5 ways to get the fastest cash in an emergency

When you are facing a financial emergency, quick access to cash is a top priority. Depending on your situation, you may already have options available. But otherwise, it is important to know where to avoid interest-heavy and deceitful loans.

If you need quick cash, check out our top picks below for lenders who say they can help you get your money quickly.

1. Emergency loans

An emergency loan can come in the form of a personal loan, credit card cash withdrawal or a short-term loan (Movi quick loan). If you are considering one of these options, it is important to know how they work and what you can expect to pay.

Personal consumer loans

A personal loan is a form of credit that you can use for anything, including in an emergency. Many individual lenders, especially those who lend online only, provide funding the next day or even during the day if you are approved. Others may take an extra day or two, which may require you to arrange other accommodations during the waiting period.
For traditional personal loans, interest rates can range from one digit to 35% or more, depending on your credit. While some lenders usually only work with people with good or excellent credit, there are plenty of lenders willing to work with borrowers with a fair credit history.
In addition, these loans usually allow you to repay the debt for several years, so you do not have to worry about having to pay once immediately.

Withdraw cash from credit cards

If you have a credit card, you can use some of your existing credits in the form of cash withdrawals.
Credit card cash advance rates may vary between cards, but some can be up to about 25%. In addition, it is important to note that the interest rate that starts accumulating immediately does not have the same renewal period as you can get when making a purchase, and that the credit card usually charges a prepaid fee, which is a small percentage of the advance amount.
Despite these restrictions, cash withdrawals can be a good option if you have bad credit and few reasonable financial options.

Short-term loans

Short-term loans are in-day fast cash loans for a small amount of up to VND 10 million with an extremely short repayment term – usually 14 days or months depending on the needs of the borrower when applying.
The procedure for this form of loan is very simple: Just ID card/ ID card, Signed labor contract with the business - made from 06 months, From 18 to 53 years old (female), or 58 years old (male), Minimum wage 3 million.

2. Borrow a friend or family member

If you have trusted friends or family members, you can get some help from them while you need it. Of course, asking for money or borrowing from loved ones can be a difficult decision that should not be lightly considered.
It is important that you determine in advance the terms of repayment and any potential interest to improve the chances of agreement and avoid conflict.
Borrowing money in this way can be awkward and uncomfortable for both parties, especially if the borrower has difficulty repaying the debt. But avoiding making your financial situation worse with an expensive loan can be worth your discomfort.

3. 0% interest-free credit card for 45 days

Depending on the card, you can use it for emergency expenses and can pay interest-free within 45 days.
However, keep in mind that it may take you a week or two to receive the card by mail after you have been approved. If you need money earlier, contact the card company before you sign up to see if they can proceed with the delivery.
Some card companies, including IVB Bank, Vietcombank, Vietinbank,... can even provide instant access to your credit card information, so you don't need to wait until you receive your physical card by post.
If you qualify and have time to wait to receive your card, this credit card can be a great option because of its low cost. Just make sure to create a repayment plan before or on time. Otherwise, you will have to pay higher interest on the remaining balance.

4. Home Mortgage Loan (HELOC)

A home mortgage loan (HELOC) is a line of credit rotation secured by the home owner's capital. If you already have a credit card available, accessing that line of credit can be as simple as using a debit card attached to it or writing a check.
HELOCs also often offer interest in single digits because they are secured by collateral. The downside is that if you are not already available, a new HELOC may take several weeks to close, which may not be ideal for emergencies.
In addition, some lenders may charge high premiums, as well as annual fees. Therefore, consider carefully before deciding to borrow in this form. Finally, one of the biggest risks of using HELOC is that if you can't pay your debts, you could lose your home. However, they usually have a long repayment term, but it is still a risk to consider.

5. Look to nonprofit programs for help

Some nonprofits can help you get the money you need.
Each person take turns borrowing money from others in circles and then paying back at low interest rates. Just keep in mind that joining the lending circle doesn't guarantee you'll be the first to receive cash, so it may not help your immediate needs. But if you can make it work, it can be a low-cost alternative to bad credit options.
Also, take a moment to search for community centers and other organizations in your area that can help you mitigate immediately at costs. There are nonprofits ready to help people cover their electricity and water bills, rent, food, and other necessities while you address your immediate financial needs.

Here are 5 ways to help you get cash in an emergency that we'd like to share with you.

Our final advice to you

Consider, learn the comparison carefully from the financial units near you and choose for yourself a suitable form of loan from reputable financial services.
If you are in urgent need of a cash loan, Movi can connect you with the financial units that are affiliated with us through Movi's cash loan product.