Saving for a rainy day is a popular phrase that’s been in use for years. People wish they could save more and have better financial management skills. We all want to be better in different ways.

Financial constraints and unforeseen emergencies are often the two stumbling blocks to a brighter future-with no money problems. There are times when life pushes us to the ground, and we’ve got a few options to raise the much-needed money to settle debts or pay bills.

Raising money for an emergency is a quick fix to financial challenges. In this article, we’ve highlighted four smart and convenient ways to raise money in case of an emergency.
Dig into your savings

Maybe you have a savings account you don’t want to mess with until the next summer. You have the right to defend your hustle and keep looking elsewhere, but when everything else fails, there is not much choice.
Sometimes your savings are in the form of assets, which means you’ll have to liquidate the investment or sell that property.

Soft credit check loans
This is one of the easiest ways of raising money for unexpected expenses. With soft credit check loans, bad credit isn’t a constraint, and the application process is quick and convenient. The downside is that the rates could be higher than those of a traditional bank, and the possibility of hidden fees makes it more expensive in the long run.

Car title loans
Many people consider a personal car a liability. This is true to some extent, but when an emergency strikes, it becomes an asset. Title loans have become increasingly popular over the years, thanks to the friendly rates, no hidden fees, and the ease of getting one.

Provided you meet the set credit criteria, you can quickly get an instant loan to settle your emergencies. Most often, bad credit is a non-factor, and with no prepayment penalty, you still get to keep and drive your car as you work on repaying the loan.

With title loans, the amount you can qualify for depends on several factors. You can, however, rest assured that your bills will be paid, and you’ll once again have peace of mind.

Access cash value of whole life insurance
This may sound like a bad idea, but in reality, it’s an excellent option for raising emergency money. If you’re lucky to have a whole life insurance policy with accumulated cash value over time, you’re in a better position to raise a good amount.

Reducing financial stress isn’t only limited to creating a budget and setting up an emergency fund. Sometimes all these options fail, and we end up in a dead-end. With whole life insurance, you can borrow against the cash value or terminate the policy and get the package, once and for all. The benefit of this option is that there’s no tax liability, and you can choose to replace the policy at any given time.

When you don’t have an emergency savings fund, things can get messy. Fundraisers rarely work, and asking relatives for money may not be a very wise idea. With the four ways above, you can quickly raise the needed cash and pay for unexpected expenses.

Author's Bio: 

Lora Y