In an instant, any one of us may need emergency cash. There might not be enough to cover monthly expenses. You could have lost your job or are between paychecks and need a little bit extra to cover you for the next few weeks. Needless to say, you have several places to go searching for quick financial help.
Here is where to get emergency cash immediately:
1. Line of Credit
A line of credit is an ideal thing to have. You may already have one open through your bank. Excellent! If you don’t already have one, applying for one is a multi-step process though that requires things like a pretty good credit rating and no credit owing through your bank. It often takes days to get your cash and in the end, you owe your bank big-time.
2. Short-Term Bank Loan
A short-term bank loan takes a few extra steps to get but it’s one of the most common ways on how to get emergency cash immediately.
Unfortunately, like a line of credit, it often doesn’t work out because of someone’s bad credit, the money they already owe their bank, owing the government taxes, or lack of employment. A short-term bank loan isn’t the quickest way to get cash but it’s a safe and expected way to do it.
3. Payday Loans
Consider getting multiple payday loans borrow emergency money immediately. If you make on-time payments, there isn’t a problem. The beauty about payday loans is that approval is easy and instantly. It also doesn’t rely on your credit. It relies on your income.
If you can demonstrate an ability to pay back the cash you’re borrowing in a given time frame, you’re so close to an approval! Payday lenders are open 24/7 and you can have your cash within 24 hours.
4. Sell Something
Look around. Do you have something to sell – it can be anything. Local classified ads are an opportunity to get rid of things you don’t use, like weightlifting equipment, instruments, and furniture. If someone’s willing to give you cash for these things, take it. It’s a one-time infusion, supporting you in your time of need. The downside is you’re forever getting rid of an item that you’re not going to get back.
5. Use A Pawn Shop
A pawn shop can accept high-price items like instruments and jewelry, and often do not complete credit assessments either. This allows you to offload an item for cash today while the understanding that you will buy the item back at a later date. The risk here is if you can’t get enough money to buy back what you’ve given up to the pawn shop, you potentially lose it up forever.
6. Your Credit Card
A credit card is risky business. The cash is there. No application is needed. You’re already approved. It’s as easy as swiping a card and getting a cash advance or using it in the form of direct payment. The downside is that interest rates on a credit card is exceptionally high. It’s subsequently also tied to your credit rating which can have a significant impact.
7. Family or Friends
Family and friends may be able to etransfer you some cash but it might not be worth to ask. It might feel embarrassing to ask family or friends, or you may be worried at how you will be perceived. It also puts them in an awkward position. If you have to though, this may be an emergency option to tap into when all else fails.
8. Peer-to-Peer Lending
Once again, peer-to-peer lending is another way to get emergency cash but it takes time and effort, and carries the risk that you won’t get what you need when you actually need it. A ‘Go Fund Me’, for example, is carried out over weeks. It also exposes your ask to family and friends, some of whom are bound to harbor opinions about it.
9. Cash Jobs
You may find people in your local area offering cash jobs, such as labourers, helpers, and construction work. If you have a skill as well – such as a handyman – this might be something to offer. Cash jobs are a lot of hard work but they’re an honest way to get some spare cash and doesn’t involve waiting.
10. Payroll Advance
This one is not offered as much but some employers may be willing to offer a cash advance on your paycheque. A payroll advance like this would come off your next paycheque as a deduction, something which can be hard to see but it does get you a temporary boost in available cash. This way, there’s no interest involved. Unfortunately, less and less employers are offering options like this.
11. Credit Union
A local credit union may be an option. They routinely advertise financial wellness but they do require memberships and have certain markers to hit before they grant you an account. They don’t really do ‘instant cash’, either. That said, they have a variety of services which can assist during a time of need, such as a job loss, illness, or family.