Running out of money isn’t ideal, but it’s a reality millions of Americans face.

Things happen. Either you lose out on a promotion you were banking on, or you run into a series of unexpected expenses that deplete your wallet. Sometimes, these two scenarios happen at the same time.

Your emergency fund should help you smooth out these financial speedbumps. But if persistent bad luck dogs your finances, even these savings may not be enough to help.

So how will you cover your next unexpected emergency expense? Check out this list to see three potential ways of putting out your next financial fire.


1. An Unsecured Line of Credit

An unsecured line of credit (LoC) is a convenient way to borrow cash. If approved, you’ll receive a pre-set limit that you may tap into whenever you need.

An unsecured LoC means won’t have to put up belongings, or assets, as collateral to back up your loan. Instead, your financial institution will set your LoC rates and terms according to your credit history and income.

This means that in many instances, the higher your score and paycheck are, the better your rates and terms may be.

Once you pay off your unsecured line of credit, you can keep it in reserve until your next emergency.

This is something financial institutions like CreditFresh recommend. A product like the CreditFresh Line of Credit by CBW Bank acts as your financial safety net in unexpected emergencies.

2. A Personal Loan

An unsecured line of credit may be an excellent option when your expenses are on a sliding scale. If your bills end up costing more than you initially thought, you can tap into your remaining limit for additional funds.

However, it may pose a temptation too great to ignore when you aren’t facing down an emergency.

If you worry about being able to resist your LoC, a personal loan may be the better option. You receive this cash all in one sum, and you’ll be expected to pay it all back by a fixed timeline.

Once you pay back the last cent, you won’t have access to this loan anymore. To receive more cash, you’ll have to go through the application process all over again.

3. Cash Advance Overdraft

If you have overdraft protection, a cash advance might be another possible option.

This service lets you keep drawing from your checking account even after your balance has reached zero. How much you can draw depends on your account terms. Some people can access a couple of hundred dollars, while others may tap into a couple thousand.

In a way, it acts like other loan or line of credit products, but it might not be the best option. Overdraft services may come with steep fees and interest rates.

It also means you’re overextending yourself with the account you use to pay bills. Once you reach the limit of your overdraft advance, you won’t have any more cash available. This may leave you unprepared for regular bills and obligations.

Of course, depending on your situation, this may be a risk you’re willing to take. But for many people, gambling with their finances isn’t worth it — even when disaster strikes.

Make up your mind by comparing these options carefully.

Even after getting the money you need to cover a bill, your emergency can have lasting effects on your finances. Making the right decision before you borrow may help you recover faster.