When you’re in a financial emergency, you may be wondering how to access the funds you need at short notice. Traditional bank loans may have a long approval process depending on the lender and may have credit score requirements that you can’t meet. Luckily, there are plenty of other options that may be available to you. Short-term online loans, government assistance, and some support from your friends and family can go a long way toward resolving temporary financial problems.
Seek financial aid
Several government programs may provide the assistance you need with financial emergencies. Temporary Assistance for Needy Families (TANF) may help you get help with necessities like food and housing. The Housing Choice Voucher Program (Section 8) aims to help low-income individuals and families with affordable housing. Some state-level programs also offer financial assistance, unemployment assistance, educational scholarships, loans, and more. You can learn about these programs at Benefits.gov. Not all these programs can guarantee same-day financial assistance, but you can also approach a local non-profit organization for more immediate financial support.
Get an online loan
An online loan is a short-term loan offered by online lenders that you can pay off all at once or over time, depending on the type of loan you choose. The key benefit of online loans is that they are processed quickly and are easy to secure. The online application process is straightforward and won’t take longer than a few minutes. Also, many online lenders offer instant approval decisions, so you won’t have to wait long to know your approval status. Once you’re approved, the lender may deposit the funds into your account as early as the same day.
With many online loans, you don’t have to worry about your credit score. Many online lenders have less strict requirements, and will consider additional factors like income and current debts. Even borrowers with poor credit may be approved for an online loan.
Lean on friends and family for support
It may help to turn to a supportive friend or family member for financial help in trying times. People we have close relationships with are often more willing to help us out than you may realize, and you only have to ask. The upside of borrowing from a trusted friend or family member is that they may be flexible with repayment timelines – especially if you’re only borrowing a small amount. They also might not charge you interest. Even if they do, it may be much less than other lenders.
The downside of borrowing from a loved one is that lending and borrowing may put pressure on your relationship, especially if you cannot repay the funds. To avoid issues or misunderstandings, it’s a good idea to discuss a repayment timeline before borrowing and stick to it.
The bottom line
If you need cash now, there are a few different ways to get emergency financial support. Government or community aid may be a more long-term solution, although it may take some time and paperwork to secure. Online loans are quick and convenient, with same-day funding. Borrowing from friends can be a great way to secure a quick interest-free loan, but keep in mind that it may impact your relationship with the lender. The right option for you will depend on factors such as when you’ll need the funds and how much you need, so think carefully before making a decision.
