Ideally, we’d all have a rainy-day fund set aside in case of a major emergency. That way, when the clutch goes out on your car or the roof springs a leak, you’d be able to just write a check or withdraw some money and take care of it without a second thought. Unfortunately, in reality, many of us are living paycheck to paycheck. Even if some of us do have some savings, life’s little setbacks seem to occur so frequently that those savings get drained quickly.
Fortunately, there are many other ways that you can get the money you need in a hurry. Here are a few options:
Car Title Loans
If you own a car or other vehicle, you can get a cash title loan up to hundreds or thousands of dollars. There are hundreds of companies that offer emergency title loans in Nevada, and you can usually get the cash you need within minutes of your application. Interest rates are reasonable, so you can pay back your loan without adding to your financial burden.
You don’t need to have good credit to qualify for fast car title loans in Las Vegas. In fact, you don’t need to have any credit history at all. Title loan companies do not check your credit to qualify you for the loan. They just look at the value of your car and your income to qualify you. With emergency title loans, you don’t have to worry about the hassle of borrowing from friends and family, you don’t have to jump through all the hoops of traditional financing, and you don’t have to worry about your credit. You just get the cash you need quickly.
Sometimes, you can use your credit cards to help you out in a pinch. They offer a revolving line of credit that you can use whenever you want, and you just make a monthly payment that includes accumulating interest.
The problem with credit cards is that they are quite limited, and they can have devastating effects on your finances. To start, you have to be able to qualify for a credit card that has enough of a limit on it to help you out. You may not be able to qualify for a credit card, and if you do, you may not be able to get enough credit to cover your emergency. If you do have the credit you need, you’ll end up with a big monthly payment and a debt that will take you a long time to pay off. If you are unable to make the payment, or if you are late on it, you will hurt your credit score and will have a harder time getting new lines of credit in the future.
Plus, if you have to pay in cash instead of credit, you’ll pay a hefty interest rate on the cash advance, making it harder to pay it off.
A loan can give you thousands of dollars, but it’s not always fast. You have to have great credit to get approved, and you’ll have to provide a lot of documentation to get the loan. The whole process can take anywhere from a few days to a few weeks. You certainly don’t want to rely on these loans if you are dealing with an emergency.
However, if you can get approved for a traditional loan – like a personal loan or home equity loan – you’ll have a much lower interest rate, so you won’t have to pay more for the debt.
Family and Friends
You might know someone who can lend you the money you need. But this depends on a lot. First, you have to know someone who is willing to lend you money (not everyone is comfortable with lending), and then you have to know someone who has enough to give you. How many people do you know that have and are willing to give you a couple hundred or a couple thousand dollars when you have a financial emergency?
If you have someone willing to help you out, that’s great. You’ll get the money you need without having to worry about interest, and if you have any problems paying it back, you don’t have to worry about financial repercussions. But borrowing from friends and family can put a strain on the relationship, so it’s best to avoid matters of money between friends if you can. You don’t want your inability to pay back the money on time to make you lose a friend or to make Christmas dinners with family awkward.
There will always be emergencies that will require big financial investments. You can put a little away over time to build up an emergency fund, or you can rely on one of these options for fast cash when you need it.