Whether your house is hit by natural disasters such as flood, you lost your job during the pandemic or you are facing unexpected medical bills, you need money immediately. Financial emergencies can happen to anyone at any time. However, most of us are still unprepared for it as the salary and savings are not enough to cover the expenses. In this article, Hen Fen Financial, a more than 20 years experienced licensed money lender in Kuching is going to teach you several smart and fast ways to get emergency money.
Use a credit card
Raising emergency money by using a credit card can be your short term solution. You can use it to settle medical bills since some of the banks provide monthly instalment plans to settle the bills. No matter how, do keep in mind that you will need to settle the debt efficiently to maintain a good credit history.
Sell your gold
It is common that almost every household in Kuching has kept some gold in the form of jewelry. Gold is a valuable asset as the price of gold surged up in these few years. Most of the gold and jewelry companies are happy to buy the gold from you. Hence, selling your gold to those companies is one of ideal solutions too. Besides, you also can let go of some other valuable things such as smartphones and laptops to raise up some money.
Withdraw from EPF account 2
EPF or KWSP is a compulsory saving plan and retirement plan for all public and private employees which is managed by a Malaysia government agency. Basically, there are 2 accounts in your EPF. Account 1 is the retirement savings, whereas account 2 is for you to cover some expenses such as medical expenses, education fees and house loan. For more information, you can visit EPF/KWSP.
Borrow from friends and family
Borrowing money from the people around you such as friends and family is one of the fastest ways to raise money. They will not charge you interest or check your credit history. Nevertheless, this way can cause some adverse effects to you especially on your relationships with them. If you are unable to pay back to them quickly, it is best for you to state it clearly that you probably need longer time to pay back the money.
Apply loan from bank or licensed money lender in Kuching
Another smart way to get emergency money fast is by applying for a personal loan. Personal loan is the loan that you are qualified to borrow for your personal needs especially during emergency situations. You can go for licensed money lender in Kuching such as Hen Fen Financial and Esprit Majestics if you need the money immediately. Generally, licensed money lenders need a few hours to a few days to process your application, whilst banks require a few days to a few weeks to process your application.
It is truly stressful when you are in financial emergencies. Depending on your situation, you may already have several ways in your mind. No matter how, do not make decisions on the spot, take some time to research the solutions. After you solve the financial emergencies, it is best that you redo a financial plan and stay prepared for any other future emergencies.