When you need money quickly and your savings are not as substantial as you would like, finding emergency cash options could be your next option. Finding the right type of lenders for this and having the affordability to do so is crucial, so here are 5 ways to get some emergency cash as soon as possible.
Choose Instant Lenders
If you want to receive emergency cash quickly, sometimes even the same day, you’ll need to identify lenders who can provide this. Rather than applying for any lender you find, it is better to check the details of how quickly they can help. Some lenders may not be able to process your funds for a few days which can be true for traditional lenders, so if it is vital you get the funds the same day or next working day, check the lender you choose can offer this. You’ll also need to consider the time of day you apply, as if it is out of normal business hours or a weekend, this may delay the application.
Check You Can Afford It
Crucially if you are going to borrow money to cover an emergency expense, you’ll need to ensure you can afford to. If you cannot, then you could make your financial situation worse, especially if you already have a low credit score. Fortunately, there are payday loans bad credit lenders that can consider those with a bad credit history and will assess your affordability before approval. Whilst this is part of an application approval process, it is a good idea to check your affordability before applying too. That way, you can apply with confidence and increase the chances of getting the emergency cash you need.
Avoid Multiple Applications
Being declined is not much fun, especially when time is against you in an emergency. One thing you’ll want to avoid when declined is sending out multiple applications as this can make your situation much more difficult. Your application history will appear on your credit file when a hard search is conducted, so ideally you should use lenders who provide a pre-approval process to see if you have a chance of being accepted. The more declined applications you have in a short period, the more other lenders will view this with suspicion and reject your request. Leave as much time between applications as possible to minimise this.
Alternative Funding Options
As well as emergency cash lenders, there are other avenues to consider when needing cash quickly. You may be eligible for a government scheme to help you, for example, or able to request an increase on a credit limit. Other options include a home equity line of credit (HELOC) if you are a homeowner, or considering some non-profit organisations including peer-to-peer lending networks. Credit unions also provide alternative funding, however, you will need to become a member to do so first.
Speak to Family & Friends
Lastly, if you do not want to go down the route of borrowing from lenders, there is always the help of friends or family. Whilst this may provide a difficult conversation, and may not be an option for everyone, it can provide a way to borrow money with more flexibility. This option shouldn’t be taken lightly and needs to be carefully considered before entering any agreement with a close friend or trusted family member.