Even if you’re one of those people who like to budget to achieve your desired goals. There are times when life happens. Life may happen in the form of an unexpected medical expense or you may need to pay an unexpected bill.
When this happens you may not have the funds immediately on hand to deal with the problem. This is when you may have to get creative. Take a look at these options that you can try if you need cash in a hurry.
Liquidating Your Assets
Whether you want to or not if you need the cash liquidating your assets is one of the easiest ways to gain money fast. Do you have jewelry that you can sell? Several platforms are willing and ready to buy your jewelry from you and give you cash.
If you have a reasonable stash of jewelry then by connecting with the right people you can discover the benefits of jewelry equity loans. If you can pay back the loan with interest within a set time you will be given your jewelry back.
Monetize What You’re Good At
If you don’t have high-value items that people will want to purchase then your next best option is to monetize a service instead. Some quick and easy ways to make money are by cutting people’s lawn, babysitting, or even dog walking.
Other options may be to wash cars for people in your neighborhood or drive elderly people to their appointments. If you have a car, signing up for services such as Uber and Lyft are great side hustles for earning extra cash fast.
Have a Yard Sale
One of the easiest ways to get cash is by having a yard sale. Everyone has stuff lying around their house that they no longer need.
Even though you cannot use it somebody else could. Go around your home and look for items that you no longer need that still have value. You should also think about selling items that you only use occasionally.
The best way to earn fast from a garage sale is to advertise well. Make sure that you use Craigslist, Facebook groups and your local newspaper, and church bulletins. Don’t forget to place signs in front of your home.
Get a Payday Loan
A payday loan is something you may want to consider getting if you need money fast. Many lenders will give you these loans. You will need to prove to them that you are employed and have been for a few months.
After that, they will give you a loan that is similar to the amount that you are paid monthly. However, one of the major drawbacks of this type of loan is that they have a high-interest rate. The interest rate normally gets worse should you fail to pay back the loan within the specified time.
Get an Advance on Your Pay
You already know that you can get payday loans from lenders. However, what you may not have thought about is asking your employer if you can get an advance on your paycheck.
This is often a better option because it doesn’t come with an interest rate. Depending on the nature of your relationship with your boss this may or may not be a good option for you.
However, it is worth considering because you never know how your boss will react especially if you need the money for an emergency.
Although this is not the best place to get money. If you are really in dire need there may be no other option. Getting funds from your retirement savings is an option that most people can use to get cash quickly.
Your age can determine what is the best amount to pull from your retirement fund. If you are in doubt do your research or get help from a financial advisor.
Financial advisors are not as expensive as they used to be and many of them charge on a per-hour basis. It shouldn’t take long for you to know whether or not you should use your retirement funds and how much you should take.
A Car Title Loan
If you have a car title then you can get a loan from the bank or a lender. This should always be considered a last resort because these loans tend to attract a high-interest rate.
The high-interest rates can cause you to lose your car if you cannot pay. If you have the option between choosing this and a cash advance from your credit card it is better to get the cash advance from your card.
Get a Home Equity Loan
If you have had your home for a long time and have been paying the mortgage steadily you may qualify for a home equity loan.
How much you can get for a home equity loan is usually calculated based on the current market value of your home. The lender will send somebody to appraise your home.
The advantage of this type of loan is that it tends to have a lower interest rate than many other loans. This is because you often get a fixed interest rate for the loan.
Why you need a loan and how you intend to spend it is rarely an issue. This ensures that you have a high level of privacy.
You can get a lot of money in a short time by using this method. Just be sure you have the means to pay it back or you could end up losing your home.
Borrow from Friends and Family
Depending on the nature of your relationship with the friends or family you intend to borrow from this can be a tricky one. Only ask for loans from those with whom you are comfortable. Even though they are your friends and family it is always best to draft things in writing.
However, whether or not this is necessary is based entirely on the closeness of your relationship. You might find that some of your friends and family are willing to donate if they know you need the money for something very important and urgent.
Make sure you know exactly how you are going to pay back any loan that you borrow from your friends and family. Failure to do so can cause tension in your relationship with these people. In many cases, it may also destroy the relationship.
Sell Old Electronics
There are websites online where you can sell old phones. There may even be a store in your neighborhood or near where you live. You can sell your old phone or tablet on Swappa.
You should also consider selling any old MP3 players you may have and laptops as well. These old electronics are useful to some people in the electronic business because they provide useful spare parts that they can use to fix other electronics.
So go ahead and start searching you never know what you may find that can bring in extra cash.
Get the Help You Need
Being strapped for cash happens to the best of us. However, there are quite a few options available so that you can get some money fast when we really need it.
After this experience, the first thing you should do is find out the best way you can save towards an emergency fund. An emergency fund will go a long way in helping you should you ever face this situation again.
Contact A Lender For A Personal Loan
Personal loans are funds you can borrow to use for various purposes, including debt consolidation, funding a dream wedding, and paying for home renovations. These loans are also a low-cost option worth considering for sudden emergencies like funding a loved one’s funeral. In addition, you can take a personal loan to pay for unanticipated medical bills, mainly if your doctor demands full payment. Luckily, reliable lenders like Plenti offer borrowers up to $50,000 in personal loans that can be used for many purposes. In addition, they offer loan repayment terms of up to seven years and charge no ongoing or early repayment fees, so you can pay off your loan quickly and save.