In the United States, an overwhelming 44% of Americans cannot afford to cover a $1,000 emergency. If you fall into this category, feeling helpless in an emergency can be disheartening. But, not to worry. This article will give you some tips to help you get emergency cash legally.
Quick Ways To Get Emergency Cash When You Need It
Here are the ways to get money quickly:
1. Apply for A Personal Loan
A personal loan is a loan facility that allows you to borrow a lump sum amount of money to pay for personal expenses and repay the funds in scheduled monthly installments over a predetermined period. Since you can use the money for whatever need, you can apply for a personal loan to get emergency cash.
For the most part, when you get approved for a personal loan, you get access to the funds the same day or the next day. Even if you don’t get access to the funds immediately, it should only take a few days to access them.
One of the best things about a personal loan is that you don’t need a perfect credit score to qualify. It’s one of the ways to get emergency cash that almost everyone can access, provided you approach the right lender. Online lenders like Minute Loan Center tend to be the most lenient with their lending terms.
2. Sell Old or Broken Jewelry
Alt text: Old ring
Do you have old or broken silver or gold jewelry around your home? Sometimes, when people have a missing gold earring or the clasp of a necklace breaks, they hope to get around to replacing it, but they never do. Selling old jewelry when pressed for cash is one of the fastest ways to get emergency cash.
When selling your jewelry, you can do so via different channels, such as a pawnshop, online “we buy gold” services or even selling it to your friends and family. It would help if you got different quotes because many places want to pay you the lowest possible price.
3. Start Collecting Debts
If you ever loaned any of your friends or family money, it’s time to collect these debts. Collecting debts from those closest to you is not as easy as it sounds, but it can be a quick way to get emergency cash.
You can make it all about them to make you feel more comfortable asking people to pay you back. For example, if you offer them a discount, they’ll be more likely to pay you back.
While it depends on how much money they owe you, try giving them a noticeable discount. If they owe you $300, tell them you’re willing to settle the debt for $250.
4. Borrow Money from Friends or Family
If you got denied a personal loan or didn’t have access to a cash advance, you can always try to borrow money from friends or family.
Borrowing a manageable cash amount from someone you know is one of the best ways to get emergency cash. You will not have to deal with the loan application, but you won’t have to pay back a heavy interest.
If none of your friends and family have access to cash right away, you can ask them if they have old electronics they don’t use that you could sell for money. Most of the time, people have valuables they didn’t even know they had.
5. Borrow From Retirement Accounts
Do you have a 401(k) or IRA account? If you participate in any retirement account programs, you can borrow money from your vested account balance to get emergency cash.
Although the terms vary, you will generally receive the money within 60 days. You can borrow up to 50k and pay it back in five years. Keep in mind that if you don’t start making payments within the first 90 days, this will become taxable income.
6. Nonprofit Community Programs
Nonprofit community programs are another great way of getting money in an emergency. They can help you find funds in places you didn’t think of before. For example, they can help you qualify for community borrowing and help you find ways to cover your utility bills, food, and rent. So, keep them in mind as one of the ways to get emergency cash fast.
7. Sell Your Unused Items Online
Alt text: Old sewing machine
Many people don’t know the value of all the unused items in their homes. Nowadays, you can use the internet to sell gently used items.
To get the emergency cash you need, go through your home and look for items to sell. One of the most obvious things you can sell online is your clothes. Plenty of platforms will buy your gently used clothing from you. eBay and Amazon are some of the best sites to sell pre-owned garments.
Besides clothes, other items you could sell to get quick cash are old books, broken phones, furniture, antiques, and such. You never know how many quality items you have in your home until you do a full sweep-through.
8. Installment Loans
The last of the ways to get emergency cash is to apply for an installment loan. Unlike other loans with short borrowing periods, like pawning or payday loans, installment loans have some of the most flexible terms.
For example, with an installment loan, you get a repayment schedule that allows you to pay small amounts of money each month without disrupting your monthly budget too much. Each payment consists of a portion of the principal and a portion of the interest, and since the interest rates offered are low, paying the loan is easier and quicker compared to other loans like predatory payday loans.
Also, note that installment loans are either secure or unsecured. If you get a secured installment loan, you will be asked to come up with collateral. Unsecured loans, on the other hand, don’t require collateral.
Are You Ready to Get Emergency Cash?
Now that you know how to access cash in case of an emergency, it’s time to start the process. Of the above ways to get emergency cash, the quickest is to apply for a Minute Loan Center personal loan. Selling jewelry and used items, collecting debt, and borrowing money could take a while to get the needed cash. However, we guarantee a quick application and an even quicker approval. Our in-house creditors are waiting for your loan application and processing it promptly. Depending on the time you apply, you’ll likely have the cash you need on the same day. Are you ready to see if you qualify for a loan? Contact us for more information; we will help you get the emergency cash you need. Apply for a loan today!
Kevin brings over 15 years of experience in marketing, with a specialized expertise in growing online businesses. As the Director of Marketing at a leading FINtech company, he employs innovative strategies to enhance brand visibility and customer engagement. Kevin’s passion lies at the intersection of technology and finance, where he pioneers solutions that not only meet but exceed consumer expectations. His commitment to leveraging his expertise ensures impactful results and the building of lasting relationships in the digital landscape.
