For some people, dealing with a financial emergency is as simple as picking up the phone and calling a parent or sibling. For those who don’t have that luxury and don’t have money in their budget to cover the emergency, there are other ways to get financial assistance.

Home Equity Loans

If you have a mortgage on your home, you may be able to borrow against the equity you’ve built. The downside is that your home equity is your collateral, and you could lose it if you default on the loan. These loans are a viable option for those who can afford to wait a few days — most of the time, approval is not immediate.

Payday Loans

These loans are a good choice for those who need cash quickly. The terms, interest rates, and payback timelines vary, depending on the lender and the amount of the loan. Because of this, you are sure to find payday loans with terms that fit your needs.

An Advance From a Friend

If you can do yard work or perform other services, ask a friend for an advance on a month’s worth of work. This can be an effective way to meet your needs and your friend’s needs at the same time. It’s best to put in writing the terms of the agreement so everyone has the same expectations.

Regardless of how you obtain the money you need in an emergency, don’t forget to think about a plan to repay the money you’ve borrowed. Going into debt without thinking about how to get rid of it will only add to the stress you’re already feeling. In the long term, think about setting aside a small amount of money each payday to build up your own emergency reserve.

For some people, dealing with a financial emergency is as simple as picking up the phone and calling a parent or sibling.  For those who don’t have that luxury or cant cover the emergency need within their budget, there are other ways to get financial assistance.

Home Equity Loan
If you have a mortgage on your home, you may be able to borrow against the equity you’ve built. The downside is that your home is your collateral and you could lose it if you default on the loan. These loans are a viable option for those who can afford to wait a few days — most of the time, approval takes time.

Payday Loans
These loans are a good choice for those who need cash quickly. The terms, interest rate and payback timeline varies, depending on the lender and the amount of the loan. Find out all this information before taking out payday loans.

An Advance From a Friend
If you can do yard work or perform other services, ask a friend for an advance on a month’s worth of work. This can be an effective way to meet your need and your friend’s need at the same time. It’s best to put in writing the terms of the agreement so everyone has the same expectations.