The economy has not been nice to a lot of people lately. More and more folks are looking for ways to get enough cash to keep up. Recently, people have been seeing ads that say they can provide $20,000 in 48 hours. Sounds too good to be true, right? Well, it’s not entirely false advertising, there are really ways people could get tens of thousands of dollars within a short timeframe. However, it’s not done through anything special. It’s just an angle for personal loans. When you find yourself strapped for cash, it’s important to know all your options out there (whether you want to avoid them or use them). So this article will go over certain ways to get cash when you need it!

Different Ways to Get Emergency Cash

Life is full of ups and downs, and when it rains, it pours. It’s not uncommon to find yourself needing more money, especially during unexpected situations. Some different ways that people can access funds in times of need include:

• Quick Loans
• Payday Loans
• Using Credit Cards
• Credit Union Loans

Quick Loans

There are a lot of different types of personal loans out there. For example, a common loan for people in need is a quick loan. A quick loan is like a short-term fling with high interest rates and fees. However, they have more flexible eligibility criteria which makes them an option for people with bad credit or those who need cash fast. They’re marketed as an easy fix for emergencies, but beware. These loans can lead to long-term financial troubles if not handled well. These loans will vary depending on the lender but can provide funds of up to $100,000 in as little as the same day. 

Payday Loans

If you’re in a really bad bind and need a few hundred dollars then you may want to consider a payday loan. Payday loans are a type of short-term, high-interest loan typically intended to provide cash-strapped individuals with immediate financial assistance until their next paycheck. They are typically issued based on the borrower’s employment and income rather than credit history, making them accessible to many who might not qualify for other forms of credit. However, they also come with substantial risk due to their high interest rates and fees. This often leads borrowers into a cycle of debt if they can’t repay the loan in full by their next payday.

While the terms “quick loans” and “payday loans” are sometimes used interchangeably, they don’t necessarily refer to the same thing. Both imply a fast, simple lending process, but they often differ significantly in terms of loan amounts, repayment schedules, and interest rates.

Using Credit Cards

The amount of money you need to access will depend on the situation you are dealing with. If you need amounts like $5,000, $3,000, $10,000, then you may be able to access these funds with your credit card. For example, if you have a line of credit worth $7,500, then you have access to at most $7,500. While you never want to max out your credit card, tough times may result in tough measures that get taken. You always want to try to be smart when handling credit but it should still be an option to consider. 

Credit Union Loans

Being a credit union member has a lot of benefits. One benefit in particular for some people is the ability to access payday alternative loans (PALs). These loans are available thanks to federal credit unions. They typically have less costs than a traditional payday loan and provide additional time for repayment. The amount that people can access is between $200 and $2,000. Oftentimes borrowers can see:

• Lower Interest Rates: PALs typically have way better rates than other quick cash options.
• Easier Repayment Terms: Flexible terms from one to six months.
• No Credit Check Required: Credit unions don’t need to pull your credit report for PALs.

FAQs in Relation to Emergency Cash

When Would You Need Emergency Cash?

The answer to this question is different depending on who you ask. As a good rule of thumb, you want three to six months of bills saved up as an emergency cushion. If you do not have a cushion of savings to access, you still may be finding yourself in need of money. Countless situations can result in the need for emergency cash like your car breaking down, getting an injury, etc. 

What is the Best Option for Me?

Sadly, an online article can’t answer this for you (or at least this one can’t!). You need to look at your current situation, your needs, and more to decide the best option for you. However, if you come across offers promising tens of thousands of dollars in a short timeframe, you want to make sure you know what this means. 

Can You Pawn Off Valuable Items for Quick Cash?

When you are really in a bind, you may be tempted to sell valuable belongings to get some cash. First of all, you want to make sure that you aren’t selling anything that doesn’t belong to you. You want to be the rightful owner of whatever you are getting rid of. Secondly, it’s up to you if you will sell something valuable. Oftentimes, people regret the short term solution because of the long term effects. You may not care, but you want to think long and hard before making any rash decisions. 

Bottom Line

It should come as no surprise that you can find yourself in need of some more money at some point in your life. When you find yourself in this situation, it’s important to know what to do. You may see ads that advertise the ability to provide thousands of dollars in a short time frame. This can include ads that say “Get up to $20,000 in as little as 48 hours” (or something along those lines). These offers aren’t necessarily a scam! There are real ways that people can access these kinds of funds in a short amount of time. It’s possible through means like a specific type of personal loan. There are plenty of different ways people can access cash when they need it. They just need to know where to start!