Unexpected situations, emergencies, and sudden opportunities are bound to happen at some point to everyone. There are a few ways to financially prepare for things that are not in the regular budget. Those with discipline are able to save money for just such occasions. It is an easy habit to get into, but so many people are living beyond their means that it is not common practice. Most people think if they cannot save a large chunk of money at once, it is not worth the effort. What they do not realize is that a little bit of savings, consistently placed into a savings account, adds up quickly. That money can be accessed at almost any automatic teller machine (ATM) in any location.
Another option is a credit card cash advance. That can be expensive because the interest rates on advances is often higher than the interest rate for direct purchases. Of course, if the credit card is at the maximum limit, that is no longer an option. Borrowing the money from a family member or friend may be an alternative for some people. That is usually not the best option because repaying the loan can cause issues in the relationship if payments are delayed for whatever reason. If you have to borrow that way, select a family member before asking a friend. Family can get angry, but they cannot stop being family. Friends can decide not to have anything to do with you over an unpaid loan. It is a high risk, depending on the nature of the friendship.
A bank loan is an option, although that is not a way to get cash immediately. The application and approval process can be lengthy. There are also many people for which a bank loan is not an option at all. That may be due to poor credit or a high debt to income ratio. Non-traditional lenders are an alternative to a bank loan. The interest rates will be considerably higher, but the application can be filled out right online, the approval process is quick, and cash is immediately available upon approval. There are a few choices for short-term loans, including payday loans, title loans, and personal or installment loans. Amounts and conditions vary and late fees and penalties can be expensive. Be sure you understand the terms and conditions of the loan before applying for one.