How to get quick access to cash during the pandemic

The video discusses various ways to access quick cash during the coronavirus pandemic, including borrowing from retirement accounts, home equity, and financial industry options like personal loans and credit card promotions. It highlights the risks and benefits of each method, emphasizing the importance of consulting a financial advisor for personalized advice.

What is a potential risk of borrowing from your 401K during a financial crisis?

• The interest rate is typically above 10%.

• It increases your retirement savings.

• You might have to pay back the loan immediately if you lose your job.

• It improves your credit score.

Why might a home equity line of credit be a risky option during financial distress?

• It is only available to new homeowners.

• It requires immediate repayment.

• It has a high interest rate.

• It puts your home at risk.

What is a major drawback of using credit card cash advances?

• They offer a long grace period.

• They have low interest rates.

• Interest starts accruing immediately.

• They improve your credit score.

Which option is considered the best for accessing funds but is hard to qualify for?

• Personal loans

• Home equity loans

• 0% APR on a new credit card

• Cash advances

What should you do before deciding on a quick cash option?

• Consult a financial adviser for a risk-benefit analysis.

• Choose the option with the highest interest rate.

• Avoid any form of borrowing.

• Rely solely on personal savings.