Solutions for Securing Fast Cash for a Home Emergency

If you’ve been a homeowner for as long as I have, you know that home repairs come with the territory. The crazy part about it all is that the repairs seem to come at the most inopportune moments. I’d even go as far as to say that sometimes it feels like my house wants to breakdown when I’m broke. I mean it. As soon as I’ve divvied up my paycheck for the week, the plumbing wants to leak or a tree wants to fall over in the backyard onto the neighbor’s shed. Like seriously, where’s the relief?

Unless you’re well-off, have access to a bottomless amount of cash, or happen to be a magician (one that can pull a few thousand bucks out of their hat), securing fast cash for a home emergency might be a lot easier said than done. Since I’ve been through this a time or two myself, I figured I’d save you the trouble of stressing over money by giving you a list of options for quick cash to make an emergency home repair:

Installment Loans

If you’re talking about a home emergency that’s $1,000 or less and time is of the essence, you may be able to secure the funds by applying for an installment loan. Online installment loans that are available can give you as much as $1000 in a short time period so that you can repair your home. What’s great about installment loans is you don’t have to pay it all back at once, giving you time to recuperate financially. Make sure that when borrowing a short-term loan that you repay it in a timely fashion to avoid penalties and higher costs.

Borrow from Pension, Retirement, or Life Insurance Policies

If you have more time but need a lot more money for repairs (like a roof replacement or a basement leak), you can also borrow the money from your pension account, 401K, or borrow against your life insurance policy. Depending on the terms of your retirement account or insurance policy, you could take out a small percentage and repay it with interest over a predetermined period. Keep in mind that this option may come with other fees outside of interest and it may also take a bit more time to obtain the funds.

Turn Some of Your Belongings into Cash

Once, we needed money to upgrade our electrical system in order to be up to code. Obviously, a job like that would cost us thousands, so we started thinking outside of the box. Neither of us had time to take on a new job to earn the money, but we did have a lot of things we were no longer using. We had a bunch of old cell phones, computers, jewelry, and even a junk car that we were able to trade in for cash in a short amount of time.

File a Homeowners Insurance Claim

There are some home emergencies that your homeowner’s insurance will pay for. All you have to do is file a claim, keep a record of the damage, and find a vendor who will accept payment from your insurance provider. For instance, our tree fell in the backyard and completely smashed in the shed. We filed a claim with our homeowner’s insurance provider got a few estimates from tree removal companies and garage repair contractors, and they cut a check for the damage to be repaired.

There’s always a surprise when you own a home. One minute, you’re signing on the dotted line to move into your dream home. The next, you’re pulling your hair out trying to figure out how you’ll pay for an emergency home repair. Luckily, you don’t have to be a millionaire or a magician to secure fast cash. Instead, you can use one or several of the options above to get the cash you need to fix your home right away.

 

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