At some point in life, everyone finds themselves in that unpleasant situation where they need to get some cash as soon as possible. It could be sickness, job loss, house rent, and so on. The list is endless and the question is if there is cash lying somewhere for you to use in such a trying time.
Not everyone can boast of a stable emergency fund, and should they find themselves in such unpleasant situations, they get confused and helpless. When you cry out “I need cash now”, who or what comes to your rescue?
Below are some of the best ways you can get cash fast in an emergency situation:
1. Sell unneeded possessions
This especially works when you need the cash as soon as possible. There are many things in your home that you probably have never used or not used in a long time. It is time to sell them and earn some cool and quick money. Put up the item on Craigslist or any site where you can sell your stuff. You can also do it the old fashioned way by having a yard sale and have people come to buy them. Beyond raising the emergency fund you need, you would also be clearing clutters and putting your house in order. You just killed two birds with a stone.
2. Take on odd jobs
Perhaps you still have a month or two or more for the fund and you have no idea where to get it from, this would be a great idea. These side gigs are a way to support your main job while earning you an extra income. Examples include babysitting, walking a dog, taking a driving job, and so on.
3. Take personal loans
Personal loans are designed for personal expenses and will be a good idea if you have a good credit score. Your credit score could help minimize your interest rate. Your application for a loan could get approved within 24 hours if you have the requirements available. There are also lenders who consider bad credit scores but the interest rate is quite high and you may want to be careful in this path to avoid accumulating debt.
4. Use a credit card advance
Credit card advance could be the next option, as most credit cards offer advances via ATM or bank withdrawals. It works like short term loans; however, you need to be careful, as some credit card companies tend to charge high-interest rates. You can check your cardholder agreement to know your cash advance limit before going to cash out.
5. Peer lending
There are several sites available to get random lenders to save you in an emergency situation, with the interest rate depending on your credit score. If you have a good network of friends, you could also maximize that and get them to lend you some cash while you agree on the interest rate.
While constantly saving money for emergencies remains the best way to get out of an emergency situation, these tips could also help when your savings do not seem to be favorable.