Where to Find Emergency Cash when You Need It

Uncovering Your Hidden Cash Reserves

When an unexpected emergency hits us in the pocket book, it's only natural to become anxious. But don't let the anxiety panic you into doing something drastic to get money fast-like take out a payday loan or an auto title loan.

Regardless of what type of credit risk you are, chances are that if you'll calm down and think rationally you will find all sorts of untapped cash sources at your disposal that won't require you to risk financial ruin in order to survive a short term financial crisis.

Home Equity Loan

If you own a home, take out a home equity loan to get the cash you need. You can get the cash you need for a reasonable interest rate and favorable payment terms.

Reverse Mortgage

If you own a home and you are 62 or older, take out a reverse mortgage on your home. Most reverse mortgages don't have to be repaid unless the home is sold or the owner(s) die.

401k Plan

If your 401k plan or other retirement savings vehicle allows hardship withdrawals, apply for one. While this is certainly not ideal, it beats taking out an outrageously high interest payday loan and, furthermore, it's your own money. Even with the taxes and penalties you'll incur, you'll still be able to manage just fine until you get on your feet again.

Life Insurance Policies

If your whole life or group universal life insurance policy has accrued cash value, withdraw the cash you need to weather your crisis. Again, the money you'll save over a high interest loan more than makes up

for the taxes and penalties you'll incur.

Get a Student Loan Refund

Take out the maximum student loan you are eligible for and receive a refund of the amount that exceeds your actual educational costs. Use the part of the refund that you need to get you through your financial crisis. Put the rest in the bank, and promptly pay it back when you finish school.

Payroll Withholding