In the United States, an overwhelming 41% of Americans cannot afford to cover a $1,000 emergency. If you fall in this category, it can be disheartening not to cover an emergency. While it might seem impossible to get cash fast, we will give you some tips to help you get cash fast in this article.
Read on to learn how to get quick cash for emergencies.
1. Personal Loan
A personal loan is an emergency loan that allows you to have access to cash in an emergency. Because this is a personal loan, you can use it for whatever emergency you have.
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 right away, it should only take a couple of days to access them.
One of the best things about a personal loan is that you don’t need to have a perfect credit score to qualify for a personal loan. However, if you have a poor to fair credit score, you can end up paying up to 35% in interest rates for a personal loan.
2. Sell Old or Broken Jewelry
Do you have old or broken silver or gold jewelry lying around your home? Sometimes when people have a missing gold earring or the clasp of a necklace broke, they hope to get around to replace it, but they never do. Selling old jewelry when you’re pressed for cash is one of the fastest ways to solve the issue.
When it comes to selling your jewelry, you can do so via different channels, such as a pawnshop, online “we buy gold” service, or even selling it to your friends and family. Because many places will want to pay you the lowest possible price, you must get different quotes.
3. Start Collecting Debts
If you ever loaned anyone of your friends or family money, now it’s time to collect these debts. Collecting debts from those closest to you is not as easy as it sounds, but there are a few ways you can do it.
To make you feel more comfortable asking people to pay you back, you can make it all about them. 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 access cash quickly. Not only will you not have to deal with the loan application, but you won’t have to pay back a heft 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 cash. 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 have the option to borrow money from your own accounts.
Although the terms vary, for the most part, you will get the money within 60 days. You will be able to borrow up to 50k, and you have up to five years to pay it back.
Keep in mind; if you don’t start to make 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. These nonprofit programs can help you find funds in places you didn’t think of before.
Not only can they help you qualify for community borrowing, but they can help you find ways to cover your utility bills, food, and rent.
7. Sell Your Unused Items Online
Many people don’t know the value of all the unused items they have in their homes. Nowadays, you can take advantage of the internet to sell your gently used items.
If you want to get cash fast, start by going through your home and look for items to sell. One of the most obvious things you can sell online is your clothes. There are plenty of platforms that will buy your gently used clothing from you.
If you want to get the most value for your buck, you can sell your items via eBay or Amazon.
You can sell other things when you want to get emergency cash: 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
Another way of getting money in an emergency is by looking into getting an installment loan. Unlike other types of loans with short borrowing periods like pawning or payday loans, installment loans have some of the most flexible terms.
With an installment loan, you will get a re-payment schedule that will allow you to pay the same amount every month. Every month, you will pay a portion in interest and a portion to the principal.
You can also expect installment loans to offer low-interest rates. 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 get access to cash in case of an emergency, it’s time you start the process.
When you need fast cash, what you can do is apply for a personal loan, sell old jewelry, collect old debts, borrow money, and sell unused items.
Are you ready to see if you qualify for a loan? Contact us today for more information.