When you have a financial emergency, getting quick access to cash is a top priority. Depending on your situation, you may already have options at the ready. But if not, it's important to know how to get emergency money fast while avoiding high interest and predatory loans.
Let us help you get started with a few ways to get emergency money when you need it.
Credit Card Cash Advances
If you’re at a point where waiting even a few days is not an option, a credit card cash advance can be an immediate solution. With a cash advance, you can go to your nearest ATM and withdraw the amount of money you need. You’re able to withdraw as much as you need as long as it doesn’t go over your current credit limit.
At Greater Texas Credit Union, our credit card cash advance rates are the same as the purchase rates. This means you will not be charged extra fees for advances.
Taking out additional money on your credit card does raise your credit utilization ratio, which can impact your credit score. Before deciding to take out a credit card cash advance, be sure to take the time to fully understand the terms and conditions.
Payroll Advance
If you explain your emergency to your employer, they may be willing to give you the money you’ve already earned before payday comes around. Depending on your employer, you might even be able to get an advance on pay for hours you haven’t worked yet. You could also try to work extra hours to make additional money.
This is often a better option because it doesn’t come with an interest rate. Depending on the nature of your relationship with your boss, this may or may not be a good option for you. It is worth considering though.
Using Retirement Funds
If you have money saved for retirement, you can borrow from those savings in an emergency. A credit check isn’t required, making borrowing from your 401(k) a convenient and quick option. Usually, you can borrow up to $50,000 or 50% of your assets, whichever is less. Going this route, you have some flexibility when paying back your loan.
In many cases, your plan will allow you to make payments via payroll deductions, and you can pay it back as quickly as you like with no prepayment penalties. This makes it easy to replace the money within a few years so you don’t have to pay an early withdrawal penalty.
Borrow from Family or Friends
If you have trusted friends or family members, you may be able to get some assistance from them in your emergency. Typically, your loan will carry little to no interest, you can get funds quickly, and you may have more flexibility in repaying a friend or family member.
It's crucial to iron out repayment terms and any potential interest beforehand to improve your chances of agreement and avoid conflict. Agreeing in writing, even from someone you love, may prevent problems down the line.
Whether or not this is necessary is based entirely on the closeness of your relationship. You might find that some of your friends and family are willing to donate if they know you need the money for something very important and urgent.
Vehicle Loans
A vehicle title loan is a short-term loan where you agree to use your car, boat, or RV as collateral. It’s important to remember that to qualify for this type of loan, you must own your vehicle outright. Depending on what it’s worth, those funds could be available to get back in cash right away.
Even if you have a loan on a vehicle, there may be equity available between what its current value is and what can be refinanced. This loan has a set term and interest rate.
Emergency Loan Options at Greater Texas Credit Union
As a credit union, we offer two loans exclusively to members to get emergency money fast.
Our Helping Hand Loan is offered year-round at a low fixed rate. There is no waiting period for funding, making it a fast and smart option. These loans are available for your unexpected expenses ranging from $700 to $2,500.
Our Emergency Loans are limited to expenses affecting your livelihood or catastrophic disasters. Both of these loans are available to members once in a 12-month period.
Click below to learn about your emergency loan options available through Greater Texas Credit Union. We can help you get emergency money fast while being smart about it!