Before looking at outside options for a quick infusion of cash, try to negotiate with current lenders or billers for better terms, temporary pauses or reduced payments on existing debts. Or maybe your student loan or mortgage provider will grant you a period of forbearance or deferment.

Risks: You might face fees to refinance debts or penalties for delaying payment. 

Speed of access: Renegotiating debt can be time consuming, so this isn’t a quick fix.

If a friend or relative is willing to lend you money to help you through a rough patch, you may be able to pay no or very low interest on the loan.  Make sure everyone’s expectations are clear. Put the terms of the loan in writing, including the loan amount, purpose, time period, payment amounts and payment schedule. Both parties should sign it. 

Risks: If you default or disagree about the terms, it could put a strain on the friendship or family relationship. In most cases, however, it wouldn’t affect your credit score.

Speed of access: You could get the money almost immediately through an electronic transfer. 

Some employers offer low-interest loans to help workers through temporary financial hardships. Banks and credit unions also offer personal loans that can be used for a variety of purposes. The repayment period is typically several years. The interest rate depends on your credit history, but is typically lower than that of a cash advance from your credit card or a payday loan. A growing number of banks and credit unions are offering short-term, small-dollar loans with favorable terms as an alternative to payday loans.

Risks: Late or missed payments on a personal loan can hurt your credit score.  

Speed of access: If you use an online bank, you’ll know within minutes if your loan has been approved and can often get the money in a day or two. 

A cash advance from your credit card gives you immediate access to funds. You can use your credit card to withdraw cash at an ATM or bank. Some credit card companies send paper checks. But there’s a price for this convenience. Credit card issuers often charge transaction fees on cash advances. Interest rates are typically higher than rates on purchases, and interest starts accruing immediately. A better option, if possible, is to cover your emergency expenses by charging them. 

Risks: Fees and higher interest rates can make credit card cash advances expensive.

Speed of access: You can get cash immediately from a bank or ATM. 

These cards do not charge interest on purchases and, often, balance transfers during an introductory period—usually 12 months to 21 months. After that, the interest rate goes up to a more typical rate. The introductory rate does not apply to cash advances. These cards are best used for large expenses that you can’t pay off all at once or to consolidate debt.

Risk: Opening a new card and immediately building up a big balance could hurt your credit score. If you’re late on a payment, you could lose the 0% introductory rate, as well as bring down your credit score. And if you’re not careful, you can be stuck with a big balance when the higher interest rate kicks in. 

Speed of access: The approval process for a new card ranges from a few minutes to 30 days, depending on how you applied (online, telephone or mail) and your credit history. Once approved, it may take 10 days to get the physical card. Some card issuers will provide enough information for you to add the new card to your digital wallet.

Loans are not permitted from IRAs, but employer-sponsored 401(k) plans may allow you to borrow from your retirement savings, depending on the terms of the plan. The IRS limits how much you can borrow—usually half of your vested balance or $50,000, whichever is less. Interest rates are determined by each plan and tend to be relatively low. You must repay the loan within five years unless the money is used to buy your primary residence.  

Risks: If you lose your job or decide to leave, you may need to repay yourself the balance immediately or any unpaid amount may be treated as a distribution subject to federal income tax and a 10% additional tax. You’ll also miss out on potential growth in your retirement account.  

Speed of access: In many cases, you can have the cash in a few of days.

Borrowing against the equity in your home through a home equity loan, line of credit(HELOC) or a cash-out refinance can be a sound way to get cash. Since these loans are secured by the home, they typically carry a lower interest rate.

Risks: If you default, you risk losing your home to foreclosure. HELOCs typically have variable interest rates that can adjust, and all home loans may come with fees. 

Speed of access: The approval and closing process can take weeks.

Your employer may let you make a taxable hardship withdrawal from your 401(k), if permitted under the plan. The IRS defines hardship as an “immediate and heavy financial need” that you have no other way to cover. Examples include paying medical expenses, preventing eviction or foreclosure, or recovering from a natural disaster. You always have the option of withdrawing money from your IRA, though the withdrawal will generally be taxable and may be subject to a 10% additional federal tax, unless you qualify for an exception.

Risks: Cashing out a retirement account will typically trigger hefty federal taxes. If you’re under 59½, you may face a 10 percent additional tax for early withdrawal on top of ordinary income tax on the amount withdrawn. You’re also putting your retirement at risk.

Speed of access: The time it takes to get the money varies from several days to several weeks, depending on the plan administrator and whether you choose check or direct deposit.  

Payday loans are relatively small, short-term loans that you’re expected to repay out of your next paycheck. You either authorize the lender to electronically withdraw the repayment amount and fees from your bank account or give them a postdated personal check. Fees can be $10 to $30 for every $100 borrowed—easily the equivalent of an APR of 400 percent or more on a typical loan, according to the Federal Trade Commission. Fees multiply if you can’t repay the loan when it’s due. 

Risks: Because of those high fees, a majority of borrowers using this method end up stuck in a cycle where they’re forced to take another loan. The fees are so high that payday loans are a leading cause of bankruptcy.

Speed of access: Money is often available within a day.

Bank of America does not recommend using payday loans.