Stuck in between a rock and a hard place and a quick shower of money seems to be the only thing that could pull you out? This is often the case for many; sometimes, out of the blues, you find yourself knee deep in a rut and you know that taking a loan will take some time, which you so evidently do not have. So how do you get your hands on cash at an extreme short notice? An emergency fund of course!
Debit Card Overdraft
Some debit cards come with an OD facility which enables you to withdraw cash despite the fact that you have a zero balance; such a card will come to the rescue in times of need.
However, don’t expect a no strings attached affair, the interest rates are ridiculously high, HSBC currently offers the most competitive prices; however, do expect to pay a little more than you normally would with the accustomed debit card.
Bank Account Overdraft
Hong Leong Bank is one of those banks that can proudly credit themselves on having astounding bank account overdraft facilities. The difference here is that you do not necessarily have to get a debit card to get overdraft services – no a savings account with the bank will suffice.
As should be expected, you might have to prepare for a little wait as it is mandatory to set in an application which although takes a shorter while to process when compared to a loan, could be to your disadvantage.
Credit Card cash Advance
Did you know that most credit cards come with the option of cash advance for which you can withdraw money at any ATM? Now that is convenience at your fingertips!
So maybe before you accept just any credit card credit card, you should check what services it holds so that should you ever need emergency funds you can rest assured that you always have a Plan B.
When all hope seems lost, and taking a loan is out of the cards, consider the many other ultimatums you have – as the wise man says, there are nine ways to kill a cat.