How to get Emergency Cash?

Emergencies don’t come up with a pre notice; it can happen to anyone at anytime. When there is emergency, and you will require immediate cash so it known as emergency cash and how to get emergency cash depends upon how much you need. There are number of ways to get emergency cash. Some methods, such as cashing in investments or retirement funds, come with early-withdrawal fees and high tax liabilities.

Here are the steps to get emergency cash

 Step1

You can get Cash through Certificates of Deposit. If your CD hasn’t matured yet, you’ll likely have to pay an early-withdrawal penalty. But you can get the money quickly to help take care of your emergency situation.

Step2

By selling stocks you can get emergency cash. If you have several stocks to choose from and don’t need to cash them all in to cover your emergency,  by selling those that have gone up in value since you bought them.

Step3

Withdraw money from your 401(k) plan. Employees often have to tap into their 401(k) when they face a medical emergency or if a loved one passes away. Because early withdrawals can come with high taxes and penalties, this should only be done as a last resort.

Step4

You can Take out a cash advance on your credit card to get emergency cash. Cash advances can usually be done at an ATM machine at any time. Confirm your cash advance limit with your bank before withdrawing the money. Depending on your account, you might have to pay fees for taking out a cash advance, and you will also have to pay higher interest rates than you would on regular purchases

Step5

Ask your friends and relatives if you can borrow money to cover the emergency. Though it can be difficult to admit that you are in a bad position, an emergency is no time to be shy.

 

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