How to get Emergency Money

When financial emergencies strike, knowing where to turn for quick cash can make all the difference.

Whether it's a sudden car repair, medical bill, or job loss, here are reliable options to get emergency money when you need it most.

1. Personal Loans

Personal loans provide lump-sum funding that you repay over time with fixed monthly payments.

Be ready for the unexpected with a $1,000-$15,000¹ KOHO Line of Credit provided by Fora, a convenient alternative when traditional banks aren’t an option.

Join KOHO today to start your application.

Pros:

• Interest rates can be as low as single digits if you have excellent credit

• Repayment typically spans several years, making monthly payments manageable

• Many online lenders offer same-day or next-day funding after approval

Cons:

• Not all financial institutions offer personal loans

• Good credit is usually required for the best rates

• Interest rates can reach 35% or higher with fair credit

• Some short-term loans for bad credit may charge triple-digit annual percentage rates (APRs)

¹ Not all applications are approved. Duration of approval process may vary. Credit limits may vary and are subject to verification criteria.

2. Cash Advances

Cash advances let you borrow against your existing credit card limit when you need immediate cash.

Sign up to KOHO and get an interest-free cash advance of up to $250 in Canada.

Pros:

• No additional credit check required

• Instantly available through ATMs, bank branches, and sometimes online

Cons:

• Higher APRs than regular credit card purchases

• Interest begins accruing immediately (no grace period)

• Cash advance fees typically apply (percentage of advance amount)

• Cash advance limits are often lower than your regular credit limit

3. Early Payday Apps

These apps let you access your earned wages before payday, typically for small amounts.

Pros:

• Lower fees than payday loans (some only request optional tips)

• No credit check necessary—eligibility is based on your income patterns

Cons:

• May charge interest, fees, and extra costs for fast funding

• Doesn't help build credit

• Risk of overdrawing your account at repayment

• Can create a debt cycle if you regularly borrow against future paychecks

Other emergency money sources

Friends or Family Members

Consider borrowing from loved ones but treat it like a formal loan with clear repayment terms to avoid relationship strain.

0% Intro APR Credit Cards

If you have good credit, these cards offer interest-free periods (6-20 months) for emergency expenses. Request expedited delivery if needed immediately.

Home Equity Line of Credit (HELOC)

Access your home equity with typically single-digit interest rates. Great if you already have one established, but new applications can take weeks to process. Failure to repay puts your home at risk.

Payday Loans

Small-dollar, short-term loans with extremely high interest rates and fees. While they don't require credit checks, they can trap borrowers in debt cycles and are best viewed as a last resort.

Getting financial assistance

When money is tight, consider reaching out to:

• Nonprofit credit counselors who can help with budgeting and debt management

• Personal finance counselors or certified financial planners

• Government programs and charities offering financial assistance

Dealing with overwhelming debt

If you're struggling with debt:

• Consolidate high-interest debts with a personal loan or balance transfer card

• Explore debt management plans through credit counseling agencies

• Consider debt settlement as a last resort before bankruptcy

Preparing for future emergencies

The best emergency money is the kind you save before you need it:

1. Build an emergency fund covering 3-6 months of expenses

2. Create and maintain a budget to keep your finances healthy year-round

3. Ensure adequate insurance coverage to protect against potential financial disasters

Financial emergencies are inevitable, but with proper planning and knowledge of available resources, you can face them with confidence.

Start building your financial safety net today so you'll be better prepared when unexpected expenses arise tomorrow.