What are the options available when you need emergency cash right away? Do not panic and take action at once. Pause and consider various options lest you are saddled with a loan that works against you.
You can opt to borrow out of your credit card. But that would involve high interest rates. Besides if you are not careful, the amount could pile up in a few months and send you into a debt spiral. It is not prudent to borrow out of long-term savings or retirement fund as it can jeopardize your future. You can consider borrowing against the equity in your home. A home equity loan can bail you out of an emergency but there are procedures and paperwork that need to be tackled.
An emergency cash loan option like payday advance forces you to pay off the outstanding amount quickly. This prevents the debt from piling on and accruing exorbitant interest. Most emergency cash advances are paid within a month from the disbursement of the loan. In some cases, the repayment of this emergency cash loan is extended for another few weeks with accruing interest. While emergency cash loans can bail you out of any financial or medical emergency immediately, the flip side of the coin is that it usually comes at higher interest rate.
Adequate research would help you weed out unscrupulous emergency cash lenders. Before you finalize on an emergency cash loan lender, check up with BBB – Better Business Bureau or consumer groups. Keep your ears and eyes peeled for complaints and fraudulent practices.
source : http://www.targetwoman.com/articles/emergency-cash-loan.html
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