Money is always a touchy subject, especially among those who have none. People who have boatloads of money in their accounts aren’t burdened by fast transactions, like if they need to replace their latest smartphone because they broke theirs during a heated argument.
On the other hand, people who have their monthly salary budgeted down to the last dime will have a more difficult time trying to decide whether to buy another phone if they lost theirs. This is a dilemma because losing their phone wasn’t accounted for, and they would have to readjust their entire budget to make room for that loss.
These two situations show how hard it is for ordinary people to finance emergencies because they don’t account for these when they’re busy trying to make ends meet. More financially literate people will know that keeping an emergency fund is essential for such situations, but that in itself is a privilege that not everyone can afford.
But all hope is not lost because you have other options to secure money when you’re in need. When you’re strapped for both cash and time, here are three choices that you can consider taking. You might need to weigh the pros and cons of these options, but these can still be your best bet to solve your problem.
Take Out a Loan
You can apply for a personal loan no matter what purpose you may need the money for. It’s the easiest and quickest way to get money without having to go through the time-consuming processes of other conventional loans.
For personal loans, you have the option to choose between online lenders and traditional banks. Both lenders will have specific processes unique to them, such as the overall speed, application and approval time, or how long it takes to get the funding after you’ve been approved.
They might also need different sets of requirements, so it will be wise to look up your chosen lender’s process before you push through with your application. It may be possible to get same-day funding, but it’s better not to get your hopes up. In worst-case scenarios, prepare to receive your funding between two and seven business days.
Sell Your House
For situations when you need money because you’re relocating to another city or country, it might bode well to sell your house. Besides, you’re no longer going to be using the house you’re currently in, which means you’re sitting on top of a wealth source that you’re going to sell eventually.
So why not speed up the process and seek out “we buy houses” companies to take care of that task for you. Whether they’re going to keep the house for themselves or find buyers for it is no longer your business, as long as you hand over the reins and get your money.
This is a great option because you won’t need to handle repairs or deal with realtor commissions before moving out, which can cost more money in the process. Such companies exist to take the burden of selling a house from the shoulders of homeowners, as long as you fit the criteria they set for their standards.
A usual go-to option for many is to borrow money from friends and relatives because, most of the time, it’s easier to accomplish. When people need money to pay their mortgage, medical bills, or fund their kid’s tuition, borrowing from people they know can seem like the most feasible option.
However, not everyone is comfortable feeling indebted towards people they know, making the whole process more difficult. Not having the ability to pay back immediately or on the agreed-upon date can also sour the personal relationship, which, in turn, can affect future transactions.
If you decide to borrow money from your friends or relatives, make sure that you can pay them back as soon as possible to keep your relationship intact. Money may often feel like something that people can live without. But in reality, it has a much deeper significance in a person’s life, and it has the ability to damage relationships.
Money is never easy to talk about because it’s hard to come by. A person can spend their entire life working only to have little savings in the bank because the rest was spent making ends meet. This is the reality for many people, but it doesn’t make financial problems any less common.
So, when you find yourself in a situation when you’re strapped for both cash and time, remember that you can choose what solution you’re going to use for your problem. It might not be the best solution in the long run, but it can be what’s going to save you from an otherwise sticky circumstance.