Being a millennial, I will be the first to admit that I do not have an emergency fund of thousands lying in my bank somewhere. In reality, my emergency fund is my parents if I ever get into deep trouble. But if you don’t have a fall-back system, don’t worry. There are ways to get emergency loans that most people don’t even know existed. Here are three to inform you on.
1. Car Title Loans
Using your car as collateral can be a great way to get that extra emergency funding you need. What this type of loan does is it sets your car as the valued item that, if you can’t pay the loan back, the disburser would get to repossess. If your car isn’t fully paid off, this idea isn’t for you.
2. Emergency Loans For Federal Employees
If you work for the federal government, you’re already entitled to a $1,200 loan that you may not have known you had. As a part of the Federal Employee Education and Assistance Fund, you can get a 0% APR loan quick and easy.
3. Emergency Military Loans
As a repayment for protecting the country and doing great service, U.S. military members are entitled to loans when they return from deployment in order to help reestablish themselves.