Published On: Thu, Oct 18th, 2018

Tips for Getting Money in an Emergency

Adults usually find ways to deal with life by creating routines, recognizing patterns and developing habits. Shocking surprises become less interesting as we mature and grow older. Especially when you are used to pay your bills regularly, on time and reliably on a fixed income.

Well, nothing challenges your ability to deal with life than unexpected financial emergencies. These are surprises that no adult welcomes. Like surprise medical bills, employment loss, broken down vehicle, or other emergencies that can strain your fixed income.

photo via Flickr stockmonkeys.com

Your family, friends and coworkers may not always be able to help you in a jam. If you find yourself in the middle of a financial emergency, don’t panic. Assess your spending activities and prioritize need over want. Then think about how you raise money quickly, according to your life circumstances. Here are some tips.

Sell and/or Pawn Possessions

Everything has a monetary value to a potential buyer. Isolate and itemize all of your possessions of value. Like jewelry, clothes, instruments, collectibles and so forth. Research the market value of the possessions that you plan to sell. Contact brokers and intermediaries who may be able to help you sell possessions for as much as possible. Or sell your possession directly on online auction sites.  Assess the pawn values of your possession so you can at least reclaim them at a later time.

Secure an Online Loan

You can secure quick loans from an online lender. An online loan is the same as a traditional loan, except that you can secure it online via web applications. Some online loan websites don’t even require a credit check or even good credit. Most minimum online loan amounts may range between $500 and $2,000. You will need a viable bank account since the loan will automatically be deposited into your account. Once the debt becomes due, the online lender begins automatically withdrawing debt payments from your bank account. Make sure that you can pay back the loan, since interest and penalty rates can be higher than a traditional loan.

Borrow Against an Insurance Policy

Assess all of the insurance policies in your possession. Like life insurance, home insurance, pensions and so on. These policies may have accrued significant monetary value since activation that you can borrow against. According to the conditions of the policy, you may not even have to pay taxes on the loan.

Be aware that you are creating new future debt to cover imminent emergency debt. Prepare payment plans as soon as possible. Also know that when you withdraw or borrow against an insurance policy, you are diminishing the future payout amount from that policy.

Get a Cosign for a Loan

If you are reading this list of emergency cash raising tips, it’s because you may not have a lot of options. Still, if you know anyone who may cosign for a loan on your behalf, find non-pestering yet persuasive ways to do so. State your case, the urgency of the emergency and prove that you will pay back the loan in full.

If you fail to pay back the loan, the cosigner will be stuck paying back the loan in full. Avail yourself of this option only if you can pay back the loan or risk damaging your relationship to the cosigner.

Downsize Homes or Properties

If you live in a house and own properties of value, sell them for market value with the help of an agent or broker. Sell all items in the house and properties for that they are worth and rent an apartment.

You Always Have Options

You know you are an adult when you realize that there are some emergencies that only you can only manage yourself. If you find yourself in a financial emergency, never panic and assess your options. You may have more available than you think.

Author: Brent Hamilton

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