Best options when you need money unexpectedly


Having an emergency fund for at least three to six months of living expenses is ideal. But unfortunately not everyone can put aside a reserve of money. In reality, many people just make a living from paycheck to paycheck. They often struggle when unexpected situations like a sudden medical bill or urgent home and car repair arise.

But don’t worry if you find yourself in such circumstances. There are many ways to cope, even without emergency funds at your disposal. Below, we’ve compiled the best options you can look at when you unexpectedly need money.

Personal loans

Personal loans, also known as general purpose loans, are among the best options you can choose to relieve yourself of unexpected expenses. However, the amount you can borrow is often limited to between $ 1,000 and $ 50,000. Make sure you determine the amount you need before taking out this type of loan.

The interest rates on personal loans depend on several factors, such as your credit score, the loan amount, and the repayment period. Higher credit scores and shorter repayment periods usually result in lower interest rates.

While you can usually use personal loans at your discretion, some lenders place restrictions on what you can do with the money. That is why it is always better to shop with reputable online lenders like Creditninja.comto find the one that best suits your specific needs and budget.


Pawn shops are not based on your credit history. They are a good option if you don’t have a source of income or a stellar credit score. All you need to do is bring something of value to a pawnshop. The pawnshop will assess the value of the item and decide on the loan amount to offer you. Some of the common valuables that you can pawn on include jewelry, musical instruments, and electronics.

While pawn shops can help you access cash quickly, they are an expensive option. In addition, the repayment period for a pawnshop is usually between 30 and 90 days. Not paying it off doesn’t affect your credit score. However, the pawnshop can sell your item to someone else if you don’t pay off your loan.

Credit line

A credit lineis another useful solution to cover emergency expenses or to cover temporary cash flow issues. This is usually a flexible loan that you can get from a financial institution. But unlike traditional loans, you have access to a predetermined amount of money whenever you need it rather than receiving a lump sum.

Interest on a line of credit starts accruing as soon as you borrow a certain amount. However, it should be noted that some lines of credit may come with an annual fee and higher credit scores can help you achieve a lower annual percentage rate. Keep in mind that lines of credit are not designed to be used for one-time purchases like homes or cars.

Additional options to consider

Taking out a loan or borrowing money is a quick way to get the cash you need to handle unexpected expenses. However, there are other options you should consider besides paying interest on a loan. The following items can also help you stay the course when financial emergencies arise.

  • Reduce discretionary spending. It’s always important to take a look at your budget and review all of your spending. But it’s even more vital when you need money unexpectedly. You can cut down on discretionary spending like recreation and entertainment. While that probably won’t be enough to pay for everything, it can get you started.
  • Sell ​​unused items. If you have any unused items, you can sell them online. Unlike what was done years ago, you don’t have to do yard sales. The process is much simpler and more convenient nowadays as you can now sell your items through e-commerce websites. It might not cover everything you need, but the amount you earn will be a big help.
  • Look for a part-time job. The more jobs you have, the more income you earn. There are many ways to earn extra income these days without going through traditional part-time jobs. You can participate in paid virtual groups online or be hired online as a virtual assistant, data encoder, or customer service representative.
  • Get financial advice. Having to cover expenses you weren’t expecting can be frustrating, especially if they happen repeatedly. It wouldn’t hurt to get some financial advice to avoid ending up in the same situation in the future.

Prepare for unexpected expenses

Unexpected expenses can arise at any time. While there is no way to predict when they will come, there are plenty of ways to prepare for them. Loans are a great financial cushion during tough times. But they are only a temporary solution. Once you’ve covered your unexpected expenses, it’s time to get your finances in order and build an emergency fund as quickly as possible.


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