10 Ways to Get Extra Cash

Extra Cash

Where do you get extra cash when you have exhausted your emergency fund?

Look into your own sources of the fund before you get outside help:

1. Children’s savings accounts: Here is a good source of funds that you can tap into quickly with no hassle.

2. Your fixed deposit: Here is yet another source of quick cash but you have to sacrifice your interest income for premature withdrawal.

3. Cash value of your insurance policies: You don't have to surrender a policy, but you just get a loan against the cash value. You can get your cash in just a few days. You can also redeem your investment-linked insurance policy just like you liquidate your unit trust. There is no need to make repayment

4. Sell your investment: Dispose of part of your shares or your unit trust holding to meet your cash requirements

5. Pawn your valuables: Another quick way to get cash is to pawn your gold rings, gold chains, gold coins, or other valuables but don't let your friends or relatives spot you at the pawnshop.

6. Cash advance from your company: You can get your salary advance without interest easily from the place where you work.

7. Credit card advance: You will definitely incur substantial interest but it is a quick source of cash and is better than getting the money from Ah Long or a loan shark

8. Borrow from your friends and relatives: You have to be thick-skinned and it may not look good for you financially but what to do when you need the cash. Perhaps you can be kind enough to repay the loan with an extra amount to make your lenders happy.

9. Personal loan or a secured loan from the bank: It may not be as fast as you think but it is a way to secure the needed sum. You may not require collateral for a personal loan but you can secure an overdraft facility with your own house.

10. Loan shark: This is the last resort. If you can, avoid it. If you must borrow, make very sure that you pay back promptly or the debt will be snowballed into a sum beyond your means to settle and that is the beginning of your nightmare.

One good thing about getting a loan from financial institutions is that you can establish your creditworthiness by making timely repayments. You are better than someone with no credit history