There are many circumstances in life that we can’t plan for, many of which present a sudden and urgent need for cash. Although it would be great if we all had monetary reserves in the bank to cover such events, the reality is that not everyone has this luxury. When an emergency situation presents itself, it is essential to get it sorted as quickly as possible. If you need an urgent cash injection, luckily there are a number of ways in which you can get it.
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One option to get cash quick is to sell any valuables that you may own, such as jewellery or electronics. Pawn shops can be utilised for this if you are in a real rush, but beware that they will usually only offer you a fraction of the value. If you have more time, then auction sites such as eBay can offer much better returns on valuable items, although on the down side there is no guarantee of sale.
- Second Mortgage
A second mortgage can be your ticket out of financial turmoil. If you have a mortgage on your current property which you have partially paid back already, the likelihood is that you will qualify for a second mortgage. This is a great way of getting a quick and easy cash injection, as it allows you to access additional capital against an asset that is already secured. It can give you the flexibility you need to refinance your existing mortgage to allow you to meet your short-term needs. If you only need the loan for a short period while you get back on your feet, then you will be able to pay the second mortgage loan back early and avoid long-term interest costs. This is a good option for those in need of a quick fix.
- Short-Term Loan
Similarly to a second mortgage loan, a short-term loan can provide the instant cash boost you need to escape your current dilemma. However, short-term loans tend to have very high interest rates, so they should always be taken out with caution. If your circumstances allow for it, then a different type of loan like a second mortgage is preferable as it is more reliable and stable, and less likely to harm your finances in the long run.
- Spend Wisely
When cash is scarce, it is more important than ever to spend wisely. You should reconsider your daily spending and make a clear weekly budget that covers only the essentials, like food, housing and bills. Even eliminating the smallest of expenses can have a big effect on your finances over time, so try to cut back on anything that you don’t need for the time-being.
- Friends and Family
In some cases, friends or family may be able to help you out, so it is always worth asking. Even if they are unable to lend you money, they may be able to help in other ways such as driving you to work or cooking dinner for you. This can help you to free up money for other things, making it just as valuable.
If your circumstances see you in need of urgent cash, don’t panic as there are plenty of options out there to help you out of your situation.