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4 easy ways to access cash now

Whether you have lingering debt accrued over the holidays or are simply looking to make some repairs around the house, there are multiple ways to access cash now.

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January marks a good time to review what worked the year before and what goals you would like to achieve over the next 12 months. This can include a realistic appraisal of your personal finances to see where you can save, where you can potentially invest and how you may be able to access cash now to help accomplish your goals.

Fortunately, whether you have lingering holiday debt, or are simply looking to make some repairs around the house, there are multiple ways to access cash now. Some options are even tied to investments or equity you currently have, which may make the borrowing terms more appealing and manageable.

4 easy ways to access cash now

If you need cash and don’t want to endure too many headaches to get it, consider one of the following four options.

Withdraw from a life insurance policy

Life insurance is often thought of as something you set and forget, only really to be used by your beneficiaries in the event of your death. But that’s not always true. There are insurance types, like whole life insurance, that you can actually tap into while you’re alive. That’s because whole life insurance policies have a cash portion that, once built up, can then be used as you see fit. Whether you want the money to pay down debt, buy a car or pay for college, you can access cash from your policy to do as needed.

Just understand that your ultimate payout will be reduced by any amount you withdraw. However, if you need cash and you need it relatively quickly, this can be a painless way to access your own funds.

See what a life insurance policy costs here now.

Complete a cash-out refinance

Homeowners with equity don’t need to look very far to find a cash resource. They can complete a cash-out refinance and take out the money they’ve already invested in their home. Here’s how: simply apply for a new mortgage loan in an amount larger than what you currently owe (how big of a loan you should take depends on your needs and what a lender is willing to provide you). From there, you’d pay off your old loan with the new one and take the difference between the two as cash for yourself. 

Not sure how much you should take or how quickly you could get it? Answer a few short questions here to get started.

Reverse mortgage

A reverse mortgage works similarly to a cash-out refinance, although this option is only available for homeowners age 62 and older. Older borrowers who have paid off all or most of their mortgage may be eligible to take out a portion of their home’s equity. This would qualify as tax-free income. It needs to be repaid, however, if the homeowner dies or elects to sell the home. 

The freed-up equity can help pay off debt, medical bills or complete home repairs. Plus, unlike a conventional mortgage, monthly payments toward the loan balance aren’t necessary.

If you’re an older homeowner interested in accessing cash this way then start reviewing your reverse mortgage options online here now or via the table below.

Personal loan

If you prefer to leave your existing life insurance policy and home equity alone, then consider starting fresh with a personal loan. These are unsecured loans, meaning, unlike a car or mortgage loan, there is no property backing the loan. Still, they’re easily accessible and can generally be secured from an online lender, credit union or even your local bank. You’ll probably get the best interest rate with the lender you currently use, assuming you’ve been making on-time payments.

Interest rates on personal loans can vary and your personal information will play a large role in determining how much you can receive and at what cost. But with loan amounts ranging from thousands to $100,000 or more, you’ll have plenty of options. Some lenders will even approve you and disburse funds within the same week.

Start shopping lenders here to find the best rates and terms or use the table below.

The bottom line

If you need cash to get back on the right track in 2023 you have a series of options. If you don’t want to start anew then consider accessing the cash portion of your whole life insurance policy or complete a cash-out refinance using your existing home equity. Older homeowners, meanwhile, could benefit from a reverse mortgage. Or, simply check the rates and find a personal loan with favorable terms.

Get started here now.

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