Whether you are looking for emergency cash for relief from COVID 19/Coronavirus, or just need emergency money for something more personal, your first question may be where to start.
Things like loans, credit cards, unemployment, and assistance programs are available for many Americans to inquire about. Secured lending is another option that may be able to help, especially if you have less than perfect credit.
Below are more details on the different places where you could get emergency cash assistance that is available.
What Are My Emergency Cash Options If I Have Good Credit?
Here are a few examples that you could look into when you need emergency funds, and have a good credit score:
- Personal loans personal loans can range in amount, can be short term or long term, and be available from all kinds of financial institutions (banks, credit unions, private lenders).
- Credit cards Similar to personal loans, credit cards can vary in repayment length, interest rates, and where they are available. If you have good credit, you may be able to get no interest for an introductory period. In some cases, you may be able to get a credit card cash advance, which could be helpful depending on the expense.
When to Look into Secured Loans for Emergency Money?
If you have less than perfect credit, a secured loan could be a better option for you. Secured loans work by using an asset as collateral. In the case of a car title loan, it is the vehicle. When you have paid back your total loan amount, you can then get your asset back.
Because of this, having bad credit or no credit history is okay! There are all kinds of secured lending out there that could mean the extra cash for your financial needs.
Here are a few examples:
- Secured Personal Loans many banks, credit unions, or other financial institutions may offer open ended secured loans. The asset involved can range quite a bit, but as long as the asset has value it may be okay for a secured personal loan.
- Payday Loans like their name implies payday loans are secured with the borrower’s paycheck. In general, these loans are about 2 weeks to a month long depending on the borrower’s pay date. Although interest rates for these loans can be high, they are fast and could mean emergency relief. However, beware that the payback terms for payday loans are not always convenient.
- Car Title Loans/Auto Title Loans/Title Loans car title loans use the borrower’s vehicle as collateral. When the loan is taken out, the lender will add themselves to the car’s title. Once the loan is paid back in full, the borrower will get the title of their car back. In most cases, borrowers can keep driving their vehicles while they are repaying their vehicle title loan.
- Home Equity Line of Credit/HELOC if you are a homeowner, this could be one emergency cash option for you. In this scenario, the lender will evaluate the value of your home, and you can take out funds based on the equity.
What Kind of Government Relief Programs are Available for Emergencies?
Right now, especially during this pandemic, government relief programs in the United States are highlighted more than ever. And when you are in need, they may be able to help. Here are a few things that can be helpful for individuals and for families facing emergencies:
- Temporary Assistance for Needy Families this federal program, provides financial assistance to pregnant women, with one or more dependents. Funding can be used for a variety of expenses like food, shelter, and utilities.
- State Cash Assistance Programs things like unemployment for job losses or layoffs could be another option for emergency funds. In addition to this, due to the pandemic, the federal government has added relief programs that individuals can apply to receive.
- Human Services Every state has human services, who offer all kinds of assistance, although they may not mean cash, they may be able to lessen the burden of an unexpected emergency.
- Check out Resources from Local Communities many communities are coming together during this time, check them out for everything like free childcare to housing.
Potential Borrowing Options That You May Have Not Thought About
Here are a few borrowing options that you may have not considered:
- Borrowing from your 401K Retirement Account if you have a 401k account, you can borrow funds from it, just make sure to do your research, and more importantly, still make sure your financial future is secure.
- Getting an Advance on your Paycheck talk to your employer about an advance on your pay, this can work best for a smaller emergency.
- Liquidating Assets cars, property, art, all of these assets can be sold if you need funds. Depending on the asset, getting fast cash may be an option.
When you need emergency cash, things may seem overwhelming, especially during the ongoing 2020 global pandemic. However, no matter where you are in the United States, chances are there are options that could help.
When you have a great credit history, you may have many lending options available to inquire about. While working with less than perfect credit, secured lending like title loans may be the option that works best for you. When on the search for the right title loan, let Max Cash® Title Loans do all the search work for you. As a title loan marketplace, we work hard to find people the right title loan for them.5 To get things started, fill out a quick online application, or give a call at 1 855 561 5626.