If you find yourself with an urgent need for a major cash infusion, the good news is that you have a few options available. Depending on how much you’ve prepared for a situation like this, you may have multiple resources that you can tap to ensure that you’re able to weather the storm. If you need ideas to help get you started, it’s important to know that there are some options that are more likely to be helpful than others.
Sell a Vehicle
Although a vehicle can provide a vital link for you as you seek to earn more money, it is also a significant asset that you can sell to earn some extra cash if you’re in a pinch. Especially if you own more than one vehicle, selling the extra vehicle may not hurt that much and can be a big boost to your bank account. Just be sure that the vehicle is properly transferred out of your name so that you don’t keep paying taxes on it, which could be a further drain on your bank account.
Use a Reverse Mortgage
For individuals over the age of 62, a unique option exists that can help you bring in some major cash. A reverse mortgage draws on the equity that you’ve built-up in your home, allowing you to access this equity as cash and then pay back the amount you borrowed against. The good news is that you can use this cash however you want, even if it’s to pay off another mortgage.
Consider a Payday Loan
Although payday loans shouldn’t be your first option, they can provide quick cash in an emergency if you don’t have anywhere else to turn. The key to making a payday loan worthwhile is paying it off as quickly as you can. If you don’t, the high interest rates will quickly find you in a lot of debt that will be difficult to pay off.
Ask for Help
If your need for cash comes from a medical emergency or some other type of extenuating circumstance, you may be able to find some help by using an online donation site. By explaining your need in detail, you may be surprised at how many other people are willing to chip in and help you through your difficult time. Do be aware, though, that most online donation sites take out a fee from the donations to help cover their overhead expenses.
The key when dealing with a financial emergency is not to panic. Panicking will only cause you to make rash decisions that can put you in further financial jeopardy. If you take the time to think through your situation, you will likely discover the resources you need to make it safely through.