There are many situations in which you need to get quick access to money. You might experience an unexpected expense that you have not had time to budget for, such as a broken-down boiler that needs to be fixed. Or, a close family member might be in trouble and require financial assistance. What can you do to resolve such situations if money is already tight for you? Read on to discover how you can get quick access to money to deal with unexpected expenses.
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It is a good idea to accumulate some savings so that you have money to fall back on in the eventuality that you do experience an unexpected expense. Set up a savings account that is separate from your main bank account and deposit any leftover money at the end of each month. Make it harder to indiscriminately withdraw money from this account by not taking out a cash card alongside it. Alternatively, you could commit to depositing a set amount from your wage packet each month by setting up a direct debit, ensuring that you will be consistently saving and have accumulated a certain amount when the need arises to access your funds.
Take out a personal loan
If you have a limited credit history – or no credit at all – a personal loan is an easy way to be qualified for a loan and get quick access to money in order to deal with life’s unexpected expenses. You can access personal loans any time, anywhere, depending on your location, such as Houston loans. Many personal loan companies deposit the money in your account within two hours of successful application, making this an ideal option for expenses requiring speedy payment. Having several months to pay off the loan makes it easier for you to factor repayments into your budget, ensuring a successful loan repayment schedule. In this way, successfully repaying personal loans is a great way of building up your credit score, meaning that you are more likely to be accepted for another loan type, such as a mortgage, in the future.
Use a pawnbroker
A pawnbroker is another type of quick access loan which involves your loan being secured against your valuables. These valuables are held as security for your loan and can be redeemed once your loan has been paid in full. A pawnbroker loan is a good option if you own high-value assets such as gold jewelry and watches; it is also becoming more common for pawn shops to accept tech and other expensive items like luxury handbags. Pawnbroker loans are usually for a term of several months, allowing you plenty of time to repay your loan and redeem your items. However, as there is always the risk that you might not be able to repay the loan, ensure that you are satisfied with the risk of losing your items and avoid pawning sentimental items – no amount of money will replace the emotional impact of losing your mother’s wedding ring.