Life happens to all of us, and unexpected costs can arise from anywhere. When you require some emergency cash for investment opportunities, you will need a simple solution. With Max Cash® Title Loans, we might have the ability to assist you in getting fast cash now. 1 2 5
As the number one title loan marketplace in America, we help make the title loan process a cinch. Give us a call now to discover how our team of financial experts might be able to help you to get emergency cash for investment opportunities. Additionally, you can even fill out a short online inquiry form to begin straight away!
Keep reading below to learn more about the importance of having a rainy-day emergency fund safety net for unforeseen opportunities and how titles loans might have the ability to offer you quick help to meet your financial goals.
Use Your Government Stimulus Check as Emergency Cash for Investment Opportunities
Some Americans will get up to $1,200, others will get smaller amounts if they make within a certain income level. If you don’t want the money immediately to pay bills, consider using it to refill a busted emergency savings account or online savings account or put it in an investment account. However, be on the lookout for scams: the government won’t call you regarding the check, and nobody must ask you to hand over personal information like your social security number to get your check.
Using Loans for Emergency Cash for Investment Opportunities
Another option to consider is borrowing the funds from a loan for investment opportunities:
Payday Loans
Payday loans are generally not a good idea — many financial advisers say to avoid them at all costs. However, they may be an option if you need emergency cash. Payday loans are short-term loans, frequently, of $500 or less, which are intended to be repaid in one payment, usually by a consumer’s next payday. Their speed makes them attractive, but the loans typically come with very substantial fees and interest debt. Payday loan interest rates in individual states can reach as large as 662%, based on a 2016 report by the center for responsible lending.
Home Equity Line of Credit
Home equity lines of credit tend to provide very low rates compared to products such as credit cards. The average HELOC rate as of mid-May was 4.94%. Heloc rates range based on a borrower’s creditworthiness and other aspects. The prices are variable so that they could rise and fall based on what activities the federal reserve takes in the future.
But people considering a refinance ought to be aware that mortgage lenders are swamped with applications lately, meaning the turnaround time to get a refinance could be more than usual. It might also be harder to find certain kinds of loans, such as jumbo mortgages, now due to volatility in the stock markets, money market funds, and mutual funds for mortgage-backed securities.
Credit Card
Call up any existing credit card companies and ask what they can do to help you get through these tough times. Many credit card companies are offering 0% APR intervals of one year for new purchases when cardholders call to request assistance.
This is generally not a recommended choice, but given that an individual does not need to open new credit lines, and 0% APR for a year may be enough money to get someone through three to six months’ worth of unemployment or emergency expenditures, it can be perfect for some people.
Reach Out to Your Local Community
Churches and other religious organizations, food banks, and community foundations are among the regional resources people may turn to during this catastrophe. Community foundations in all 50 states have set up emergency funds.
That extra money has been given out to on-the-ground nonprofits providing essential resources such as food, rent assistance, digital tablets for kids doing distant learning, and sometimes, direct emergency financial help to individuals.
Retirement Account
The $2.2 trillion stimulus bill, known as the coronavirus aid, relief, and economic security act (the cares act), allows retirement savings holders take up to $100,000 from the accounts and put the money back in their retirement plan with no penalty and are also tax-free, so long as they refund the amount within three decades.
However, you should only exercise this choice if you’re positive that you can pay back the money and if you can handle doing the paperwork required by the internal revenue service, long cautioned.
Cut Your Spending
Shelter-in-place orders have forced people to remain inside, and for some, that is providing a chance to reevaluate which living expenses they could live without. Restaurant foods, gym workouts, and manicures are from these questions for many at the present time.
Another step to take analyze your checking account. Are there charges for programs or other services that you forgot you signed up for? Are there subscriptions you do not use anymore that are set to auto-renew?
Their monthly costs are often low, causing people to underestimate how much they spend on subscriptions. Subscription-tracking programs and some budgeting programs will audit your bank account for recurring charges and may help you cancel unwanted subscriptions with a click.
Another potential area to save money: your mobile phone data plan — do you want as much if you are mostly on your home wi-fi now? And remember about redeeming credit-card points for cash, using old gift cards (or purchasing them), and using your flexible spending account or high-yield savings account, if you have one, to cover medical and medical care expenses.
Contact Service Providers
Under ordinary circumstances, companies that charge you monthly will generally allow you to defer payments if you suffer financial hardship or job loss — but typically, you need to pay a convenience fee or late fee. In this national emergency, many service providers are waiving those penalties for men and women that have been impacted by the coronavirus pandemic. Many aren’t requiring extensive proof of the hardship, which may slow the process. Clients can simply tell their bill collectors that they have suffered financial hardship. Even people who have not entirely lost their jobs but have had their income or hours decreased have this option.
Borrow Money from a Friend, Family Member, or Loved One
Taking out a loan from a friend or family member can mean more flexibility than using a conventional loan. There is potential for reduced or nonexistent interest rates and greater leeway on repayment. But informal loan arrangements among family and friends can also be fraught with challenges. Many personal-finance columnists will inform you, and you might choose to exhaust other options.
If you do choose to borrow from a friend or family member, transparency and planning from the beginning are key. Consider all possible contingencies and speak through them: how are you going to communicate about repayment? How much can? You payback, and on what time period? If your income decreases or you experience an unexpected expense, how will that affect your repayment? Are partial payments ok? Are there opportunities for you to make payments in matters apart from cash? What happens if you cannot make a payment?
Title Loans
Car title loans are a secure loan that sets a lien on your vehicle title. The loan amount you receive is based on the total value of your car and your ability to repay the loan. As you make monthly payments on the installment loan, the lender will hold onto your vehicle title. After you successfully repay the loan amount in full, the title will be given back to you.
Unlike other financial institutions, things like bad credit scores, credit history, or credit checks are not necessary for loan approval. With these short-term loans, your loan is secured by the equity in your car or truck. This gives loan companies more incentive to work with you.
If a title loan seems like it could assist your financial needs, contact Max Cash Title Loans today. We are available seven days a week for all your title loan demands. 2 You may also take a look at our FAQ page to find out more about how we assist our clients.
Contact Max Cash Title Loans as Soon as Possible
Together with our loan experts on your side, finding an auto title loan has never been easier. 5 We are happy to help customers find the answers to their financial needs. 5
If you’re ready to begin your title loan application, contact Max Cash Title Loans today. You can also start your online application in the comfort of your home to start the process quicker. Contact Max Cash Title Loans now for your title loan needs and get the peace of mind you deserve! 2 5