Everyone needs money at times; unexpected expenses, emergencies, or even planned purchases or activities that take more than you have in hand. Most people assume that there are only two options available
1) Dip into your savings, or break the investment
2) Put it on a credit card.
Neither of these are particularly good; breaking an investment means you could have an opportunity loss, and credit cards have a high interest rate. Unless you expect to pay it off within a couple of months, credit cards can extract a high toll.
So what’s the alternative? There are a variety of secured loans that can be obtained quite easily, and at a reasonable interest rate. Here are some examples.
If you have a home improvement project, look for a home improvement loan. Financing is not difficult if you are working and you are able to afford repayments on a loan. Typically, these can be paid off over one to five years with a fixed monthly instalment.
If you’re looking to buy appliances or furniture, a personal secured loan is a good option. This is typically given to people who’re employed by medium to large sized organizations, and could be secured by your savings or investments.
If you run a small business, check around for a self employed loan. You’ll need to provide business references and your statements of accounts and taxes, but you can get the loan sanctioned fairly fast.
These are examples; for your specific requirements, talk to your bank or financial advisor.