How to avail of an emergency cash loan?
As it is often said, the only thing constant in life is change and often enough, life throws at us challenges, which we find rather hard to tackle. So, if life has thrown a similar challenge at you and you are in dire need of some cash, then given here are some simple ways in which you can avail of emergency cash loans. Keep in mind, that there will be many financial companies willing to give you money, but make sure that you read every bit of the agreement very carefully prior to taking the plunge.
- Life insurance loans
Borrowing money from a life insurance policy is indeed a viable option in case of an emergency. This is only if you have had it long enough to accumulate some cash value. However make it a point to check your interest rate costs, prior to making any rash decisions.
- Retirement saving plan loans
Though not advisable under any circumstances, money can be borrowed from your registered retirement savings plan. There is in fact an upper limit for doing so and it does need to be paid back within 15 years or less as stipulated at the time of granting the loan.
- Borrowing against your house
If you need an emergency cash loan, then you can borrow against your house. This is only if you are in fact a home owner and have built up equity. If all of the above fail then you can turn to a bank.
Taking emergency cash loans to pay off mortgages or for other reasons is something many Canadians shy away from doing, owing to the fact that paying these loans back do become very challenging. So, prior to taking the loan, make sure that you have given the matter much thought.