Ideally, you have an emergency fund stashed away to cover unexpected expenses. However, if like many people, you do not have a fund or you don’t have enough money in your fund to cover an expense, you may need to obtain cash quickly. These are three options.
1. Short Term Loans
Short term loans Mississippi is one option to get quick emergency cash. These loans often have lower credit requirements than other types of loans and you may be able to get money the same day you apply. The downside is that you may pay a higher interest rate than for some other types of financing.
2. Sell Some Stuff
You probably have something around your house that is worth money that you can part with. If you have a video game system, television, smartphone, musical instrument, piece of jewelry or another valuable item that you can live without, consider selling it to raise some cash. If you can wait at least a week and the item is small enough to ship, you may want to try selling on an online auction site. If you need immediate funds, a pawn shop is an option. You can also try posting an ad on Facebook, Craigslist and other similar sites.
3. Withdraw From Your Retirement Account
If you need a larger amount of money, consider getting it from your retirement account. You will pay a 10% penalty if you are under the age of 60 but may qualify for an exemption if you need the money to pay for medical expenses that exceed 7.5% of your modified adjusted gross income. You can avoid the penalty if you borrow, rather than withdraw, funds from your account, but you will need to repay them.
The best way to cover emergency expenses is to have an emergency fund in place. However, if you find yourself short on cash, these three options may help you out in a pinch.