long term financial solution, they can each be a temporary fix.
About the Author: Carol Seiler is an insurance claims adjuster and freelance blogger writing on behalf of www.ppiclaims.org.uk.