Where to Find Emergency Cash when You Need It

When an unexpected emergency hits us in the pocket book, it's only natural to become anxious. But don't let the anxiety panic you into doing something drastic to get money fast-like take out a payday loan or an auto title loan.

Regardless of what type of credit risk you are, chances are that if you'll calm down and think rationally you will find all sorts of untapped cash sources at your disposal that won't require you to risk financial ruin in order to survive a short term financial crisis.

Home Equity Loan

If you own a home, take out a home equity loan to get the cash you need. You can get the cash you need for a reasonable interest rate and favorable payment terms.

Reverse Mortgage

If you own a home and you are 62 or older, take out a reverse mortgage on your home. Most reverse mortgages don't have to be repaid unless the home is sold or the owner(s) die.

401k Plan

If your 401k plan or other retirement savings vehicle allows hardship withdrawals, apply for one. While this is certainly not ideal, it beats taking out an outrageously high interest payday loan and, furthermore, it's your own money. Even with the taxes and penalties you'll incur, you'll still be able to manage just fine until you get on your feet again.

Life Insurance Policies

If your whole life or group universal life insurance policy has accrued cash value, withdraw the cash you need to weather your crisis. Again, the money you'll save over a high interest loan more than makes up

for the taxes and penalties you'll incur.

Get a Student Loan Refund

Take out the maximum student loan you are eligible for and receive a refund of the amount that exceeds your actual educational costs. Use the part of the refund that you need to get you through your financial crisis. Put the rest in the bank, and promptly pay it back when you finish school.

Payroll Withholding

Temporarily decrease the amount of taxes withheld from your paycheck, or even claim exemption from withholding for a short time. Many Americans have a substantial amount of money withheld from their paychecks to pay income taxes and end up getting a refund at tax time. Temporarily decrease your withholding and bring home a bigger paycheck each payday. You will have a smaller refund or if you do it for a while you may even owe a small amount of money at tax time, but if you do it responsibly on a short term basis, you can get the money you need and still get a refund.

Rental Deposits

Go over your records with a fine-toothed comb and see if you are owed a refund of rental deposits by former landlords. If you are, contact them immediately and request a refund. You'd b e surprised at the number of people who don't follow up on their rental deposits and end up experiencing big delays in getting them back.

Utility Deposits

If you paid deposits on your light, gas, water or phone bill, you probably haven't gotten it back unless you asked for it. Call your utility companies and see if you have any deposits that you can have refunded. Usually you earn a small amount of interest on these deposits.

Cell Phone Credit Deposits

If you paid a deposit on your cell phone, promptly request that it be refunded back to in a check. Some companies apply deposits as a credit on your account toward future charges unless you specifically request that they be refunded.

Credit Card Security Deposits

If you have any credit cards that were secured with a deposit, request that the deposit be returned.

Dormant Bank Accounts

Check with banks where you've had checking or savings account in the past. You may have left overlooked cash inactive bank accounts.

Check with the IRS

Contact the IRS to see if you have any unclaimed refunds on file with them.

File Tax Returns for Previous Years When You Didn't File

If you didn't file a tax return in previous years because you didn't think your refund would add up to much, go ahead and file a return. If you didn't owe any taxes, you will only be assessed a small late filing fee (if anything), and the refund you collect, no matter how small, will be worth the trouble.

Scrutinize Old Tax Returns

Go over old tax returns and see if you missed any deductions. If you did, file an amended return and collect what is owed to you.