At some point, most people face the predicament of needing money because of an unexpected event or emergency. Getting cash fast may seem impossible but there are several options available. If you need to come up with cash in the $500-1500 range, here are some ways you might be able to quickly get the money you need.
Short Term Personal Loans
When searching for advance loan options online your best option is to look at short-term personal loans. Some people refer to these as unsecured loans because you are offering no collateral to the lending institution, unlike, for example, an auto title loan. A short-term lender like BlueTrustLoans.com will require proof of income and a checking account in the borrower’s name. The borrower is essentially taking a loan out against their future income. It’s an especially enticing option for those who only need to borrow a relatively small amount of money and those with poor credit.
A Loan From Your 401K Plan
If you have a 401K, you may be able to take a loan from your own funds. 401K plans must comply with government regulations so there are limits on how much you can loan yourself. Typically it is up to 50% of your vested balance. One downside to a 401K loan is that it may take a couple weeks to see the funds.
An advantage of a 401K loan, compared to financial institutions, is that you pay interest to yourself. On a 401K loan the interest is paid back into your account. You will have to pay a loan processing fee, and sometimes that fee will work out to be about the same amount as the interest you pay back to yourself.
Part Time Gig Economy Jobs
Another way of raising money quickly is by getting part time jobs people can either do from home or from your car. These types of jobs are referred to as being a part of the gig economy. This is because most of these companies contracting workers allow them to work whenever they like. They only have to do the work when they need the money. The best way to use part-time gig economy jobs is to become registered to do them before needing the money.
Part-time gig jobs include being a rideshare driver, delivering food, completing online surveys, doing online transcription of documents, or closed-captioning for videos. There are many websites that list jobs and provide links to apply for these and other positions.
Selling Your Stuff
If someone looks around and gathers up all of the things they no longer use or could sell in a pinch, they might be surprised at how much money that stuff is worth. There are several apps and websites dedicated to selling items locally. There are always people looking for a deal.
For example, someone replaced a smartphone and left the old one sitting in a drawer. Not only are there websites dedicated to buying old smartphones but, in many malls, phones can be scanned in an ATM-style machine that pays cash for it, on the spot.
If it’s an item in which you want to hold onto but the value of which is too good to pass up in a pinch, pawn shops are an option to consider. They give you a loan which is backed by the valuable item, which they take possession of until the loan is paid off. If you never pay the loan back, the item goes on sale.
It is easy to become overwhelmed during a financial emergency. In addition to dealing with the stress of the event that caused the emergency, the need for fast cash is there. Remember that there are always options for getting money quickly. Planning and understanding what options are available, before the need arises, are important. Having the information necessary to react quickly will make dealing with short-term cash needs simple.