Getting Loans For Family Emergencies

Posted on Aug 20 2016 - 10:01am by Charlie

When you have a family, that means that you’re no longer just responsible for yourself when it comes to finances. And that means that when there’s some type of family emergency, you have to put yourself in the driver’s seat when it comes to making sure you have enough money to cover whatever occurs.

So, to this end, a few of the direct options that you have to make sure your family is taken care of include getting private loans, getting bank loans for larger emergencies, borrowing money from other family (without ticking them off!), selling some of your belongings as needed, or even trying to work with a GoFundMe-style of project.

Private Loans

A quick and effective solution to getting money for an emergency is getting a private loan from a company. These may not have the best rates in the long term, and you have to be very sure that you can pay them off quickly, but you won’t have as many restrictions in terms of just getting your hands on cash fast, with respect to other the methods. If you can trust that loan company, then you know that you’ll be able to handle your family emergency on the spot.

Bank Loans

Family emergencies that deal with things like major home damage might require you to do some expedited building projects. For instance, if your home floods and you have to do quick but solid construction on basements or ground floor repairs to prevent permanent mold damage, you’ll need loan money from a bank to get up to the numbers that would be required. Even if insurance takes care of some of it later, that financial stream is important to keep open as an option.

Money From the Family

Though it might seem odd borrowing money from your family in order to handle a family emergency, it’s not that uncommon. You just have to be very careful doing things like borrowing money from your parents, because the inability to pay them back eventually can cause unfortunate family rifts in the long term.

Selling Stuff On the Fly

If your family needs money quickly, you can attempt some fire sale techniques as well. Have a garage sale. Put some stuff up on ebay. You’d be amazed how much money you can make on stuff that you don’t need or haven’t used in a long time, simply by putting some organizational effort into it.

GoFundMe Projects

A modern way to handle family financial emergencies, especially when it comes to things like medical emergencies, is to set up a GoFundMe project. Basically, by advertising your situation, you can have people send money electronically to go directly into an account earmarked for the emergency on hand.

 

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