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Having an unexpected expense could cause more turmoil for your financial well being than the actually situation that started it. When people fail to plan ahead and prepare what is sometimes called a “rainy day fund”, they put themselves in danger of having to overcome unexpected expenses on the spot. Finding extra money may be a challenge; however, there are a few areas of financing that can be available in a short amount of time.
Financial planners have recommended that the average person should always keep an emergency fund that would be an equivalent amount of three to six months of your normal income. This is mainly in case of an emergency situation, such as a layoff or loss of income. Having a savings account in which the funds are readily available and liquid will aid in covering unexpected expenses when they occur.
If you don’t have any money stashed away in a savings account and something were to happen, would you know how to get it? Here are a couple of ways that you can immediately have money in your hands, at least within a day.
This is a type of loan that will give you immediate access to money for covering unexpected expenses when you need it. The cash advance loan is exactly what it sounds like; it advances money from your own pay check for use now and then it has to be repaid when you get your next pay check, along with the fees that they retain for lending the money. These loans are also available for online approval and direct deposit of funds into your checking account.
Some of these companies require you to write them a check, if you are in their office. The check will be post-dated for the day of your next pay. At that time, the lender will simply cash your check as repayment in full. Hopefully you have the money to cover it, because if not, they will charge some extra fees of their own, on top of the bank’s NSF charges.
A credit card could be used to withdraw money when necessary. Credit limits are placed on credit cards and it may not give you enough cash for your situation. In time though, the limit will likely increase, after steady payments have been made. When you pay your payments on time every month, it will establish a good, trusting relationship between you and the issuer of the credit card.
Although credit cards will give you the money that you need, they charge a little bit higher of an interest rate than traditional loans. Eventually though, you may have a higher credit limit if you keep paying on time and also a good amount of cash advance money available to you. An excellent perk with most credit cards is the fact that they give rewards and bonuses, so using the card will give the user something back.
If this is the route you want to take, check out our list of recommended 0% Intro APR Cards.
Short Term Loans
Short term loans allow you, as a consumer, to borrow funds almost immediately. Both types of borrowers with good or bad credit can usually get money today in the form of a short term loan. There wonít be an impact on credit because places like pawn shops and online loan brokers do not report to the bureaus. The lender will give you the money if you are in their office, or deposit it directly in your checking account for you, if done online.
Although this concept of receiving cash the same day seems impossible, many people do it every day. The technology of an online approval is making this one of the most popular ways to get immediate cash, when needed. There are various fees associated with this type of fast loan, but the fact that applying online costs you nothing makes it very easy. There are numerous websites that offer online approval, if this is the avenue that you want to take when covering unexpected expenses when they occur.
FYI, by short term loans, we definitely do not mean payday loans. We mean installment loans – which give you an opportunity to pay back your loan over time, and at a reasonable interest rate. To learn more, check out our Personal Loans Page.