What Are Your Options if You Need Cash Now?

56% of Americans say they don’t have the money in savings or an emergency fund for a $1,000 unexpected expense. They would need to go into debt or borrow to cover emergency expenses.

A financial emergency can be daunting and stressful. It can also feel scary if you find you need money and don’t have it. 

What do you do if you need cash now for an unexpected expense? You may not have family or friends who are in a position to loan out the cash you need. 

Read on for some ideas to pursue if you need money now.

Sell Unused Electronics

If you’re like most people, you have old electronics lying around that you’re no longer using. An old phone, tablet, or laptop collecting dust could be worth something. 

You can find several online sites with a simple search that will purchase old electronics. Be sure you’ve removed any private information from the technology before selling it. 

Some ATM kiosks in big cities will pay cash for electronics. 

Visit a Pawn Shop

If you don’t want to go into debt, you could always opt to sell something valuable to a pawn shop. You can always buy the object back if you get the cash caught up. 

Pawn shops will pay best for items like:

• Jewelry
• Musical instruments
• Up-to-date electronics
• Firearms (if legal in your state to sell this way)

If you cannot repurchase the item, the pawn shop keeps it and puts it up for sale. 

Sell Your Clutter

You wouldn’t be alone in your clutter if you didn’t have some oddball objects hanging out in your garage or basement you no longer use. 

Consider things like art you don’t have hung up on your walls, old furniture, jewelry, or appliances to sell. 

Open your Facebook app and list the items on Facebook Marketplace. This platform can be a quick way to sell your unwanted stuff quickly.

Rent Out a Room

While this might not be as quick of an option as some other choices on this list, it can produce some extra income on a regular basis. 

If you have a spare room, clean it up and list it on a site like Airbnb. More and more people are skipping hotels and opting for rooms through home-share sites. 

If you live near a trendy area or vacation hotspot, you could also list on VRBO to rent to vacationers coming to your area. 

Put Your Car to Work

You are undoubtedly already covering bills for your car anyway. If it’s a newer model car, you can pick up some side work driving for a big ride-sharing company like Uber, Lyft, or Grab.

The benefit of driving for these companies is that you work when it works for you. For a company like Uber, you can opt to drive people or even be a driver for Uber eats and deliver food. 

Find a Side Hustle

If you find yourself tight for cash, it might make sense to find a side hustle that will bring in some extra money to get yourself back on track. 

We live in a gig economy where there are a host of opportunities to make an extra buck. 

Consider freelancing or being a grocery shopper for companies like Instacart. For example, if you have a passion for something like art or photography, consider selling your wares on Etsy or services. 

Borrow from a Retirement Account

If you have money in a retirement account, there are some situations where you can borrow money from yourself. You can borrow from an IRA once a year if the money is paid back within a couple of months. 

Some companies allow you to borrow money from your 401K retirement account. This can be tricky if you don’t pay it back quickly enough. If it’s not paid back, it can be treated as income and then taxed. 

While it might sound like a good idea to borrow from yourself, you must do your homework.

Borrow from a Life Insurance Policy

You can borrow from the policy if you have a whole life or permanent life insurance policy with a cash value. 

The advantage of this option is that there’s no fast timeline for repaying the money. If you die before the money is paid back, the insurance company subtracts what you owe from the policy amount.

Credit Card Advance

If you have a credit card, you can take an advance on your credit card to get cash. Your account must be in good standing, and you need good credit to have some available credit. 

While it’s not ideal to go into debt if it can be avoided, especially if you’re struggling with money, this option can be less costly than some other loan options if you have the credit to do it.

Payday Loan

One option for taking out a loan is a payday loan. This allows you to borrow money ahead of your future payday coming up.

While this option can get you cash in hand quickly, it can also be costly with fees and interest. Be sure to read the fine print to understand what you agree to with the loan.

Get a Personal Loan

Your bank or credit union may offer personal loans. If not, there are many online sources for personal loans that don’t require collateral. 

The better your credit, the better the rate that you’ll get. Some personal loans are available for less-than-perfect credit, too.

Need Cash Now?

With a bit of creativity, there are things you can do if you need cash now. There are ways to make money and borrow money, depending on your needs and how quickly you need cash.

If you’re interested in a personal loan, we can help. Learn more about our fast loans for the cash you need now.