by Eve York

Created on: May 05, 2008   Last Updated: May 20, 2008

FINANCIAL TROUBLE? HOW TO RAISE CASH QUICKLY

We all have financial emergencies that come up in our lives from time to time. Something unexpected that you don't have the money in your budget to cover when you need it. No savings to cover that extra payment or emergency car repair. Here are some tips on how to come up with the needed money without seeking out loan sharks or hitting the gambling tables.

1) Bank- Most banks have automatic overdraft arrangements on their accounts. You can write a check for more than you actually have in your account and the bank will honor it. The bank will automatically add loan money to your account and charge you the interest due for that loan.

2) Credit Cards- If you have reasonably good credit and have a Visa or Master charge credit card the limits on such a card should be from $500-$1000. There are cards such as American Express, Diners Club and Carte Blanche that charge a yearly fee for holding them, and are more difficult to get (your annual income and your credit standing must be higher), but the amount of cash advances they allow you to draw on are higher, running as high as $2,000 or $2,500 each. Also, American Express even offers a Golden American Express card, which many business men use, and allows them about $5,000 of instant cash immediately!

3) Insurance Policies- Depending on the type of life insurance policy you hold you may be able to borrow against its "cash value" ,especially if you have had it for several years. In most cases, this money is available to you at a very low rate of interest and you can keep the money out, providing you pay the interest, without having to repay the principal at any set time.

4) Refinance your mortgage- Besides the possibility of refinancing an original mortgage on your house, there is another way of using the equity you may have in your house - you can get a second mortgage, either from a bank or from professional lenders. One reason why you might
go the second mortgage route would be if your first mortgage was written at a very favorable rate of interest (such as 5 1/2% or 6%) which you would not be able to match on your refinanced mortgage, and consequently you would not want to refinance the
larger principal amount.

5) Antiques and Heirlooms- Do you have some old furniture, jewelry or family heirlooms in your garage or attic? If so, you should have them appraised. You would be surprised how much these old items might be worth.

6) Friends or family- Have you loaned a friend some money in the past, and he or she has not yet paid you back? Are you owed money for hours worked or does an ex-employer still owe you sick pay or vacation pay that he has not paid you yet? Don't let these things go any longer -you need that money now! Put on the heat, make some urgent phone calls, write a few letters. For most collections the Small Claims court can be a great help. For collecting from your employer, your best bet is the U.S. Dept. of Labor, Wage and Hour Division.

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