If you’re in a position where you need money quickly, you’re not alone. When unexpected life events arise — like home repairs, medical bills, or the coronavirus pandemic — you may find yourself in a situation where you’re searching for extra cash. Don’t fret if you don’t have an emergency fund — there are lots of ways to get money fast in the ways that work for you.
In this article, we’re outlining simple ways to earn and borrow money, so you can tackle whatever you need, no matter how urgent. Let’s get started.
I need cash. How can I earn money now?
Emergency expenses come up all the time. If you want to earn your own money, without the help of a lender, try out the options we’ve listed below. Naturally, these solutions will require some time commitment, but they’re easy ways to make quick cash and don’t require repayment.
Taking surveys is a great way to earn easy money in your free time. Whether you have a break in between your day, are on your commute, or lounging at home, you can make money anywhere at any time on any device with Survey Junkie.
How does Survey Junkie work? Sign up for an account and complete your general profile to start getting matched with surveys that fit your interests and experiences. You’ll get points for each survey you successfully complete and can cash out via PayPal, bank transfer, or e-gift cards. Plus, Survey Junkie has one of the lowest payout thresholds, which means you can cash out after earning just $5! The more surveys you complete, the more money you can generate.
Sell Things You Don’t Need
It doesn’t need to be spring for you to do some spring cleaning. Look through your closets, cabinets, and garage for extra items you don’t need. Sell them on sites like Craigslist or eBay to turn up some fast cash. Another option is to hold a small garage sale to get rid of multiple items at once.
Deliver Food or Groceries
If you have a car and a valid driver’s license, you can earn money delivering food or groceries in your local neighborhood. Sign up with Doordash or Postmates where you can choose the hours you want to work and the gigs you want to take on. Another option is signing up with Amazon Fresh — where you can deliver pre-packaged groceries — or Instacart — where you can do the shopping and delivery yourself.
Drive for Uber or Lyft
Uber and Lyft work similar to delivering food and groceries, where you can set your own hours and select the jobs that you’re interested in. If you want to make money fast, but don’t want to drive around, you can rent out your car and have it work for you.
How can I borrow money quickly?
If you’re on a more urgent timeline and want money fast for an unexpected expense, you can get cash as a borrower. This means you’ll have to repay the money at the end of your loan term, which can vary depending on the agreement, and you may accumulate interest on the way. Even so, these short-term loans and long-term commitments can really prove beneficial in the circumstance you’re in.
Borrow Money From Family & Friends
If you’re desperately in need of money today, consider asking a family member or friend for help. The benefit in this method is that you won’t be charged any interest. If it’s a small amount, your friend or relative may completely gift it to you, without asking for repayment.
The downside is that borrowing money from loved ones can turn messy if you don’t settle on an agreement upfront. Plus, you may not be willing to tell close friends or family about your financial situation. If that’s the case, you should look into getting fast cash from specialized locations.
Credit Card Advance
You most likely have a credit card in your wallet, if not many. You can take a quick cash loan with your credit card through a bank or ATM. To withdraw the money, you’ll have to pay a bank or ATM fee plus interest, which may make this a more costly method than others. Plus, the cash advance rate is typically higher than the annual rate on your credit card. While this may sound like a lot, it’s super convenient and the turnaround can be very quick.
Title loans are secured loans that require an asset, like your car, as collateral. Title loans are also commonly referred to as auto title loans. The amount of money you can borrow from a title loan depends on how much your car is worth. Therefore, the higher it’s worth, the higher your loan amount can be. In exchange for the loan, the lender will keep your car until you pay back the entire sum. The con to a secured loan, however, is that the car will be automatically under the lender’s possession if you don’t repay your loan on time. While this method is excellent if you need money now, you must be careful about late payments, paying back the money you borrowed on time.
Visit a Local Bank
If you need a larger sum of money but don’t necessarily need it immediately, try visiting a local bank or credit union. While their approval process can take a few days or a couple weeks to secure, they can help you get a personal loan with potentially lower interest rates. Another option is to get a credit card issued by your local bank and loan money from there. In this case, be sure to read up on the interest rate and repayment details to avoid having to spend a ton of money later.
If you need money now, installment loans can be a smart option. You can borrow anywhere between a few hundred to a few thousand dollars, with repayment terms ranging from a few months to a couple years or more, depending on your contract agreement. Installment loan repayment occurs in multiple, equal amounts over a period of time. Depending on the lender, you can even get your loan in the next business day, but it is possible that it will take longer.
Line of Credit
A line of credit, or LOC, is a limited loan that allows you to borrow money up until the maximum. When you repay the loan, you can restart the process and borrow again within the amount allowed. LOCs are great because they offer flexibility and the ability to renew. However, it’s important to pay your loan on time as agreed upon, otherwise you’ll face high interest rates and late fees.
What if I need money now but am unemployed?
Whether you lost your job, are disabled or retired, or a stay-at-home parent, you can still get cash fast. Loans aren’t based on your employment status, but rather your income. If you have proof of income to pay back the money you borrow, you can be eligible for a loan.
Proof of income can include your spouse’s income, investment returns, retirement benefits including Social Security or a 401k, or other unemployment benefits or child support. Be aware, however, that your loan may take longer to get approved and may come with a higher interest rate or shorter repayment period.
What if I have bad credit?
In need of money but have bad credit? Your best option is to apply for a payday loan. Traditional financial institutions like banks and credit unions will run a credit check before approving you for a loan. With a payday loan, they’ll run a soft credit report, which helps you get approved much faster and get money in your wallet before you know it, regardless of your credit history or current credit score.
Can I get money now with no credit score?
Don’t have a credit score? Believe it or not, you can still get money fast! Apply for an online loan through BadCreditCashASAP. If you have a source of income to prove that you can repay the loan in time, then you meet their eligibility requirements. Fill out the online application thoroughly – no need for a credit score!