If you are currently dealing with an emergency situation, you are likely very stressed and upset. Times like this can be extremely difficult and can lead to poor financial decisions due to duress and being in a vulnerable state. Although, finances may be the last thing you want to think about during an emergency, it needs to be addressed appropriately to avoid further issues. There are several things you can do to obtain some extra money to help you through tough time and stay financial stable.
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Talk to Lenders
Depending on your specific emergency, you may be able to make payment arrangements with one or more of your lenders. The best thing to do is to contact them as soon as you realise you have an emergency and explain the situation. Many times, they will give you an extension and forgo any late payment fees. This, in turn, can free up some of your money to spend towards your emergency.
Government Benefits and Grants
If your emergency is so severe that you cannot afford to pay for your basic living expenses, see if you qualify for governmental benefits or federal grants. These grants are set aside to help you pay for basic living expenses, such as rent, food, and utility bills. Go to the government website and use the online benefit calculator to see what your eligible for. These benefits will help you through your situation until you can get back on your feet.
You may also need to borrow money to help you through your emergency situation. Do not be fooled by companies offering your fast cash with no credit checks. These payday loans may provide the cash up front, but will be very costly in the end and should be avoided. Instead, try to seek out a loan from various specialty financial institutions. You may want to start with a credit union because they are more likely to offer an emergency-type loan. You can also consider borrowing the money from a friend or family member. If you enter into this type of agreement, make sure that you will be able to pay them back on the predetermined pay date. Another option may be to ask for an advance from your employer. Not all employers are willing do to this, but if they are it can provide a fast and inexpensive way to get cash during an emergency.
Another option to earn money during an emergency is to sell some of your items at an online auction. Be sure to only sell items that you do not need or no longer use. You are likely to only earn a fraction of what the items are worth, so do not get rid of anything you really want to keep because it will cost you more to repurchase it later.
Getting through an emergency situation is difficult enough without needing to worry about your finances. If you are caught in this situation, the tips above may be able to help you secure the funding you need to get through this time. Do not be afraid to ask for help right from the beginning of our emergency. If you wait too long, it will be more difficult to come up with the funding you need.