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There are times in life when the need for emergency cash loans. The situation can be anything from a necessary repair at home to the nearing of the due date to settle an existing loan. These are the times when one fails to see the light at the end of the tunnel. If you are in such a situation where the financial demand cannot be postponed, don’t lose hope. Getting bad credit emergency loans, mostly within 24 hours, is not as difficult as you may believe.

Applying does NOT affect

your FICO® credit score!

Nation 21, the Answer to Your Emergency Loans Needs

Out of the options available for getting funds from lenders, Nation 21 is the most sought after by many. Nation 21 is not a lender by status or function but it brings in money lending companies in town and hence the possibilities of having your emergency loan sanctioned are very high. The process is simple enough. Fill in the online application form and you will soon be contacted by one of the lenders. The sanction of loans and payments is almost immediate.

2 - Family

You can feel more comfortable with your family as your lender. Or it may be the reverse. However, the family is where you draw your strength from and hence it is always best to consider asking family as the first option. Even if it is not in the form of cash, it may be jewels from your family that you can pawn and get cash loans within hours. To feel less bad about seeking their help work out a plan to repay them at the earliest. You can enter into an agreement mentioning the time and mode of repayment.

3 - Home Mortgage Loan

Mortgaging your home to get emergency funds can help you get a higher loan amount. Considering the risk involved in pledging your home, it is recommended to strict to the following guidelines:

  • Never over-borrow. You are pledging your home for an urgent commitment and hence just borrow enough to honor the same. Over borrowing is a reckless approach to managing finance and it may lead to heavy debts in the future.
  • Let the loan term be short. Having a long term may be easy on your monthly income but you will be paying heavily in terms of interest. Moreover, a pending mortgage loan is always a sword over your head.
  • Going for fixed interest rates is always better as you can check the damage in case of a rise in the interest rates.

Above all, remember that your property may have an appreciation or depreciate in value over the years. In case of depreciation, you still owe the amount you mortgaged the home for and it may be more than the market value for your home.

4 - Personal Loans Or Emergency Installment Loans For Bad Credit

Applying for a personal loan with a soft credit check can be the next and safe option. The market is competitive too and hence getting personal loans in an emergency can be quite easy for those with good credit history. The most important factors to compare lenders include:

  • Rate of interest
  • Loan term
  • The upper limit of loan for your financial history
  • Origination fee
  • Penalty for pre-closure
  • If it is for loan consolidation, check if the rate of interest is lower than what you have already paid.

5 - Sell Used / Unused Furniture

If selling the used furniture will help cover your emergency cash needs, this is one option worth thinking about. You can also sell used kitchen equipment. Not only you get immediate cash, but you also don’t add to your existing debts as well. There are quite a few ways to sell your furniture:

  • Ask if your friends or close relatives will need it
  • Approach furniture shops that are willing to pay for used furniture
  • Advertise in newspapers and websites

6 - Payday Loan/Emergency Cash Loans

If the money you need in an emergency is not huge, you may consider an emergency payday cash loan as the next option. Not only is the interest high, but it is also a short-term loan, which will be due on your next payday. This type of loan is one of the most availed loans and this is the loan that causes borrowers to go deep in debt. Hence, if you are confident about your financial ability to repay the loan on time, you can make use of the loan for your emergency needs. However, consider this among the last options.

7 - Credit Card Cash Advance

Just think of a scenario when you use your credit card, not for purchase but to get some cash and the idea sounds real fine, right? Yes, credit card companies have made it possible. You can borrow money using your credit card but of course, you have an upper limit to the amount that you can borrow.

However, there is a negative side to getting credit card cash advance and money-wise people will never dream of it unless other channels are closed during an emergency. The fee and the rate of interest are much higher resulting in your paying a great deal of money for the amount you had borrowed. If you consider availing credit card cash advance, consider the following as well:

  • Can a credit card be used instead? Remember, using credit cards cost you less when compared to the advance.
  • Is this the only source to borrow money?
  • Check the limit of your withdrawal. Exceeding the same may cost you more.
  • Calculate the interest and fee charged for the amount to be borrowed and analyze if the move is right.

This again is among the last options. An emergency need has to be taken care of but making wise borrowing saves you from future loan emergencies.

Applying does NOT affect

your FICO® credit score!

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