3 Options for Emergency Cash

Most people have needed to get some cash in a hurry to pay an unexpected bill at one time or another. If you need some quick cash to cover an emergency, consider these three options.

1. Loans

One way to get a quick influx of cash is to take out a loan. Your main options for short term loans are personal loans, cash advances and short term loans Mississippi. Cash advances are the easiest to get if you have a credit card with an available cash advance limit. However, unless you absolutely have to have cash, you are better off to use the credit card, because cash advances usually have higher interest rates than normal credit card charges.

Personal loans and short term loans work similarly, but the approval process for some personal loans may take longer and the credit requirements may be higher. The main difference is that personal loans have longer repayment periods and generally lower interest rates. Many short-term loans are available the same day and may not require a credit check, but the interest rates are higher.

2. Friends or Family

The least expensive way to get some quick cash is to ask a friend or family member to loan it to you. However, these types of loans can be a strain on relationships, particularly if you don’t pay them back as agreed.

3. Nonprofit Programs

There may be nonprofit programs available in your local area that will lend you money or help you cover necessary expenses, such as your power bill. The competition for resources may be stiff, but if you are successful, you can save yourself some money by avoiding interest payments.

Everyone needs a little financial help sometimes. If you find yourself in need of some quick cash to cover expenses, one of these three options may work for you.