What is the Meaning of Emergency Cash?

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The meaning of emergency cash can change depending on the person and the type of emergency. One emergency may not be the same as another, so the reason for needing emergency cash can change. 

Regardless of your meaning of emergency cash, struggling financially is never easy. Many people do not have an emergency fund for unexpected expenses or a job loss.

There is financial relief available through a lot of different options, however. If you are considering a loan, one of your best choices is to consider connecting to a loan through Max Cash Title Loans.1 2  

With just a quick car title loan application process, borrowers could get the emergency cash they need.5 If a car title loan is something that could help you out, apply with Max Cash Title Loans.

To learn more about the meaning of emergency cash and where to find it near you, keep reading below!

If you Have No Emergency Fund, You Need Emergency Cash

Everyone’s financial situation is different, so naturally the meanings of an emergency may not be the same for everyone. Big or small, some financial situations that can lead to you needing emergency cash are:

  1. Medical Bills: Over 79 million Americans are currently struggling with medical debt in some shape or form. Some medical bills may carry high interest rates, which can seem impossible to pay off, even through credit cards. 

An overabundance of medical bills can make it hard stay on top of your bills.

Additionally, surgery costs for dental or medical surgeries can become an immediate emergency when your life is threatened. Health care can be hard to afford without help!

  1. Rent or Mortgage Costs: If you are struggling financially, chances are you are having trouble paying your rent or mortgage.

Defaulting on rent is an emergency, as it can mean homelessness and eviction. Many people do not have a month’s worth of rent on hand. And an unexpected expense can deplete their emergency savings. 

  1. Food Shortage: Food scarcity is an emergency especially if you are one of the sole providers for your family.
  1. Car Repairs or Maintenance: If your car is your main transportation repair and maintenance costs can become an emergency. Serious repairs can cost upwards of $10,000, which is often more than most Americans have saved up!
  1. Loss of Employment: If you experience job loss due to coronavirus or other means, it can mean an immediate need for emergency cash.

If I Don’t Have an Emergency Fund to Rely On, How Can I Get Cash? 

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During these uncertain times, if you are struggling financially, you may be looking emergency cash. Especially, if you do not have any emergency savings.

Fortunately, there are many government programs available near you, meaning your emergency situation may be solved! Some most helpful government assistance programs include:

  1. Unemployment Benefits: If your meaning of emergency cash stems from losing your job. Unemployment benefits may be your best option for government help. 

In order to qualify for unemployment, recipients must not have been fired or quit their position. As a result of the CARES Act (pandemic relief) benfits been extended to those that are self-employed, contractors, or freelancers. 

  1. SNAP or TNAF Benefits: If food scarcity is why you are seeking emergency cash, SNAP and TNAF can help. If you are considered low income, these programs were designed to help with food costs and living expenses.
  1. Medicaid and Children’s Health Insurance Programs: You may be able to get help through government financial assistance with health care. If you need emergency cash, there are a few different programs designed to with medical bills.

Can Credit Card Advances and other Alternative Loans Give Me Emergency Cash?

If you are unable to qualify for the different types of government benefits, you may be searching for a short-term loan to get you the cash you need fast. 

Credit Card Advances

These loans often won’t require you to apply for a new lender if you already have a line of credit available. While this can be a fast way to get cash, the same interest rate will be applied. If you don’t make consistent payments to bring down the balance, the high credit utilization could hurt your credit score.

Payday or Cash Advance Loans

These loans were created to last you between paydays. They can be very fast to obtain in person, and the lenders will give you a funding amount anywhere between $50-$500 depending on your state. This may not be enough money to cover your need for emergency cash!

Instead of cash, your funding amount will often be placed on a prepaid card that acts like a debit card. One of the drawbacks to these loans is they are very short-term loans, with only two weeks to repay them. If you default on payments, late fees can be heavy and harmful on your wallet! 

Personal Loans

 These are often the most known types of loans for most borrowers. If you have excellent or near perfect credit, these loans can be the right option. If you do not, however, you may not get a decent interest rate, or you may not get approved at all for one! Generally, you can apply for a personal loan from a bank, credit union, or online lenders. 

Title Loans

 If your credit is less than perfect, you can apply for a title loan! Since the title of your vehicle will be collateral for the loan, your credit score is not as important in the approval process. Loan terms are generally longer with a title loan, and interest rates are much more competitive in comparison to other loans. Those who are looking for emergency cash through a title loan will often get a funding amount based upon the equity of the vehicle.

Why Do I Need to Have Emergency Savings and an Emergency Fund?

A title loan is a good way to supplement your finances in a pinch

If you are experiencing financial hardship and looking for emergency cash, you more than likely do not have an emergency savings account or an emergency fund for unexpected expenses. Your checking account should have a safety net each month to prepare for unexpected expenses that may put a dent in your bank account. Additionally, budgeting for a month’s worth of expenses can lead to some wiggle room, so a cash reserve is key to staying on track to your financial goals and giving you peace of mind.

Creating an Emergency Savings Account and Emergency Fund

As a general rule of thumb, each month put about 10% of your paycheck into your bank account designed for savings. This way, you’ll slowly build your savings account to have enough money for any unexpected bills like car repairs, credit card bills, or a financial crisis. The emergency fund is supposed to act as a safety net for those expenses. 

If you do not currently have a savings account already, you will need to look for a high-yield savings account. They will generally pay a higher interest rate than other types of savings account, which can help you reach your savings goal! 

You should have two designated accounts for a cash reserve: one that is a high-yield savings account, and one that is an emergency fund. Your emergency fund can be for unexpected expenses that might deplete your checking account. The emergency savings account should not be touched unless you are absolutely in need of cash!

Apply for a Title Loan Through Max Cash Title Loans for Emergency Cash Today 2

If a title loan could mean your financial emergency is covered, contact Max Cash Title Loans today by calling a representative directly! Or, borrowers can get connected to the title loan that suits their financial situation by filling out a short application for an online title loan. This can take just a few minutes to complete, and borrowers can do so seven days a week for their convenience!