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Depending on how much money you need and how fast you need it, a cash advance may not be the only access to fast cash. If you have any sort of investment portfolio, it’s good to keep track of how much you have and how long it will take to access it. Preparing for a cash emergency is tough. Help yourself prepare for any eventuality when you map out your options ahead of time. You will limit stress and find solutions much faster.
What else is available besides cash advance?
* Take inventory of how much cash you have. Do you keep an emergency stash somewhere? My mom always kept $50 in her purse for emergencies. I’ve heard some people use a jar in the kitchen or a few hundred dollars stashed under the mattress.
* Do you know or at least have an estimate in your head of how much is in your checking account? Often this money is intended for bills, but it may need to be used when an emergency occurs, then it is soon replenished.
*Do you have money in your savings account? If your emergency falls on a business day, you can directly go to the bank and withdraw your cash. Online banking and money transfers will be required for non-business days. Contact your bank to find out how long it will take for that transfer to clear in your checking account.
* Money market account functions similar to a savings account. These accounts usually have a minimum balance requirement in order to earn the higher interest rate. Know how much you need to have that minimum amount as well as the total balance, in case you may need to close the account to resolve an emergency.
* A home equity loan or line of credit will use the value of your home to create either a lump sum loan, or a line of credit based on the same amount. A credit line is similar to a credit card. Both options require using your home as collateral. These options will need to be set up through your mortgage lender or bank before immediate availability. A line of credit can be a good option to set up ahead of time because you don’t make any payments until you use the cash.
* Credit card cash advance is instant cash. The amount is usually a fraction of your available balance. Cash advances with credit cards will have a higher interest rate than your purchases. This rate will be entered on your monthly statement.
* Online Payday Loans and Cash Advance There are good options for those without a financial portfolio. These short-term loans are also helpful for those with low credit scores.
* Title loans are instantly available to those who have a pink slip for their vehicle. The loan is secured with title.
When options are mapped ahead of demand, immediate access to cash is available immediately. Place an estimated amount next to each option that applies to your financial situation. When the time comes, this list will provide a quick reference for urgent cash relief.
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