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7 Ways to Get Emergency Cash Immediately in Canada

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7 ways to get emergency cash immediately in Canada

7 ways to get emergency cash immediately in Canada

People experience financial emergencies all the time, such as medical emergencies, car problems, losing a job, household repairs, unexpected moves, major life changes, and pet health emergencies. If you live in Canada and need money urgently, here are some options to seek emergency cash right away.

1. Contact Your Provincial Government

The first step is to check with your local provincial government to see if they offer emergency financial support.

In the province of Alberta, for example, if you are facing an emergency need for food, medication, temporary shelter, or emergency basic dental services, you can call the Income Support Contact Centre (available 24/7) toll-free at 1-866-644-5135 for an assessment. Financial assistance for Albertans facing unexpected emergencies is available through the Emergency Needs Allowance.

Follow the official links below to obtain fast information about the financial assistance programs offered by your own province, together with the contact information you need to get help now:

2. Contact the Federal Government

If you need emergency cash immediately because you are still affected by the COVID-19 pandemic, the federal government offers limited financial support to address the needs of Canadians. This assistance comes in the form of different programs that depend on your individual circumstance and involves submitting an application that may take some processing time. While you may need emergency cash sooner, getting your application in early will get the ball rolling.

  • Financial Support | Canada.ca
    Learn more about Canada’s actions to help people, businesses and organizations facing hardship as a result of the COVID-19 outbreak.

3. Get an Emergency Loan

If you need emergency cash immediately and don't want to wait for government assistance, you can try to get a loan from a private lender. The process will likely involve submitting an application and providing personal information, such as your name, address, and contact information. During the application, you may also need to provide documentation of your emergency situation.

It's important to note that not all private lenders offer emergency loans, so be sure to do your research before applying. And, as with any type of loan, be sure to read the terms and conditions carefully so you know what you're getting into.

4. Get a Cash Advance From Your Credit Card Company

If you find yourself in a situation where you need emergency cash immediately, one option is to get a cash advance from your credit card company. Getting a cash advance immediately will involve going through the regular application process but with a focus on your current emergency.

Be sure to provide as much information as possible about your current situation so that the credit card company can understand why you need the cash advance. It's also important to be aware of the interest rates and fees associated with cash advances so you know what you're getting into.

Getting a cash advance from your credit card company can be a useful way to get emergency cash quickly, but it's important to be aware of the potential risks involved.

5. Take out a Payday Loan

If you're looking for a way to get emergency cash quickly, a payday loan may be a good option. A payday loan is a short-term loan that is typically due on your next payday.

To get a payday loan, you will need to provide some personal information, such as your name, address, and contact information. You will also need to provide documentation of your emergency situation.

It's important to note that payday loans come with high-interest rates and fees, so you should only take out a loan if you're confident you can repay it on time.

For immediate cash, My Canada Payday offers payday loans for up to $1500 in as little as 15 minutes.

6. Get a Pawn Shop Loan

A pawn shop loan may be a good option if you need money quickly and don't mind pawning some of your valuable items to receive a short-term loan.

A pawn shop loan is a simple, easy way to get some quick cash with no questions asked about your emergency situation. You could quickly bring your valuable items to a pawn shop and have them exchanged for a loan. Typically, you repay the loan 30 days later and the shop gives you back your valuable items. Cash Canada is a popular pawn loan shop that offers loans over jewelry, gold, electronics, smartphones, tablets, computers, sports goods, and more.

It's important to note that pawn shop loans could come with high-interest rates and fees, so you should only take out a loan if you're confident you can repay it on time. So if you're considering a pawn shop loan as an emergency solution, be sure to weigh the pros and cons before making a decision.

7. Ask Friends and Family

Borrowing money from friends and family can be a useful way to get emergency cash quickly, but it's important to be aware of the potential risks involved. It may be a quick and easy process to borrow money from friends and family, and you could have access to emergency cash immediately. In some circumstances, you may not have to pay them any interest rates or fees. However, borrowing money from friends and family can put a strain on relationships, and it may not always be available in emergency situations.

Look to the federal and provincial Canadian governments for immediate financial assistance in times of an emergency.

Look to the federal and provincial Canadian governments for immediate financial assistance in times of an emergency.

Help Is Available

When you're in a bind, it's important to have a variety of options for emergency cash. Depending on your situation, you may be able to get fast assistance from the Canadian federal or provincial governments. Otherwise, you could look to your credit card company for a cash advance, take out a payday loan, borrow money from friends or family, or get a pawn shop loan. It's important to weigh the pros and cons of each option before making a decision.

Going forward, you may want to consider building an emergency fund to manage unexpected emergencies. An emergency fund can help you avoid going into debt when major costs arise and can give you peace of mind in knowing that you have a cushion if something goes wrong.

One of the best ways to create an emergency fund is to automatically transfer a fixed amount of money from your chequing account to your savings account or tax-free savings account (TFSA) each month. This will help you slowly build up your emergency fund without having to worry about remembering to transfer the money yourself.

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2022 Louise Fiolek