As much as we all try to stay financially secure and prepare for any situation, a financial emergency can happen anytime – whether itโ€™s a sudden hospitalization or an unexpected celebration. While we are all advised to save at least 6 months’ expenses in case of an emergency, it can be hard to stretch our finances sometimes. If you, unfortunately, fall into these circumstances, donโ€™t despair. There are still ways to get some cash instantly to tide over a financial disaster. The key to decide when and where to get your loan depends on how much you need and how urgently you need the fund.

Here are some ways to get money in a pinch for any situation.

1. Cash Withdrawal on a Credit Card

If you have a credit card, as well as making purchases, you can also use it to withdraw money from an ATM. The amount is usually 40-80% of your card limit, based on your credit score. Most banks, however, put a cap on the total amount you can withdraw a day, but they usually allow you to overextend your limit with some fees and a higher interest rate.

2. A Top-Up Loan

If you already have a home loan, you can use it to get a top-up loan for a maximum of 20 years. The bank can give you the money within three days, but this option only works if you have repaid the original loan for a period of a few years so that the bank knows you are reliable. Moreover, the combined value of the home loan and the top-up cannot be more than 75% of the homeโ€™s value.

3. An Urgent Loan

Urgent loans are similar to other short-term fund opportunities. Moreover, it offers immediate access to cash, which is a lot more flexible than traditional banks. There are various advantages to urgent loans and you can click here to find out more about how they work. Urgent loans address financial emergencies and relieve short-term spending pressure. Some urgent loan agencies even offer loans instantly over the internet with a simple process. However, if you plan to pay this amount over a long period, the high-interest rate may outweigh its convenience.

4. A Personal Loan

Getting a personal loan is one of the quickest options to legally borrow money. The bank can give you the money from thirty minutes to three days based on your relationship with them over historic transactions. The process can be made much faster if you have already had a preapproved loan with the bank before. This convenient way to get a loan comes with some downsides, including high-interest rates and foreclosure fees.

5. A Loan Against Your Property

If you want a large loan in a short period of time, you can take a loan against your property. The money you can get from the bank depends on the market value of the house you own, and you can pay the money back over 2-15 years. The maximum amount you can loan is up to 65% of the houseโ€™s value, with the condition that your house is insured. The good news is that the interest rate for this type of loan is significantly lower than other options. However, it can take up to 10 days for the loan to be approved.

6. A Loan Against Securities

With this kind of loan, you can pledge your shares, mutual funds, or insurance policies as collateral, and the bank can loan you up to 50% of their value. However, the only downside of this is once your portfolio value declines, you have to put in the differential.

7. Borrow from your Employer

If you need to borrow money as soon as possible, it may be worth turning to your employer. Many companies nowadays enable their employees to get an advance on salaries in case of emergencies. You can borrow an amount from 1 to 6 months pay and choose to deduct it from your salary over the next three to twenty-one months. Most of the time, you can get the cash in your hand within three days. However, this fund is taxable, unless it is used for certain medical treatments.

A lot of us struggle to set money aside in savings, so a sudden issue can cause a lot of stress. Depending on the amount you need and your current financial situation, the list above should help. However, before you apply for any loan, be sure that you really need the money. Borrow as little as you need as you will ultimately have to repay it, usually with interest. If you are unable to repay the money on time, you can put yourself and your family through a hard time.

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