When you need to get cash fast, the first thing to do is take a deep breath and RELAX. You’ve got many legitimate options, but you want to take your time with things that can come back and bite you later.
Today, we’ve compiled a list of the eight best ways to get emergency cash when you need it so that you can take a look and see which of these methods will be the best fit for you. So, without further ado, let’s get started!
Side jobs can be a great source of quick income
Side jobs are a great way to supplement your income; many jobs pay quickly. Some are tied to specific websites, such as Upwork, that allow you to sell your expertise as a consultant, writer, and more.
Other jobs may be tied to apps, such as Uber, and are worth taking a closer look at to see your options – you might be pleasantly surprised. Once you’ve set up your account or business online, you will generally have much more flexibility when you work, so this can be a convenient and profitable option on your terms.
Check if your employer allows a payroll advance
While it is not always an option, finding out if your job will allow for a payroll advance on your upcoming check never hurts. You’ll still want to be careful with this money – you’ll still have to pay your bills later, but this option can be a lifesaver if you need to get cash immediately.
If your employer allows it, one nice compromise is to offer to do some extra work during this time. That way, you can get your payroll advance, but you’ll still have some extra hours saved, so you don’t feel the hit as badly when your next payday comes.
See if 401k loans are an option
If you’ve been putting money in a 401(k) at your company, it is a valuable resource you might have overlooked! After contributing for a while, we tend to forget that 401(k) is even there, and you can get a loan against them.
If your company DOES allow them, these will usually have strict payback terms, but if they are an option, you can usually borrow up to half of what you’ve already put away, which saves your bacon when you need it.
Pawn shops can also provide emergency loans
While it’s not a favorite option of many, you can always go to a pawn shop to see if you can get the money you need in a pinch.
Remember that you might get the prices you’d like – modern electronic goods tend to do the best – but things like jewelry are usually weighed for the precious metal content.
Plus, if you can’t pay it on time, you might lose those unique or heirloom pieces, so while a pawn shop can help in a pinch, this is one option you must use carefully if all else fails.
A forbearance on some bills might be possible
Some creditors will allow you to make delayed payments and are kind enough to their customers not to charge you interest. You should contact the company and request a delayed payment to see what they say.
If allowed, you can use the extra cash you would have paid on that bill, but you’ll want to be sure to pay it on time. Also, if you are dealing with a mortgage or an auto loan, always deal directly with your lender.
If you usually pay on time, many are willing to be quite reasonable and can help to expand the terms and scheduled payments so that you can get through this pinch without inadvertently making things worse.
Community loans and family member loans
Community loans are an option that many people don’t know about, and they can be a real lifesaver. For instance, Many nonprofit organizations are out there, such as community centers and local churches, and some will offer low-rate loans to help you get by with utilities, rent, and other emergencies.
These are excellent alternatives to higher-interest loans, and these nonprofit options will be explicitly tied to each state and your local communities.
Barring this, if you have a family member you’ve helped in the past, this is also an option, but you’ve got to be careful to pay it back quickly. Family loans can have a way of souring things in the future if you’re not careful.
Personal Loans
A personal loan is another relatively fast option if you need money. However, before you take one out, have a repayment plan in place. You don’t want to end up in more debt. A personal loan is unsecured, meaning you don’t need collateral. However, you need ID and proof of income to start your application. Furthermore, your credit score needs to be healthy to secure most loans. Once you apply, you can usually receive approval in minutes. Your funds are usually deposited the next business day.
Simple Fast Loans
If you are going for the personal loan option, SimpleFastLoans is a reputable and established lender. They offer loan amounts ranging from $200 to $3,000. The application is online and easy to fill out. Just have your ID and proof of income ready. They also approved loans for people with lower credit scores. After completing your application, you will find out if you are approved within minutes. By the next day, you will have your money. Simple Fast Loans has your back during times of financial stress.
Consider selling unused electronics
We spoke briefly about pawning electronics at your local pawn shop but selling unused electronics now and again can get you some quick cash and even help you build a nest egg if you ‘upgrade’ a lot.
It’s very easy to overlook how much tech we use every day, and if you take good care of yours, you might just be sitting on a goldmine. Take some time to ‘audit’ your unused electronics and see what you find. If you love tech, then it is very worthwhile!
Hang in there- you’ve got options!
As you can see, there are some ways to get cash quickly if needed. Side jobs are a favorite, as these can lead to extra income later, but you can also try for a payroll advance or a 401(k) loan (if you’ve been paying into your retirement at your place of business).
Pawn shops aren’t preferred, but they will work in a pinch if you’re in a tight corner and need money now, and it’s worthwhile to check on late fees and deferred payments. Your utility provider might be fine with one delayed payment, which could make a difference.
Finally, community or family member loans are an option but remember to check your electronics at home. That fancy player or TV you’ve boxed away and forgotten might be helpful for you.
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
