July 20, 2024

3 Options for When You Need Emergency Money

Have you totaled your vehicle? Had some sort of medical emergency? Lost your job unexpectedly? Whether you’re in Jacksonville, TX or Seattle, WA, when you have the occasion to be strapped for cash, it can be incredibly stressful and it seems like you have nowhere to turn.

You might have a few more options than you thought. Here’s a quick look at a few of them.

Personal Loan

Personal loans are designed to be used for personal expenses and can be obtained at one of many loan companies no matt what town you are in). Some types of personal loans are secured, while others may be unsecured, depending on your credit and where you go. Some places offer small loan amounts, whereas others, like from banks, can be larger amounts.

Credit Card Advances

Most credit cards will offer some sort of cash advance that you can get through an ATM, a check, or by withdrawing the money at a bank. These types of cash advances can also be thought of as a sort of short-term loan. There will more than likely be a transaction fee involved as well as a rate of interest that can be rather high, but this can be a quick way to get cash if your credit is good and you can’t charge the expense. Generally, you’ll have two different limits on your credit cards and the smaller one will be the limit for cash advances, so check to see if it’s large enough to meet your needs. Just be aware that the APR on cash advances tends to be higher than the normal APR for your credit card.


Most people have an IRA or a 401(k) account. If you are one of them, you might want to draw money out of it to help you with your unexpected expenses. Interest rates on these tend to be rather low and this won’t have an effect on your credit score. The catch is that, most of the time, you have a set amount of time to repay it or you could face stiff penalties. If you’re in danger of losing your job in the near future, avoid this option. This is because if you leave your current job, you’ll generally have to pay the total loan back or it’ll be seen as an early withdrawal. Also, keep in mind that if you have any other option at all, take it. You shouldn’t be borrowing against your future.

When you need cash and you need it now, it can be more than a bit daunting to have to stop and take the time to weigh all of your options. That said, it’s critical that you don’t rush into your decision because you need to look at each of the pros and cons of each option. Remember that it’s always a good idea to take all of the time that you need so that you’ll be able to get the emergency funds that you need in the best way for your situation.