Financial emergencies have a habit of cropping up just when you least expect them. This is why it is important to prepare for such times by putting some cash away each month in an account that you must keep off limits and even in emergencies withdraw from the funds after a lot of deliberation. We list here some ways you can take precautions and some ways you can get cash in case you are ill prepared or such emergencies.
Taking precautions ? Putting money in the bank
The best way to deal with financial emergencies is to prepare for them. Look at it as something that is bound to happen, except you don?t know when. This way you will be able to set aside a fixed amount of cash each month and will be able to fall back on it when difficult times come calling. Setting aside an amount that will go into a term deposit is the safest way you can get your hands on some cash when you need it most.
Investing in gold
Gold is a great investment. There is no limit to the quantity you can invest in and have ready liquidity whenever you need it. If an emergency comes calling you will not only be able to cash in on the money you used to buy the gold but the gold will have appreciated as well.
Get yourself a credit card or two
A credit card can be a very handy source for some emergency cash. You should get yourself a couple of cards. Use one for your daily shopping and other purchases and repay the debt each month, this will help you build a healthy credit history that will come handy when you need to apply for a loan, and you will also have the card handy for financial emergencies. Keep the other card, or cards, away just in case you need extra cash in an emergency.
Get a payday loan
If you are in dire straits and need some urgent cash, you could avail of a payday loan that takes a few hours, or at the most 24, to get money into your checking account. The problem here is the high processing cost and the fact that you have to repay it by the next payday or the fines and fees are exorbitant ? more than 25 percent.
Apply for a personal loan
If you have a few days to get the cash you need, you could apply for a personal fast loan from your bank or local creditor. They usually process it within a week and do not ask what you need it for. You can spend it on anything you want. However, a personal loan comes at a higher rate of interest.
Home Equity ? if you need a lot of cash
If you need a lot of money you could apply for a home equity loan. This is a loan against your part of the property you are repaying the mortgage for. The other part is owned by the mortgage company. The more of the mortgage you repay the greater your equity in the property. This equity can be evaluated and you can get as much as 90 percent of the value of your home equity.
However, nothing beats having money saved up in the bank. So, start saving now.
John Smith is a professional content writer for one of Australia?s fast growing finance lenders,?Fast Loan Today.
Source: http://financedegree.co/finance/temporary-funding-for-financial-emergencies
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