When You Need $$$ For Unexpected Expenses

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What will you do if you get blindsided by an unexpected large financial expense? How will you pay for it? Chances are you can access quick cash through legitimate ways you’re not even aware of and that won’t sink your financial ship.

Option 1: Borrow from your 401K Plan

Most employer’s 401 k plans allow you to take out a loan up to $50,000 against your fund balance. You can get the money in less than a week and you pay an interest rate near the prime rate, which is now 5%. You pay the loan back through payroll deduction over time or all at once whenever you can.

Option 2: Borrow from you life insurance policy

If you have a life insurance policy where you have accumulated some cash value, you can borrow up to 90% of that cash value in a day or so at the interest rate specified in your policy. The loan reduces your death benefit and cash value until you pay it back.

Option 3: Borrow from your stock portfolio

If you have a stock portfolio, you can quickly borrow up to half of the value of your stocks in a margin loan at a low interest rate. If the value of the stocks fall sharply, you may be hit with a margin call in which you have to put up additional cash or have the stock sold to pay off the loan.

Option 4: Borrow from family or friends

Asking for a personal loan is never fun - but the terms are usually unbeatable and family and friends usually have a real interest in making sure you survive crisis. Offer to pay an interest rate that’s lower than current rates and make sure to put your agreement into writing.

Option 5: Borrow from credit cards

Credit cards can help put you in control of financial crisis - fast cash and sometimes lots of it - but you need to be wary of the high interest that might accrue while you repay what you borrowed. Call your existing credit cards and ask for a 0% interest period and consider taking out a new card if you can get a 0% transfer offer. My affiliate, myguidetocreditcards.com , is a great place to comparison shop for credit cards that best fit your needs.

As a personal finance expert, Jordan recognizes quality solutions, forming affiliate relationships to help improve people’s financial lives.

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