Millions of Americans are still recovering from the coronavirus pandemic and may be wondering how to do an emergency cash withdrawal. While there are many resources available that could help borrowers get an emergency cash withdrawal, you may not know how to look. If you own a debit or credit card, you may be able to use it in an emergency to obtain cash.
While online transactions are often king and many do not carry cash around anymore, sometimes cash may be needed. For example, you may need to withdraw cash in an emergency, as online transactions could be impossible for some stores.
For some, getting an emergency cash withdrawal will mean accessing their savings, including retirement. There are alternative options to consider for funds, however. Max Cash Title Loans could help provide financial relief for those that qualify! To learn more about emergency cash withdrawal and your resources, keep reading below.
Using Your Debit Card or Credit Card for an Emergency Cash Withdrawal
If you use MasterCard, VISA, American Express, or other credit card providers, you may wonder how you can use your card to obtain cash. There are a few resources that you can take advantage of as a credit card holder with a bank account.
A Credit Card Cash Advance
If you already have a credit card provider, one of your options can be to use your available account balance to obtain a credit card cash advance. A credit card cash advance will allow you to use your card at an ATM and select the cash advance option.
Take your card number and see how much available credit you have available for a cash withdrawal. You may be able to access up to a certain percent of your available credit if you have a credit limit with your ATM card.
While a credit card cash advance is an easy way to obtain funding, there are often fees and separate interest rates to be mindful of. While most transactions with your credit card will have a grace period for interest, a cash advance does not. This means as soon as you obtain your cash advance, you will start paying interest on it. This is often not a problem if you are able to repay the advance as soon as you receive your credit card statement. However, if you are in an emergency situation, you may not have the means pay back this cash service anytime soon. In that situation, a cash advance could be difficult to repay.
Use Your Bank to Your Advantage
If you bank at reputable banks such as Bank of America or Chase Bank, you may have the option to use your good standing there to obtain a loan. Many banks that offer services like checking accounts and savings accounts will also offer loan services to those who bank there.
While often these loans are for mortgages, they can be personal loans as well. Personal loans can be an excellent option for those that are confident with their credit history, as they are unsecured loans that require an extensive credit check. If you are not as confident with your credit history, they may be difficult to obtain.
Your bank may have other options you can take advantage of during difficult times. Many banks are offering financial help or alleviation, such as removing checking fees or deposit requirements per month for your savings accounts. Check with your bank representative by calling the branch location phone number in order to receive contactless services.
Other Emergency Options to Consider
If you are struggling financially, there are other alternative loan options to consider. While you may need to weigh the pros and cons of each loan, they could be available to you:
This alternative loan option is meant to last you between paydays. If you live paycheck to paycheck, an emergency expense could set you back tremendously.
With a payday loan there will be no credit check. And a result, those with poor credit can receive approval.
While this is a way to get fast cash during an emergency, there are some drawbacks to payday loans. Payday loans are fast to obtain, with some borrowers receiving their cash the same business day. However, they often come with high-interest rates and fees, which make them almost impossible to repay. Most lenders will give you a very short time frame to repay the loan as well. If you are in an emergency situation, there are other loan options that could be considered.
HELOC, or Home Equity Line of Credit:
If you are a homeowner, you may have the option to tap into your home’s equity. A home equity line of credit, or a HELOC is a way for homeowners to slowly borrow funding from the equity in their home. Unlike a home equity loan, a HELOC can allow you to borrow in smaller increments.
If you are in an emergency situation, you may be able to tap into the line of credit. While HELOCs are an excellent way to obtain funding, it is crucial for you to pay the payments on time to avoid losing your home.
If you are not confident with your credit history, a title loan could be the right option for your financial situation. Title loans were created to help those from all financial situations obtain the funding they need. Since title loans are secured loans, they can be easier to obtain than other loan options.
Secured loans require collateral, which is the title to the vehicle in the case of a title loan. Borrowers can use the equity in their vehicle to obtain funding and keep driving their car while they make their monthly payments on the loan! Approval for a title loan can be easy and hassle free, as the approval process was designed to be streamlined for emergencies.
Why Choose Max Cash Title Loans for Emergency Cash Withdrawal?
If you are struggling financially and need emergency cash, we at Max Cash Title Loans have your back! If you’re searching for an emergency cash withdrawal, one of your options is to apply for a title loan. Here at Max Cash Title Loans, we strive to help those in an emergency situation. With Max Cash Title Loans, you could get connected to thousands of title loan lenders across the United States! 5 Applying can take just minutes to do online, or over the phone. Get started on your title loan today when you place an online title loan inquiry!