Emergencies happen and it can be difficult to find the funds to pay for them. With expenses mounting, it can be hard to keep up. Whether it is to pay for medicine or for another thing with a high price tag, it usually leaves you scrambling for funds.
For those who are looking to get large amounts of money quickly, there are several methods that you can use:
Look for Some Help
One of the simpler ways to raise money fast is by turning to outside sources for funds. Depending on what you need the money for, there are a variety of possible lenders that can help you get the money you need. For example, banks are a great source of loans since they have a large pool of funds to draw from. Whether it is to buy a car or to pay for university fees, borrowing money can be a quick solution.
There are also specialized lenders and services. For example, a bail bondsman in NC and other states can be a big help when the bail required by the court is set high. You will need to pay a deposit though, usually a percentage of the total bail price. This can allow you to pay thousands of dollars of bail easily.
Another way to get money quick is by liquidating some of your assets. This can range from stocks to actual physical property. It is actually easier to sell off physical items. Jewelry is always popular and is sure to sell easily for a good price. Electronics are another great choice for selling, especially when the electronic device is still new.
Take note, though, that you will be getting lower than the official price for these items. Even gold will be selling at 10 percent lower than the market price. You can expect several thousand dollars from this effort.
Borrow From Your 401K or IRA
Though reserved for your retirement, you can access your 401K in times of emergency. 401Ks are the result of years of untouched saving. A good 401K will have thousands of dollars ready to be tapped. However, note that this will mean you will need to pay a penalty for touching the money before retirement. If you don’t have a 401K, an IRA would work just as well. It is a bit more difficult to touch money inside one, but it is a good source for emergency funds.
If you have lent money to others in the past, maybe it is time to collect the payments. If you’ve been generous, then you might be able to collect quite a bit of money. Don’t even press for the full amount. You can settle for less since you’re looking for some quick cash.
You will sometimes need much money to deal with emergencies that come up. The methods above should be a big help in providing you with the necessary funds. Note that these are short-term solutions. Once you’ve dealt with the current emergency, take serious thought in starting an emergency fund to deal with sudden expenses in the future.