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3 Financial Options That Will Provide You With Emergency Funds.
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Everyone has their own financial requirements. This also includes strategic planning and investment options for any further financial requirements. However, at times, an emergency financial requirement will arise wherein you may not have sufficient funds. In such a situation, one would need to consider alternate options to get emergency funds.
There are plenty of options available, but in an emergency situation you may not have the luxury to consider your options or even compare the pros and cons of them. Thus to assist you in this situation, we have provided three financial options:
Borrowing funds from family and friends
One option to consider emergency funds is your friends and family. Such a relation is often beneficial to your situation as the emotional value will provide you with a faster response. In other words, such members will be sympathetic to your situation and take the necessary steps to provide you the funds you require. Additionally, there is no requirements for any security to be provided in return for this investment. However, there is always a risk of emotional drawback from such an investment option, especially when you are not protected by any physical contract. Additionally, the borrowed funds may be repaid in the form of cash or kind, on the request of the provider, which in turn can affect your requirements.
Selling of assets
Everyone has some assets that has substantial value. These assets can be a financial or emotional investment. At a time where there is a financial requirement, one can easily sell these assets to get the required funds. One can either sell these assets at a higher value thus earning a considerable return on investment, or enough of funds that is sufficient enough to satisfy the emergency requirements. However, in this situation, the provision of the funds depends on the provider. The power relies solely on the provider. Unless you are a good and convincing negotiator, you may not the required funds you need.
The third option you can consider is a personal loan. You can the required borrowed funds at any bank or financial institute just by submitting the right documents. Though this option, you can get a fixed amount of funds that can match your requirements. Additionally, you will not be required to provide any form of collateral when getting the borrowed funds from this source. With the document process you can get a fixed loan amount and even a fixed repayment tenure.
Out of all the financial options that are available, the personal loan is the most favourable one for an emergency situation. You be well protected after you get the borrowed funds until they are repaid back. Additionally, the documentation process is relatively simple, therefore the processing time is extremely short.
Author Bio :- Neha Sharma is a finance student who loves to write during her spare time. She has considerable information about the different loans. Though her work, she has provided information about the different financial options one can consider in a financial emergency. She feels that personal loan is a viable option and through this article, she provides reason why.
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