Hot ways to obtain emergency funding

Here are just a few of the ways you can try to get some fast cash, and get better terms than payday loans.

06:54 18 March 2014

There are multiple ways to get emergency funds when you need them. Many people turn immediately to payday loans because of the no-hassle approval, but the interest rates can make repayment very difficult. Here are a few things to consider if you need to get emergency funds: 

 

• Real costs—this involves a bit of math, but calculating the real cost which is what you have paid at the end of a repayment term can help you make a decision about the route you want to take for your emergency funds, and how much you should take as well.

 

• Store loans—there are some grocers providing lending services, and other stores may have similar offerings. It does not hurt to check with these places since they often provide better terms or interest rates than the payday lenders.

 

• Online possibilities—do not overlook the potential lenders online. Some are able to offer much better rates since they don’t need to funnel costs into actual physical stores. If you do consider such an option, just make sure to do your homework to ensure that the company is legitimate and honest.

 

• Friends and family—if you know someone who has the extra money, you could approach them with a business proposition in which they could earn some interest by lending you funds. You might be able to receive a much better deal while also paying your friends or family a little extra. Just be sure to make on-time payments and stick to the legal agreement you make so that your relationship does not suffer.

 

• Credit cards—if you happen to have an available balance on a credit card, you can use it for emergency funds or to pay off some other bill, which might free up some cash immediately. These interest rates are better than payday lending.