Financial security is something we Silver Lifers ought to have as a goal. Because sometimes life throws us curve balls, and we are forced to confront a financial emergency we aren’t prepared for.
Whether it’s in the form of unexpected illnesses, family needs, or something as simple as your car breaking down, critical financial situations are bound to happen.
Now, no one wants to be faced with a financial emergency. But it happens, and it can happen to you. If so, you’ll need to find funds fast. So here are four potential options:
Get a personal loan
An article by CBS News entitled ‘5 Emergency Options When You Need Cash Now’ notes that getting a personal loan is the top option when it comes to emergency funds. They are predominantly designed for personal expenses. Additionally, personal loans are available through banks and lending institutions, both of which offer secured (backed by collateral) and unsecured loans. If you prefer this option, choose your preferred bank or lender, then get in touch with them to find out the requirements. The sooner you can provide them, the faster your application will be processed.
“The Balance” notes that selling gold is a fast way to raise cash, especially with gold prices trending up in due to politically and economically uncertain times. Even better, there’s a good chance you probably have some jewelry laying around at home that you don’t use. Of course, it’s not easy to let go of something you’re emotionally attached to, like that necklace your spouse bought for you or a family heirloom, but desperate times… Well, you know the rest. If you do pawn your gold, the shop will hold on to it for a specific amount of time and give you the chance to buy it back.
Secure a title loan
A title loan is a secured personal loan, using your car as collateral. This is a great way to get the emergency funds you need, as Julia Kagan notes that the application requirements allow you to get approved for the funds very quickly. All you need to do is present your car’s title and driver’s license, then sign a few papers. Fortunately, title loans are available in small cities like Canton in Ohio, and bigger cities along the east coast like Los Angeles in California. This means they are widely available across the US, as long as you have the collateral the lender needs.
Get help from family and/or friends
When it comes to seeking help from family and friends, our pride often gets in the way. That shouldn’t be the case. Rather than take out a loan from a bank or lender, borrow from a close relative or friend instead, as they aren’t likely to include interest or need any collateral. Just be sure to come up with a payment plan, and make sure it’s still written on paper to keep both parties protected.
While we have these options, it’s still important to aim for financial security. In order to do this, an article entitled ‘Financial Investment ABCs – Take Control’ by Dennis F. recommends building an emergency fund, paying off debt in full, and getting the right insurance in all important aspects of life. This is so that you’re not only financially prepared for unexpected situations in life, but also building for a better financial future.