How to arrange money quickly for short-term needs during emergency

economictimes.indiatimes.com:

Credit cards Finance is available up to a pre-approved limit and outstanding amount can be converted into EMIs. This is a convenient option if repayments are made by due date.

The interest is very high for delays.Loan against securities (LAS) Investors can avail of short-term loans at lower interest rates compared to unsecured loans, if they hold marketable securities like shares, mutual funds, bonds or FDs.Peer-to-peer finance P2P lending platforms connect borrowers directly with individual lenders, providing competitive rates for those with good credit scores.Short-term loans Banks and financial institutions offer short-term unsecured loans that have a quick application and approval process. Repayment tenures range from a few weeks to a few months.

Typically, banks offer their accountholders pre-approved, hassle-free loans up to a pre-defined amount.Overdraft facility Banks usually allow their current account-holders to withdraw more money than the available balance. This short-term credit line is ideal for temporary cash-flow gaps.

Interest is charged only on the amount used, making it cost-effective.Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.