When You Need Cash Urgently

What To Do When You Need Cash Urgently: 7 Ideas

Perhaps the only thing in life guaranteed is unpredictable. You can face financial difficulty regardless of how well you dream, plan, and work. Most of us have been there. You might need cash urgently, whether it’s an unforeseen expense, a medical emergency, a job loss, or a not-to-be-missed opportunity.

Where should you turn? What’s the best way to get money quickly when you need it? Here are ten ideas and suggestions to consider. Each has its merits and downsides. It will be up to you to decide on the best option for your unique financial situation.

Tap into Your Emergency Fund

If you’ve saved money for an emergency over the last few months or years, now is the time to tap into that fund. Emergency savings accounts can be a lifesaver when you find yourself laid off or with an unexpectedly high bill to pay.

However, with so many people living paycheck to paycheck, it’s understandable if all your money is allocated to expenses every month. This leaves little to no money to save for the future.

Sell Your Stuff

Facebook Marketplace has made it easier to get money quickly by getting you in front of a large pool of potential buyers with minimal effort. Look around your home and consider what’s valuable, a hot item, what’s expensive, and what you can live without. After all, we accumulate items that don’t have as much use as expected over time. Take some pictures and upload them with a description and the requested amount, and you’re set.

Otherwise, you can also consider selling your valuables, like electronics, jewelry, and musical instruments, to a pawn shop. If you’re unsure if you want to give up these items for the future but need cash quickly, a pawn shop could be an excellent option. This is because you can buy back your items afterwards.

Selling unwanted items can be an easy way to make extra cash quickly. Plus, you’ll declutter while you’re at it. You’ll never know what others might buy from you until you list your items for sale.

Find Gig Work

Try driving for Uber, a food delivery app or a grocery delivery service. Sign up for TaskRabbit or Upwork. Consider what skills you have that others would pay for and put those skills on the market. You could earn the money you need in just a few days.

You’d be surprised at what people are willing to pay for – like having their laundry cleaned and folded, and IKEA furniture built. You don’t need high-level technical skills to get a side hustle that quickly brings in extra cash.

Get a Payday Loan

There is likely a payday loan office near you. If you need cash urgently and don’t have time to work for it, head to one of these offices and request a loan.

Payday loans are ideal options for immediate financial relief in many situations. After all, these loans are designed for short-term emergencies. Get the cash you need right away and repay the loan over time.

Borrow from Friends and Family

Speaking of borrowing, have you considered contacting friends and family for a loan? People in your life may lend you money quickly, with or without interest. Just be transparent about why you need cash quickly, and establish repayment terms to ease their concerns about getting their money back promptly.

While borrowing money from friends and family can strain relationships, this could be a viable route if you’re strapped for cash and confident in your ability to repay a loan.

Take Out a Personal Loan

If you have the time to wait for approval, consider a personal loan with your bank. A personal loan can offer a decent interest rate and ensure you can meet your financial obligations.

Call your bank and discuss the option – ask the teller about the approval process and timeline for a personal loan to understand whether this is a legitimate avenue for quick cash.

Rely on Your Credit Card

If you have a credit card, you have a few options that may help you meet your financial obligations quickly. Many people are pre-approved for a credit card limit increase and don’t realize it. This option could be viable if you can pay unexpected expenses with a credit card.

Consider a cash advance on your credit card if you need cold-hard cash. While this has a high-interest rate and additional fees, it could help you get cash in your hands nearly instantly.