I Need Money Right Now! 10 Ways to Get Cash Fast
Did you know that money is the top cause of stress in the US according to the American Psychological Association?
Money can cause us to feel stressed out and a number of ways. It can create arguments with loved ones, make us avoidant of answering the phone or opening the mail, leave us feeling guilty spending money, or generally make us anxious and worried.
Are you looking for ways to get cash fast to help you get out of a bind? Or are you simply tired of living paycheck to paycheck and need to find a way to have some extra money on hand?
Either way, take a look at these 10 ways you can get cash fast.
1. Request a Payroll Advance
If you need to get cash fast, one reasonable option is to ask for a cash advance on your pay from your employer. Oftentimes, you won’t have to pay any fees and you can simply repay the loan through payroll deduction.
It’s also possible that your company offers low-cost loans to their employees if they are facing a crisis. There are also some apps where you can get an advance that you repay in a lump sum the day you get paid with no interest.
2. Take a Loan From Your Retirement Account
Another option for how to get cash fast is to take a loan on your 401(k) or individual retirement account. However, there are some conditions for doing this.
You are able to borrow from your IRA account once a year so long as the money is repaid within 60 days. Not all employers allow 401(k) loans, but if they do, you can typically borrow up to $50,000 or half of your account balance. Usually, you have five years to repay this loan.
It’s important to understand that if you don’t make payments for 90 days, the loan then becomes taxable income. Also, if you lose your job or quit your job, you normally are expected to repay this loan shortly after ending your job.
3. Borrow Against Life Insurance
Sometimes you can borrow against your life insurance policy if it has cash value. You can then repay this loan over the rest of your life. If you do not repay the loan, the money will be subtracted from your policy payout when you pass away.
The most common type of life insurance is a term life insurance policy. You are not able to borrow against this type of life insurance policy.
4. Sell Spare Electronics or Other Valuables
If you are desperately googling “how can I get cash fast?” then you might consider selling some of your belongings. If you have an old computer, tablet, or phone, you can sell these items on Craigslist, Facebook marketplace, or a number of other websites.
Take this opportunity to do some decluttering. There are a number of websites you can use to sell your used but still useful stuff. You might consider selling your clothes, books, tools, musical instruments, games, sporting equipment, and more to other people in your area or online.
Another thing you might consider is selling your jewelry for its gold content. You don’t want to make these decisions in a rash way, however, if you truly need cash immediately this is one way to turn some up. Similarly, you can head to a pawnshop if you really need to scrape up some money quickly.
You might even make a side gig out of flipping objects online. It is not entirely uncommon for people to scour the “free stuff” section of Craigslist or other sites to find objects that are potentially valuable. You can then resell these items online to make a profit.
5. Cut Your Costs
If you are short on cash in general but don’t necessarily need cash right now, you might consider cutting your costs. There are a lot of monthly costs to being a modern person that can really add up.
It’s possible that you are paying way more for car insurance, for example, than you need to be. There are possibly dozens of discounts available through your insurance carrier that could cut the cost of your insurance every month. The same might be true of your homeowner’s insurance.
Another expensive cost we all pay every month is for a cell phone plan. While some phones are outrageously expensive and the plans are similarly ridiculous, there are a number of services that offer bare-bones cell phone service. Consider switching to one of these to help you save money and have more cash in general.
If you are a person that does not rely on your phone except for emergencies, you might even consider getting a prepaid cell phone plan.
6. Use a Credit Card Cash Advance
If you have a credit card and all is well with your account, you might consider getting a cash advance. While this is not the cheapest way to get cash, it is still often cheaper than a payday loan. Typically you will pay a fee that is around 5% of the borrowed amount plus an interest-rate that might be 30% or higher.
7. Take Out a Personal Loan
If you have good credit, you might have a lot of choices when it comes to taking out a personal loan. In some cases, lenders might be able to find a personal loan the same day.
If you do not have good credit, you will have to find a lender that accepts poor credit and delivers cash quickly. The interest rates you receive from mainstream lenders top out at 36% for borrowers with bad credit.
You might be able to find lenders that will get you cash quickly with no credit check but the interest rate will be in the triple digits. Do not fall for taking out this type of personal loan.
Are you looking to take out a personal loan? If so, check out Plenti.
8. Rent Out a Room
When you need cash fast, sometimes you don’t even realize the value of the things you already have. If you have extra rooms in your home, you could rent them out for some extra cash.
This might mean taking on a roommate or two to help you pay your rent or mortgage. Or, you could rent out your rooms short-term through sites like Airbnb. You’ll want to make sure that short-term rentals are allowed in your lease, local ordinances, or HOA agreement.
When you use Airbnb, it is free to create a listing on the site. When a reservation is made there is a 3% service fee. 24 hours after the guest Jackson, the company releases payment to the host.
9. Pick Up a Side-Hustle
There are a lot of different side-hustles out there that you can use to start making some extra cash on the side.
One popular way to do so is to become a driver for Lyft or Uber. As you have probably heard, the sharing economy has exploded in recent years. You can easily turn on and off your availability, allowing you to make money at whatever time of day you need to.
You can also use websites like Rover and Care.com to find work walking dogs and dog sitting. You can stay at the owner’s house or host the dog at your own home. If you stay at the owner’s house, you can double down and rent out your own place on your Airbnb.
How much you can make as a dog center depends on your location and how much work is expected of you. Typically, though, people can make between $20 and $60 a night dog sitting.
You could also pick up some extra cash the old-fashioned way and get a part-time job. If starting your own side hustle isn’t your cup of tea, working some extra hours could help with your money situation. It’s not ideal to work both a full-time job and a part-time job, but it can be more steady than a side-hustle gig.
10. Consolidate Your Debt
Another option is consolidating your debt. Sometimes it is simply too difficult to keep up with multiple debt payments at once. If you owe money for medical bills, credit cards, store financing, or other charges, you might be able to simplify and lower your payments with a personal loan.
You might be able to get the money for a personal loan within the same day. Just make sure that you understand the implications of interest-rate so you are not getting yourself in a worse situation than before.
You could also do a balance transfer if you have good credit. You can sign up for a new credit card with a 0% introductory interest rate for balance transfers and move your balance from high-interest credit cards to this new card. It’s important to make sure that you will be able to pay off the balance before the introductory period is over.
These Ways to Get Cash Fast Can Help You Dig Out of a Hole
There are few things as stressful as not having as much money as you need. Luckily there are a number of different ways that you can get cash fast to ensure that you are not stuck in a pickle. Whether you need to get cash now or you simply need to create more cash flow in your life, some combination of these tips can help you get there.
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