Life is unpredictable, and there will always be a need for emergency funds. You may want to settle medical bills, pay off a debt quickly, or your vehicle needs a major repair. Padding your budget, creating an emergency fund, and taking stock of your assets are perfect ways to plan for such circumstances. However, there are other legitimate ways to generate cash fast when in a tight financial situation. Here are five ways to raise money fast without causing irreversible harm to your finances.
1. Apply for a payday loan
A payday loan may offer fast cash infusions to help you make it to your next paycheck. The basic requirements for a payday loan are a source of income, a valid national ID, and a checking account.
You can easily apply for e-transfer payday loans from the comfort of your home, and your money will be transferred into your bank account when you are approved. Payday loans are typically less than $1500. You can have the money within minutes after your online loan is approved.
2. Liquidate your assets
If you have unused valuable items in your home, you can make fast cash by selling them. You can sell your electronics or media on sites such as uSell, Decluttr, or Gazelle. You can also post them on Facebook Marketplace and Craigslist or run an ad in your local newspaper. Depending on the quality of unused items you are willing to sell, you can quickly make a hundred dollars or more.
3. Look for a side hustle
If you don’t have high-value items to sell, you can try offering services instead, especially when you are out of work or have nothing to do. For instance, you can become a babysitter or pet sitter for friends or start a dog-walking service in the neighborhood.
According to ZipRecruiter, the hourly pay for a babysitter is $17.26, while a pet sitter earns $16.21 per hour. A dog walker can generally earn about $15.43 per hour. If you don’t get enough people who need work done, try to sign up for jobs via sites such as Upwork, Fiverr, and Freelancer.
4. Take out a cash advance
A cash advance is a cost-effective option if you have a credit card and your account is in good shape. You can typically get a cash advance in several ways, such as at an ATM, convenience check, or in person.
Most credit cards charge a fee or a percentage, but always consider a credit card offering 3% on cash advances. Credit cards also charge a separate APR for cash advances, so look for the lowest APR you can find.
5. Take a loan from your retirement account
Although there are conditions, you can take a loan on your retirement account or 401 (k). Borrowing from your retirement fund should be a rare occurrence, but it can make financial sense when you need a meaningful amount of money in the short term. Provided your 401 (k) plan allows loans, it can help you pay bills, finance a major purchase, or make a down payment on a dream home.
It at no time feels good to be short of cash, but fortunately, there are plenty of ways to raise money fast. Even though you don’t want to apply for a loan, there are many alternatives that are great options to leverage.