Need some advice on loans and cashing out IRA
i am unemployed and have been for a few months. I am looking for a job still, but now my lease is up & my boyfriend and i are moving to a new apt. in a few short weeks. I need to come up with around ,500.00 FAST. even if i land a job tomorrow i probably won’t earn enough $ in time.
SO….. i have an IRRA (i rolled over my 401k from a previous employer into the irra) that i can take an early withdrawal from but there is a 10% penalty on top of the 20% taxes they take out when you withdraw early. Do i have any other options? Is there a bank loan i can get being unemployed, or some other way i can handle this? can i maybe get a loan using my car as collateral or something like that? I have no idea what to do, i’ve never been in this type of situation and am DESPERATE for advice. thank you in advance to anyone willing to share some ideas with me 
You can probably get a second loan on your car if there’s lots of equity in there. As far as the 10% plus 20%, they will only take out the 20%, the 10% won’t be assessed until taxes are due in April. And, you can roll the IRA distribution over into a new IRA or 401K if you do so within 60 days. Otherwise, maybe a parent can help you out for a couple of months.
If you want to buy real estate, you would have to get the credit loans. Moreover, my sister all the time utilizes a college loan, which supposes to be the most reliable.
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