3 Sources of Money in a Crisis

sources of money in crisis

There is no telling when a crisis may strike and if you are not financially prepared for it, you could find yourself in dire straits! While it is not always possible to plan for emergencies and unexpected expenses, it is certainly advisable to have some sort of safety net in place. If you don’t have a savings plan in place, an investment to fall back on, or readily available cashflow, you are going to need to look into a few alternative ways to get emergency money when a crisis strikes. It is easy to feel overwhelmed when faced with financial difficulties – but help is at hand

Emergency Cash Options

Need to know what your options are? Featured below are 3 popular ways to get emergency cash in a hurry.

  1. Apply for instant no credit check loans in UK.

Instant loans, which are also often referred to as no credit check loans in the UK, are growing increasingly popular. In some instances, these loans take just 15 minutes to be approved and paid out. This makes them the ideal source of emergency cash as there’s no waiting around and there’s often very little paperwork involved. In fact, you should be able to complete the loan application process online.

Another great reason why these loan types are popular is that they are typically easier to get approval for than bank loans. The requirements for a no credit check loan include:

  • You must be 18 years old.
  • You must be able to prove permanent employment/regular income.
  • You must complete an affordability assessment.

Of course, the requirements differ from one lender to the next. Your credit rating will still be considered, but the affordability assessment and your proof of stable, regular income will also play a big role in the deciding factor of your loan application. If you need cash in a hurry with the minimal red tape involved, an instant cash loan is a way to go.

  1. Get a credit card.

If an instant no credit check loan in UK is not an option for you, then a credit card might be able to help you out of a sticky situation. Credit cards are unsecured loans that are typically easier to get than a personal bank loan. There are various online credit card companies that offer quick and easy credit card applications with decent monthly limits attached. The downside to a credit card is that you could get yourself into an ongoing cycle of debt. They also introduce additional service fees and high interest rates which are charged monthly. On the upside, when you need cash in a hurry, they can be a viable option. It is always a good idea to stay within 30% of your credit card limit. Maxing out your credit card can reflect poorly on your credit rating.

  1. Get a vehicle title loan.

A vehicle title loan means fast emergency cash. Vehicle title loans are also popular cash loan alternatives for people with bad credit. How does it work? The approval of a vehicle title loan is based on your car title instead of your credit score. The following aspects are considered before a loan offer is presented:

  • The amount of money that you request,
  • The value of your vehicle,
  • The outcome of an affordability assessment (how much you can afford to repay).

In most instances, vehicle title loan companies require the collateral vehicle to be paid off in full before such a loan can be approved. However, there are instances where a loan can still be arranged if the amount owed on the vehicle loan is less than 25%. Once the vehicle value has been assessed, usually a loan of between 25% and 50% can be offered. When this type of loan is provided, the owner of the car will need to hand over the vehicle title and a spare set of keys. Defaulting on the agreed loan repayments will result in the vehicle being repossessed and then sold to cover the debt an any other associated costs.

Last Word

While credit cardsand vehicle title loans are a way to get emergency cash quickly, they also come with greater risk than that of short-term no credit check loans in UK

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