Strapped for cash and need money fast?
You’re not alone.
Heck, the average American is in more debt than ever before. The sum of all consumer debt in the United States has now surpassed a mind-blowing $3.9 trillion.
That’s trillion, with a ‘t’!
To hear those numbers is to realize the extent of monetary trouble most people are in these days.
However, facts and figures don’t mean much when you’re in financial dire straits. After all, you need to magic some money out of nowhere! The only concern you have in mind right is how to get emergency money as soon as possible.
Thankfully, there are numerous ways to do it. With the right insight and approach, you can pull together those essential extra funds in a flash.
Sound good? Keep reading to learn exactly how to raise money fast when you’re faced with a financial emergency.
1. Sell Your Possessions
The first and most obvious way to raise cash fast is to sell your stuff.
Let’s face it, as reluctant as you might be to part with your possessions, selling them is a great way to get your hands on some extra money. Even better, when those items hold particular value to others, you can raise some serious cash in record time.
Most of us own more than we really need anyway!
It’s time to look around your house and assemble everything you no longer want or need. Look for old shoes, clothes, sporting goods, pieces of art, books, DVDs, and technology, and so on. And remember, this is a financial emergency, so be brutal.
From there it’s a matter of actually selling it all. Hold a garage sale, call your friends, and sell it online via Facebook Marketplace, or Craigslist.
2. Pawn Your Valuables
Everything you’ve just found to sell is great for making a few bucks.
Alas, for many people it won’t be enough to cover a true financial emergency.
For more serious money trouble, consider selling your valuables too. Pawning your prized possessions like jewelry, watches, and expensive technology is never fun.
This is particularly true for items with sentimental value too, such as your parents’ wedding ring or your grandfather’s watch. Even worse, you’ll inevitably get far less money than what it is actually worth.
All the same, when needs must, you may have no other choice.
Depending on how much money you need to raise, you could even think about selling your car. After all, for most people, their two most valuable assets are their house and vehicle.
We’re assuming a) that your house wouldn’t sell quick enough to solve the emergency, and b) that it isn’t for sale anyway! Thus, your car might be the best bet for raising substantial sums of money in a hurry.
3. Rent a Room
Renting out a room in your house is a great way of earning significant sums of money from your property (without re-mortgaging it).
Got a house with bedrooms you aren’t currently using? Or, have you got a room that you could convert into a bedroom? Heck, do you have a comfy sofa you could sleep on, freeing up your bedroom?
If so, then think about finding a tenant to fill it and pay you rent each month.
Of course, to solve this emergency you need money quickly. For that reason, this idea only makes sense if you can find a tenant sooner rather than later.
Assuming you have someone lined up, though, you could ask them to pay a month’s rent and a certain deposit in advance. This quick influx of cash can then be used to rectify your financial situation.
4. Dig for Nuggets
Desperate times call for desperate measures, and beggars can’t be choosers!
Now might be the time to start searching for loose change in the nooks and crannies of your home. You’d be surprised at how much cash you might have lying around.
Indeed, you could have as much as $58 just sat there out of sight.
That may not sound like much. And, in some cases, it won’t be enough to cover the emergency. First off, though, every little helps. In times of financial hardship, it makes no sense to turn down extra cash that comes your way.
Moreover, $58 can make a vital difference in certain cases.
For example, imagine someone who can’t repay their minimum credit repayment. They might be a dollar away from defaulting, which makes any loose change they can find far more valuable.
Go on a hunt around your house and car. Check everywhere from behind the sofa to your old piggy banks and in the pockets of your clothes.
5. Call In Your Debts
Have you ever lent money to someone?
In times of greater affluence, have you provided cash to friends and family members who’ve been struggling financially?
Well, now’s the time to call in those debts.
It might seem harsh, and you might be reluctant to ask them for it back. There’s no denying it, though, that money would come in handy right now.
Even if you don’t ask for all of it to be returned instantly, see whether they can spare anything. You never know, they might be all too happy to pay you back for the help you provided.
6. Withdraw From Your Retirement Fund
This suggestion won’t apply to everyone.
However, anyone who has been paying into a 401(k) has the option of taking their money out of it. Obviously, these funds are for your retirement, which makes this solution less than ideal.
But, as you’re well aware, nothing is ideal about a financial emergency. If you’ve exhausted all other options, then this path can offer a lifeline.
Expect to be stung for taking out that cash before you turn 59.5 years old though. Anybody under that age will pay a penalty for withdrawing money early. Again, though, someone with their hands tied might have no other way out of their emergency.
This particular method can prove fruitful for someone who needs significant chunks of money. After all, you could have been paying into a 401(k) for decades. The large stash of cash at your disposal might be enough to save your financial bacon.
7. Do Day Labour
Time-rich but cash-poor?
Think about swapping your time for money in the form of day labor.
There are almost always job openings available in these situations. Sure, the work is unlikely to be anything thrilling or stimulating (expect laboring jobs and mundane tasks that nobody else wants to do!).
However, this is undoubtedly an effective way to earn reasonable sums of cash quickly. The benefit of doing mundane work is that the jobs rarely require an application process or qualifications.
Generally, it’s just a matter of turning up and taking the cash in hand at the end of the working day. You’d be surprised how well paid some of these jobs can be. Work enough hours and you can dig your way out of financial bother relatively fast.
8. Ask Friends and Family
Few people relish the thought of asking their friends and family for financial support.
But, in desperate times, you might not have a choice. Swallowing your pride and asking them for help has two primary benefits:
Firstly, you can get a quick cash injection that’s enough to get you out of trouble.
Secondly, loans from loved ones are unlikely to carry any interest. Thus, you only repay the money you borrowed! Of course, you have to pay it back, but you don’t pay anything for the cash you’ve borrowed.
This situation will never arise when you borrow from typical loan providers.
9. Get a Personal Loan
Unfortunately, not everyone has affluent friends and family to ask for monetary support.
In these situations, you might have no choice but to turn to standard loan providers. Banks should be your first port of call. However, when credit is a problem, no credit loan companies (such as Tiempo Loans) can be a useful resource.
Always be careful of interest rates when borrowing money though. Many loans have extortionate rates attached, which makes borrowing money a major risk.
Do the maths, and be clear on how much you’ll have to pay back (aka with the interest rate included). You don’t want to end up in greater financial trouble if you can’t afford the repayments.
Be wary of loan sharks too.
These people/companies prey on vulnerable people in dire monetary situations. They offer the cash you need, but at enormous (and unaffordable) rates of interest.
These companies pay no attention at all to your ability to repay the loan.
In fact, they’re happiest when you can’t. Why? Because it means you’ll default on repayments. The ensuing penalties add to the burden of debt, which all serves to fill the loan shark’s pockets.
Now You Know How to Get Emergency Money
Money is tight for millions of Americans around the country.
For many of them, knowing how to get emergency money is vital for keeping their heads above water. Do you know the feeling?
Thankfully, there are a reasonable number of things you can do to turn the situation around. Hopefully, this post has highlighted 9 of the main ones to help you do exactly that.
Looking for more articles like this one? Check out the other posts in our ‘Make Extra Money’ section of the blog.
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