People get sick. Jobs fall through. Life happens.

Emergencies come up and we’re not always as prepared for them as we should be. Financial stability is something that eludes even the best of us.

When you’re in a crunch for cash, it’s important to remember that you have fast funding options available to you.

In this article, we’ll give you five ideas for emergency loans that can provide you with a quick source of cash in a pinch.

1. Personal Line of Credit

If your credit is in reasonable shape, you may qualify for a personal line of credit. This type of loan is specifically for personal expenses and can be obtained at most banks and credit unions. They can either be secured by a piece of collateral or unsecured.

The amount of money you’ll qualify for with a personal loan depends on your credit score and your relationship with the bank. Because it’s a line of credit rather than a term loan, you will usually have up to 12 months to pay it off, and you can make interest payments in the meantime.

2. Auto/ Auto-Title Loan

If you own a vehicle, consider financing it for some cash. The amount of money you’ll receive from an auto loan depends on the value of the car. Some lenders won’t even pull your credit report because the loan is backed by a hard asset. 

This type of loan works even if you already have a loan on your car. The lender can pay off the existing loan and write the new loan for a higher dollar amount to give you some much-needed cash. Then you’ll pay the loan off in monthly installments over a certain term.

If you don’t like the idea of temporarily surrendering your vehicle, there are lenders who offer loans using the title of your vehicle as collateral and other basic requirements. This way you can keep your car even while making payments for your loan.  

3. Cash Advance Credit Card

The option with the least hassle is a cash advance on a credit card. Most credit cards offer this type of option from time to time as long as you make your payments in a timely manner. The credit card company will send you a check in the mail that you can deposit as you would a normal check.

Beware though, you’ll have a much higher rate on cash advances than you would with normal credit card purchases. There’s also usually a fee based on the card balance.  

4. Payday Loan

Payday loans are a great option if your credit score isn’t the best. These installment loans are usually done on a short-term basis, with principal due at the time of your next paycheck. 

The benefit to these loans is that they require very little paperwork and you can have cash in your hand within a few minutes. The drawback is that they carry high rates and if you can’t pay them off by your next paycheck, the lender will charge hefty fees.

5. Overdraft Protection

If you already have a checking account, you can apply for an overdraft protection loan with your bank. These loans work in a similar way to personal lines of credit. They’re tied to your checking account and you can move money to and from the loan right into your checkbook.

These loans are typically unsecured and can range from $500 to $2,500 depending on your bank. The bank will pull your personal credit though, so this won’t work if your credit isn’t in good shape.

Emergency Loans: Get the Cash You Need Right Now

If you ever find yourself in a financial crunch, remember, there are plenty of options out there. Check out some of these emergency loans to get the cash you need.

Want to avoid sticky financial situations in the future? Check out this article on how to change your financial attitude and your life!