Since a tender age, you have been taught to save money for a rainy day. Well, this rainy day has come and it is all blizzards and thunder.
The coronavirus is impacting people and economies across the globe and many are now scurrying to get their hands on emergency funds now that salaries are low – or even non-existent – during self-isolation.
If you, like so many others, need some emergency funding to survive these hard times then you can try the following 5 ways to get cash quickly.
- Sell Your Old Car
One of the best ways to get money quickly is by selling your old car. Owning a fleet of vehicles is a luxury you just cannot afford when times are hard because vehicles are so expensive to maintain and those annual licensing fees are unnecessary expenses if your car isn’t a bare necessity. Selling an old or extra car won’t just reduce your living expenses, it can also help you in the future because there will be no pending loan that you still need to pay off.
If you have an extra vehicle to sell then give All Cars for Cash a call so you can sell it for emergency cash. This company is happy to take any type or brand of vehicle off your hands and they even assist with vehicle removal services. The company also offers a fair price for your car and they are even happy to collect broken down, old or wrecked cars for a fair price.
- Get a Personal Loan
Banks and credit unions are pretty lenient now that the coronavirus has taken its toll. This is a pretty good time to take out a personal loan because loan terms and interest rates are lower than ever. The best thing about personal loans is that you don’t have to leave your home to get one. With online applications, you can get your loan application sent for approval without leaving your living room couch.
- Consider a Peer To Peer Lending Club
Peer to peer lending clubs are clubs that connect you to investors who are happy to loan you money.
It can take a few minutes to a few days before you will be connected to an investor. The loan terms are however very different from those of banks and it is best to read the fine print carefully when you consider this option.
- How About a Family Loan?
Family can be your best option if you are pressed for cash. It is much better to ask family for help than it is to have to deal with extra fines when your payments cannot go off. When it comes to family, it is always best to loan the smallest amount of money possible. If the fee is small enough, you could skip interest fees.
The only downside to family loans is the conflict that so often comes with these types of transactions.
If your payments are late it could result in a lot of family drama.
- Try To Get a Cash Advance
A cash advance is a loan you take out against your credit card.
This is one of the most convenient ways to get money. But the downside is that cash advances usually come with daily limits and the interest on credit card loans is often pretty steep.
The coronavirus has caused a lot of havoc in families all over the world and you
certainly are not alone in your struggle. When you stick with these clever emergency cash options you can survive these tough times and you will be stronger when it is time to pick up the pieces to return to normal life.