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Don't have an emergency fund? Here are some genius ways to pay for an emergency should you have an unexpected expense come up that you need to pay for.

There are types of unhappy events in life that you can’t plan for. While the idea of having a specially dedicated emergency fund is always wise, it is often hard for you to plan for that kind of saving. Just because you haven’t saved for those type of costly emergencies, however, doesn’t mean they aren’t possible.

So, how can you pay for an emergency if you haven’t done the necessary saving and planning for them?

Luckily, there are a few options at your disposal should you come across an expensive personal or family emergency in the near future.

1. Using a Credit Card

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One option at your disposal is to depend on the credit you have at your disposal thanks to your one credit card or multiple credit cards. The positive aspect of using your credit card is that the credit is already readily available to you, and you can pay for whatever you need quickly – that is, if you have enough credit available to pay for your emergency with.

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The one thing to keep in mind, however, is that using credit cards to pay for emergencies can be quite risky for a number of reasons. First off, you run the risking of maxing out your cards. That means that you will use all the credit available to you on a given card. This will impact your ability to use your credit card going forward, and will impact your credit score. Of course, if your health or safety is at risk, your credit score shouldn't be a top concern so when maxing out your credit card is the only way out of a serious emergency, don't hesitate to reach for plastic.

Another connected risk that comes with using your credit card to pay for a costly emergency is going into credit card debt. Credit card debt can spiral out of control quite quickly and will impact your financial future. Among other things, that could have a serious impact on your ability to pay for future emergencies should they arise.

2. Taking Out a Personal Loan

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Personal loans are unsecured loans that are available to those who enjoy a good credit score and a history of responsible borrowing. With excellent credit, you can get a personal loan to pay for your emergency with an APR as low as just six percent. This is less expensive than most credit card interest rates and loans.

While they can be a relatively less expensive form of borrowing to pay for an emergency, you are still taking on debt, which can be a burden on your other finances going forward. If you need it, however, and you can qualify for a personal loan, it is definitely a viable option. Just make sure that you understand the terms of your personal loan so that you can dictate whether or not you will be able to pay for it once you have taken out the loan and put it towards paying for your personal emergency. If you’re financially responsible, a personal loan can be a great option.

3. Borrow from Family or Friends

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One option that is always available to you is to ask your family or close friends to lend you the money in your time of need. This can often be a hard or embarrassing thing to consider, but if you are truly in need, this can be a viable option.

One major benefit is that friends and family are much less likely to charge interest on the loaned money and will be sympathetic to you and your situation if you struggle to pay it back within and timely manner. A clear downside of borrowing from relatives or friends, however, is that it can put a serious strain on your relationship, no matter how close you are to the person you are borrowing from. On top of that, if the person you ever borrow from should need money down the road, you may not be able to say no to lending them money in return.

It can be a difficult situation to find yourself in.

4. Redraw Your Mortgage

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A redraw facility allows you to borrow money that you’ve already repaid on a mortgage and they are typically offered with variable interest rate loans. They can lead to large loans being available to you and allows you to be flexible with how you repay the loan in the long run.

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The issue with redrawing your loan is that if you continue to borrow from the amount of money you have put towards you house, you will never actually be getting closer to paying off your loan. In fact, you can actually get further away considering the interest fees you will be accruing over time.

5. Take out a Car Title Loan

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Another option available to you to find the finances necessary to pay for an emergency is to take out a car title loan on your car. This is particularly useful for individuals who own their car outright, but do not enjoy the same kind of credit score that those who might opt to take out a personal loan enjoy.

Car title loans work by taking out a secured loan that is connected to the value of your car and the equity you have in that car. Typically, car title loans range from a couple hundred, to a couple thousand dollars, but some lenders do advertise loans up to $50K.

There are many risks attached to using a car title loan to pay for an emergency, however. First off, car title loans are known to have very high interest rates. Secondly, car title loans are secured loans that use your car as collateral. That means that if you fail to pay off your loan within the (often very short) repayment term, you run the risk of losing your car to repossession.

There are a number of options available to you if you should come across an unfortunate emergency that demands money you simply do not have. Whatever option is best for you depends on the nature of the emergency, the cost of it, and your options when it comes to taking out different kinds of loans.

It is important to do the research necessary to find which option is best for you. Hopefully, this list helps you get started.

Good luck! Have you had any times where you needed to find ways to pay for an emergency? Let us know in the comments below! 

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