You never know when an emergency will arise leaving you either strapped for money or scrambling to get together the money you need. Regardless of the nature of your emergency, if you don’t have anyone who can help you out financially, you’ll be left searching for other places to get the money you need.
There are plenty of places where you can grind out the money you need. Whether you offer your services, have things to sell, or say to yourself there has to be creative ways when I need money now.
Fortunately, there are quite a few options available when you need money today.
#1. Selling Items
You’re bound to have some items lying around your home that you either no longer use or no longer need. You can sell these items online or host a yard sale. Not only will you be able to make some money, but you’ll also clear out your home’s clutter.
A great place to start is in your garage. Most people have larger items they haven’t used in years just sitting around collecting dust.
Identify these items and head over to Craigslist to list them for sale. You may also want to try out Facebook’s Marketplace which is similar to Craigslist.
#2. Work Odd Jobs
When you need money, think about the various jobs children do, things like mowing lawns, shoveling snow, walking dogs, babysitting, and running errands. There’s no reason you can’t do them too – if you have the “equipment” you need.
There are several online apps that allow you to sign up and reply to smaller jobs available. You can also try websites like Craigslist and TaskRabbit.
Another tip is to look for Facebook Groups within your community. Within these groups, members are continually looking for services and help. Everything from a handyman, to senior care to babysitting, can be found. If the group admin allows it, you may want to post about services you can offer.
#3. Reach Out to Charitable Organizations
There are many charitable organizations that are available to help offer you some financial assistance you may need when you find yourself between a rock and a hard place (e.g., Catholic Charities, the Salvation Army).
Most religious organizations will offer you help regardless of your religious affiliation. There are also some local municipalities that provide assistance for residents who find themselves in need.
Unfortunately, being able to obtain this type of assistance will require a lot of time, effort, and documentation from you though. This is why it could take anywhere from weeks to months for you to obtain it.
#4. Get a Loan
We’ve all been in a serious pinch and sometimes when you need money quick an online loan might be the best option. You will defiantly pay more in the long term if you have to go through a lender.
If you have a family member that is willing to loan you money that might be a cheaper option. Some people may not have that luxury though. Just remember to only borrow that you can pay back.
If you get a loan from a short term lender don’t be surprised when you see an annual APR of 3,000% of higher. These should be your last hope.
#5. Sell CDs, Bonds, or Stocks
Although it’s far from ideal for cashing in on your investment instruments, it’s a way in which you can obtain cash when you’re faced with an emergency.
Before you proceed to do this, it’s important to understand that you may have to pay taxes and tax penalties for cashing in these investments, especially if these were put away for your retirement. Typically, you also won’t be able to walk out of the bank or investment broker’s office with cash today.
If you happen to have a 401K and it indeed is an emergency you may be able to get a loan from your 401K. These type of loans are easier to understand because it’s a secure loan backed by your own money.
#6. Get a Credit Card Advance
When you only need a small amount of cash and haven’t already maxed out your credit cards, it’s not a “bad” option to get a cash advance from one of your credit cards. Of course, you must be prepared to pay a steep interest rate for doing so.
It’s also important to understand that if you miss a payment, you may pay even more interest rates or have your account closed. As such, you should only take this route if you’re reasonably sure that you can repay the loan.
#7. Get a Loan from a Pawn Shop
You can get a loan without any questions from your local pawn shop. However, it’s important to understand that you’ll only receive a fraction of the item’s worth if you choose to go this route.
There are also sky-high interest rates involved, and if you fail to pay them off or repay the loan, you’ll lose whatever items you’ve pawned.
The good thing about going this route is if you want to get your items back you can do so. When you take your goods to a pawn shop they will ask you if you want to sell it or get a loan on it. Selling it outright is exactly that. The pawn shop will then resale the item in their shop for a profit.
This means if they will buy the item off of you but at a much lower price, usually half of the value. If you go the loan route you can get more money upfront for the goods but will end up paying interest to get the items back.
Final Thoughts – Raise Cash in a Hurry
Emergencies can arise at any time, so it’s essential to create an emergency backup fund. However, most of us live paycheck to paycheck and don’t have this option.
When you get into a bind, it is vital to take a step back and analyze all your options before proceeding. This way you can find the best option for you and your family.