Practical Alternatives to Emergency Funds

A person working on their finances Emergency funds ensure that you have some money stashed away for emergencies such as out-of-pocket health care bills and job loss. It is one of the most practical things you need to do if you want to take care of your financial health, but surprisingly not many people have such funds.

If you are one of them, here are alternatives to emergency funds that you can look into.

Cash Loans

If you are ever in need of quick cash, you can apply forĀ cash loans here in Salt Lake City. It is easy to apply, and the process is often swift so you can get the money you need to emergencies. What is good to know is that they assess your cash loan application based on your income.

So if you just need some quick cash now that you can pay back when you get your salary, it is a good option.

Car Title Loans

You can loan the title of your car, motorcycles, trucks, and other automobiles for quick cash. What is great with this option is that you do not need to turn in your vehicle while the loan is in action. You can still use your car. You just need to turn in the motor vehicle title as the collateral.

But if you cannot pay back the loan within that specific time, the lenders can get your car.

Personal Loans

Borrowing from family and friends can be a tough pill to swallow for many people but if you want to get quick cash without the high-interest rates, consider getting personal loans from family and friends.

Of course, there are some who insist on an interest, but since you know these people, they might be more forgiving if you need more time to pay back the loan.

Do Consider an Emergency Fund

Having an emergency fund can give you some peace of mind. But if you do not have one right now, consider these practical alternatives to help you get by.