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Friday, July 24, 2020

Options for When You Need Money

Emergencies happen. If you don’t have the cash available in your emergency fund, you may be wondering what you can do to cover the cost. Fortunately, you have options. Here are a few to consider.

Take Out a Loan

One of the most common options for people in need of money is a personal loan. Bank loans typically have great rates and terms (especially if you have excellent credit), but the approval process can take a while. If you need money quickly, you can consider other types of loans such as peer-to-peer lending or short term loans Mississippi.

Tap into Your Home’s Equity

If you own your home and have built up some equity in it, you may be able to tap into to pay for what you need with a home equity loan or line of credit. While these provide excellent options, there is one important thing to keep in mind. Both of these options use your home as collateral. If you default on your payments, you risk losing your house.

Ask a Family Member or Friend

Another option to consider is to ask a family member or friend for help. Asking someone you know for money can be hard, and some people may not feel comfortable lending. You can, however, offer to draw up a contract and have the document notarized, so your family member or friend knows that you will pay them back (or they have recourse if you don’t). You can include information like payment terms, when payments will be made, and if you’ll be paying interest on what you borrow.
Finding yourself in financial need can be scary, but understanding your options can help make things easier. If you do choose to borrow, make sure that you understand the cost of your loan and compare your options before you sign.

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