Did you know about 60 percent of millennials don’t have enough money to cover a $1,000 emergency?
It’s easy to see why this is the case. At a time when most workers are relying on paychecks to make ends meet, there’s simply no money left to put away for a rainy day.
But here’s the thing. Emergencies are always lurking. And when one happens, you’ll need money to solve it.
The good news is you can turn to other sources for the cash you need. Keep reading to know how to get emergency money help.
Take Out a Loan
An emergency doesn’t give you the luxury of time. When it comes around, you’ll need money fast. If a loved one falls critically ill suddenly and they have no health insurance, for instance, you have to raise hospital money quickly.
One of your quickest options is to take out a loan or salary advance.
As long as you’re gainfully employed, most lenders will be willing to lend you a good percentage of your salary, payable when next check is due. You’ll typically get the money in a matter of hours.
Although lenders have a reputation for charging high-interest rates when push comes to shove you have to take the loan.
Home Equity Loan
If you’re a homeowner, it’s possible that you’ve got some home equity. This is the difference between the home’s present fair market value and the outstanding debt on the property. Use this calculator to determine your home equity.
Because this type of loan usually requires lots of paperwork, it can take at least a couple of days before approval. As such, it’s ideal when you’re in a financial crisis that doesn’t need cash the next day. A good instance is when your car is damaged in an accident and the mech needs a couple of days to fix it.
Get Help from Friends and Relatives
The last thing anybody wants is to be in a situation where they have to borrow money from a friend or relative. This is especially tough for people who haven’t cultivated close and open relationships.
When an emergency strikes, however, you have to eat humble pie and reach to friends and family. What’s more, you can now leverage the power of social media groups to share your call for help. Depending on the nature of your emergency, it will only be a matter of time before the money you need is raised.
Sell Your Stuff
The average household has about 300,000 items.
Your household might not be in this category yet, but chances are you have some valuable stuff you no longer need. Things like your old computer, kitchen appliances, clothes, and whatnot.
In times of financial crisis, you’ve to tap into your inner salesman and sell some of those items. You can organize a garage or yard sale, or sell them on online platforms such as eBay.
Get Emergency Money Help
We would all like to save money for emergencies, but sometimes it’s not possible. If you’re in an emergency and your rainy day fund is empty, worry not. With this guide on how to get emergency money help, you now know your next steps.
Good luck and keep tabs on our blog for more financial insights.
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