In some cases, emergency loans can be a great opportunity to save a life but there are also some dangers. It is the easiest and quickest way, but it should be the last choice because many people fall into an accrued debt pit. There are better options for getting out of trouble. Let’s check 7 alternatives to high-interest emergency loans:
- Get some cash from selling some of your items
Think a little bit and look for things that you own and can do without. Nowadays it is very easy to sell unnecessary items. You can post it on eBay or similar pages. Local Facebook groups are good places for selling too. Everyone spend hours scrolling newsfeed so people from your neighborhood can see your selling posts and buy something without shipping cost. After that, you will see how much useless things you have had in your house.
- Borrow money from family or friends
If you have a problem with money, getting a personal loan is one of the best ways to get back on your feet. Family and friends are natural support and they will help you in most cases. Almost always they will not want any interest on it.
- Use your secret stash
Many people have snitch money hidden in books or socks. The better option is to put all that money into a savings account in your bank. Not only that it is safer, but the bank pays you interest. If you do not have a secret place or saving account let’s do it as soon as possible, but remember not to touch this money until tight corner.
- Check if your employer can help you
Many employers offer something like an emergency fund assistance. They will help you with many critical situations in which you can be found. If your company offers a fund, do not wait and fill your application as soon as possible. Mostly they accept it within the day or two.
- Visit pawn shops
If you cannot sell personal items like jewelry or ancestral remembrance opt to pawn it instead of selling. After getting out of troubles you can easily get it back. But you must pay attention to where you spread your items. Pawnshops are covered by rules and regulations but some of them are ordinary miscreants.
- Combine several tips
When you need more money you should combine various sources of getting emergency money. Borrow some cash from your family, use your secret stash and sell some stuff. If it is not enough you will have to borrow a fraction of the amount you need from lending company. Your interest payments will be much lesser and it will be easier to pay it off.
- Think before something happens
The best way of dealing with problems is trying to afford to get into trouble. You should have enough savings to live a least one month without a job. That amount of money will help you in almost every trouble. You should also have insurance against diseases, death, flood or fire. But if it is not enough you can try one of the previous ways to secure emergency money.
Difficult moments are part of everyone’s life. Everyone can face different problems but art is to get out of trouble and live normal without getting wet.