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How to Get the Cash You Need When You Need It

All of us encounter emergencies and other financial difficulties at some point in our lives. Perhaps you need to cash to repair the vehicle that you use to go to work, or perhaps you have run up a significant medical bill. For these occasions, credit is often a helpful tool for patching over rough spots and getting your life back on track.

Here are some possibilities for getting cash fast when you need it:

Personal Loans

Personal loans are one of the best methods for getting the cash that you need for three reasons. First, personal loans come with zero restrictions on their usage. You can use personal loans to purchase assets, cover unexpected expenses, and even pay down existing debt. Second, you can often either customize or find a personal loan that suits your exact needs due to the sheer number of potential lenders and lending conditions that are out there on the market. Finally, many lenders have simplified and streamlined their loan application processes to make getting the cash as easy and as conveniently as possible. Getting a personal loan can be as simple as logging onto your account with the lender, filling in some personal information, submitting to a credit rating check, signing the loan agreement once the loan is approved, and then waiting a day or two for the cash to be deposited into your bank account.

In some cases, personal loans might be your only solution for getting emergency cash if you have a bad credit rating. There are a number of personal loans, such as payday loans, that are designed for people with bad credit. Getting the cash is fast and simple while approval is almost guaranteed provided that you have a source of income, but you are going to have to pay higher fees for such services.

Lines of Credit

Personal lines of credit refer to ready sources of credit that have been made available for usage by private individuals. Credit cards are perhaps the most popular form of personal lines of credit, but another common example is protection against overdraft for your bank account. Most people find personal lines of credit highly useful because the available cash can be used right away. You can take out more cash as you need it so long as you do not hit the limit on your line, and you can repay borrowed cash based on your own schedule so long as you make the minimal payments each month.

However, these conveniences also come at a price. Personal lines of credit tend to require better credit ratings to secure, compared to personal loans. Furthermore, lenders tend to charge higher interest rates on personal lines of credit and can change the terms on the lines, particularly if you currently have a poor credit rating.


Your savings are the best available means for covering emergencies. Even if you do not have enough to cover your needs, each dollar covered using your savings is a dollar that you do not have to borrow and pay interest on. Remember that your savings include not only the contents of your bank accounts but also the investments held in your possession, though these should not be touched without good reason.


Each of these methods for getting emergency cash come with upsides and downsides, making some more suited than others for specific circumstances. However, don’t forget that there are also other options available to you, such as asking for a payday advance from your employer and borrowing from your friends and family.

Peter Christopher

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