It is every breadwinner’s worst nightmare – a serious financial emergency. It may be unexpected medical costs or the loss of a job that creates financial difficulty for the family. It is a very stressful time and for those that do not know what to do, even more stressful as they search for answers. There are solutions. It is just a matter of finding the right one.

A Bank Loan

Oftentimes, a person finds that he or she needs a small amount of money for a short period of time. Take the example of medical costs. A person receives a $500 bill that needs to be paid. One option is the conventional type of loan that you get at the bank. The problem that one runs into is that many banks will not loan amounts this small and if they do, they require all sorts of background information. They will do a check of your credit history. If it is poor, a potential borrower will be rejected. While still an option, there may be a few better than a bank loan.

A Payday Loan

Payday loans have become popular for several reasons. One is that they offer small loan amounts. Using the same medical bill example, a potential borrower could very easily secure a payday loan for $500. In the case of a payday loan, the person needing the money has to have a job. The lender will loan money to the borrower based on a future paycheck. For those with poor credit histories, this is a good alternative since the only requirement is employment.

Borrowing From Family Or Friends

No one wants to be in the situation of having to ask family or friends for money. It can be embarrassing. It can also lead to future problems. If you have family or friends that are in a financial position to help and would be willing to help, it may not hurt to ask. It must be understood, though, that this is a one-time thing. Repeatedly asking for family help or friends’ help can lead to future relationship problems.

A Car Title Loan

For those who need cash fast, a car title loan may be the best bet. Borrowers need only have a car with a clear title. There is no employment requirement, nor is there a background check. The loan is secured with the car or truck as collateral. There is not a lot of paperwork and the loans can be closed very quickly. Lenders such as Embassy Loans can have funds to borrowers within one to two days.