There are instances when you really need money! When you are in dire need of money, use any of these ideas to get some quick cash.
Everybody should have access to an emergency fund or a functional credit card that they can use to charge expenses when they are in need of cash immediately.
Real life isn’t like that. You may still encounter instances where you require more emergency funds than you now have while you are striving to establish your $1,000 Emergency Fund.
Do you need money desperately? If you are stuck and need emergency cash and can’t wait for a paycheck or a side hustle to start taking off, here are some ways to get money quickly.
Work today for pay today
You can also explore the jobs or gigs sections of Craigslist, which frequently feature posts for temporary work in general labor, housekeeping, and food service.
Seek community loans and assistance
Loans or temporary assistance may be provided by nearby community organizations to cover expenses such as rent, utilities, or other urgent necessities.
Ask for forbearance on bills
Find out if your creditors will accept delayed payments. Some creditors, like utilities and cable television providers, don’t charge interest on late payments.
Use any money you save by choosing not to pay those invoices to take care of urgent requirements. Before turning to toxic high-rate loans if you can’t pay off consumer debts like auto loans or mortgages, discuss your choices with the lender first.
Request a payroll advance
Request a pay advance from your employer, which typically carries no costs and is repaid through payroll deduction. In times of need, some businesses may provide low-cost loans to employees.
You may also take into account Earning, an app that gives employees advances that they pay back in full at once on payday with no interest. However, it does need a voluntary gift and needs access to your bank account and timekeeping at work.
Take a loan from your retirement account
You can take a loan on your 401(k) or individual retirement account, but there are conditions. You can borrow from your IRA once a year if you repay the money within 60 days, but it can be a complicated maneuver.
Borrow against life insurance
You can borrow money against a life insurance policy with cash value, often known as permanent life insurance, and have the remainder of your life to pay it back.
If you don’t pay back, the insurance company deducts the amount from the death benefit payable under your policy. However, the more popular type of life insurance, term life, cannot be used as collateral for a loan.
Use a credit card cash advance
An affordable alternative to a high-interest payday loan is a cash advance if you have a credit card and your account is in good standing. You must pay a charge, which is normally approximately 5% of the loan amount, as well as interest, which may be as high as 30%.
Rent out a room
Creating a listing on the site is free, but there’s a 3% service fee when a reservation is made. The company releases payment to the host 24 hours after the guests check in.
Moonlight as a dog sitter
Technology is on your side here, too, with sites including Care.com, Rover and Wag, that match pet owners with dog sitters and walkers. At Rover, you can choose to host the dog, stay at the owner’s house
Become a rideshare or delivery driver
These are jobs you can do in the evenings or on weekends, using your own car and gas. Become an Uber or Lyft driver to get matched with people willing to pay for a ride.
Cut your insurance premiums
One of the dirty secrets of the car insurance industry is that premiums for the same driver for the same coverage can vary by hundreds of dollars from company to company. Each insurer does its own math; that’s why it pays to compare car insurance quotes.
Consolidate your debt
If you’re struggling to keep up with multiple debt payments, you may be able to consolidate those balances — from credit cards, medical bills, store financing or other charges — and lower your payments with a personal loan.
