A financial crisis can come in the form of a health emergency, a lost job, or a natural disaster. Most people live paycheck to paycheck, so it doesn’t take a big event to send them into a financial crisis. Even a temporary crisis can have long-term ramifications.

For example, even if you have house insurance that covers the cost of all repairs following a fire and reimburses you for temporary housing and expenses, you have to come up with the money first. You will need to put your family up somewhere until you get the insurance money. Merely having to find housing and buy new food and clothes can break the bank for many families.

Often, when you experience a financial crisis, you need quick access to money to prevent it from becoming a long-term financial crisis. Even if you have to put yourself into debt temporarily, you can pay that off in installments, which is a better alternative to losing your home or means of transportation. 

Here are three options to help you get through a financial crisis. 

1. Get a short term loan. Texas private money lenders like Bay Mountain Capital can provide you with a short-term loan to get you through your crisis and back on your feet. Short-term loans tend to be easier to attain because they are designed to be for only a few months to a couple of years, so the application process isn’t as intense as it is for a vehicle or home. The interest rate for these types of loans are often higher, but you aren’t paying on it for an extended period.

2. Get money from your life insurance or settlement. American Fund is a company that will buy life insurance or settlement policies from you for a percentage of the total. This means if you have a life insurance policy for $100,000, you can get a chunk of that paid to you now. The company then keeps your life insurance and receives the money after it is paid out. They offer a similar service with settlements or lottery winnings that are being paid out in installments over time. You can sell them your total settlement to get money upfront.

3. Sell your belongings. While this may not work if your financial crisis is caused by fire, selling anything you have with value can get you needed money fast. Vehicles, recreation vehicles, electronics, jewelry are all items you can sell quickly. If you have a lot of junk or scrap at your property, you can take it all to a recycling center for cash. Even used books, videos, and CDs can be sold at many used book and video stores. Although they are not as plentiful as they once were, used books and video stores still exist. You can also sell your stuff on eBay with short-term auctions to move it quickly.

Once you recover from your financial crisis, the best thing you can do is take steps to prepare for the future financial crisis because it is bound to happen. Financial guru David Ramsey recommends having a $1000 emergency fund at all times, as well as three to six months’ worth of living expenses in the bank. He argues that the emergency fund is essential and should be your focus up even before you start tackling your debt.

The living expenses are the focus after you have a handle on your debt. For someone living paycheck to paycheck, saving that amount of money may seem impossible. However, if you are dedicated to the goal and willing to do whatever it takes to decrease expenses and increase revenue, it is possible for everyone.