This happens to all of us – the car breaks down, a sudden medical crisis, unexpected bills to pay, the kid declares she simply must have that new toy for her birthday… and you are a bit short of cash. You cannot wait till the end of the month, the payday. You need money here and now. So what do you do?
According to the findings of a Bankrate poll, more than 50% of Americans don’t have enough emergency savings that can cover even a minor cash need, as little as $500. The poll disclosed that just about 38% Americans had enough cash they could access easily in an emergency.
So where do you turn to if you require cash to cover an emergency? Thankfully, there are some ways to get the money quickly, even if you don’t have it at this time.
You can always take a loan to raise the money you need. This will always be an option, but deciding to walk this path, first see whether you can raise the cash in any other way. Here are some quick ways you can raise cash in an emergency.
1. Sell Your Stuff Online
You can fetch a lot of money by selling big items that you may not need, such as the bike or furniture you can do without. You may also sell books that you have read already, clothes and gadgets. Try Usell.com for electronics. The website doesn’t charge anything from buyers or sellers. You can get between $100-140 for a used iPhone 4. Visit sellercentral.amazon.com to sell books and DVDs, and Cardpool.com for gift cards. The website mails you a check within 24 hours after you have sent your card electronically.
Thredup.com is a good place to sell kids clothes. You will get 40% of the resale value of the item you sold. Did you know that you can even sell your hair at hairclassifieds.com? You can get anything between $200 and $500 for 10 inches of hair if it is not died.
2. Garage Sale
Of course, you can also sell your stuff offline, by organizing a garage sale. Offer anything you don’t need, because you never know what your neighbors might find handy. Organizing everything can be hard work, but you can make a decent amount of money from the sale. According to a poll done by YardSaleSearch.com, an average garage sale can fetch between $100 and $200.
3. Give It Away On Rent
Don’t want to sell it? Why not rent your stuff to raise the money you need? For instance, you can rent your home at these two websites – homeaway.com and airbnb.com. You will easily be able to make $60 for each night, minus the small commission they will charge. Of course, the prospects are better for those who are staying at vacation hotspots.
You can also give away your car on rent. Try turo.com/. This works best in cities and college towns where a lot of the residents don’t own cars. But it would be wise to look at your insurance policy first before renting out the car, because some policies do not allow renting, and an accident may not be covered.
You may even give away your car parking space on rent. You can easily do that if you currently have prime parking real estate. You can park your car further away and walk down to your home. You will get more exercise and make some extra money. Perhaps you will drive less too if your car is not that easily accessible, and you will end up saving money on gas as well.
4. Do Odd Jobs
Just a single source of income is always risky. What happens if your employer falls on bad times or technology changes makes your job redundant? These things happen all the time. So it’s wise to have a second income stream. Be on the lookout for one. There are many opportunities that may give you decent money every month.
For instance, you can start a dog-walking service in your neighborhood. According to Care.com statistics, dog walkers usually make between $10 and $25 for every dog they walk each day. Pet sitting is another option, which will give you $16 for each visit. You may baby sit for friends or your neighbors as well. A babysitter can make $9.85 every hour according to PayScale.
Don’t worry if you are allergic to dogs and are not comfortable with babies. You still have other options, like washing cars or mowing the grass. You can also paint the fence, or do grocery shopping for busy people. One other option is to start a walking tour in your city or neighborhood. This will work if you are presently staying at an interesting place. You may start a blog as well, but this will take some time to give you money.
You will find many available jobs at websites like TaskRabbit and others like this. You need little to no experience for many of the jobs that are available at these places.
5. Return Things You Are Not Using
We all have things at home that we have never used. Perhaps a sweater you received as a gift last Christmas! Or may be a cutlery set that is still in wraps! Many people buy on impulse, only to realize later that they never really required the item. So it remains unused. You can return these things if they are still unused. L.L. Bean and Kohl’s both take back any item. There are others too. Many retailers also keep electronic receipts so you will be able to return the item even if you don’t have the paper copy any more.
6. Borrow Money from Family or Friends
This is a quick fix, but this should always be your last resort if nothing works. Most people don’t like to lend money and approaching them can be embarrassing as well. Your relationship can get strained easily if someone close lends you money according to many psychologists. An unpaid loan will also lead to a bad feeling. So think twice before doing so.
You don’t have to sell your stuff, or approach friends and relatives for money if you can take a payday loan. The lender will give you the cash you need till your next payday. On this day, you will have to repay the loan amount, plus the interest and fees. Payday loans, which are also referred to as “cash advance loans” sometimes, are typically issued for another 2 weeks and for amounts between $300 and $1500. You will end up paying back just a few dollars more because of its short duration and the low amount of lending, even though the interest rate is higher than a conventional loan.
You can take a payday loan without collateral. You will just have to submit accurate information like your name, email and physical address, phone number, social security number, bank account details, and the total money you are making each month.
Loan applications are approved almost always. There is rarely a rejection. More importantly, your application for a payday loan will be processed and the money will be deposited directly into your bank account very quickly, which is exactly what you need in an emergency. Typically, it takes between 24-48 hours.
According to data with the Consumer Financial Protection Bureau (CFPB), more than 10 million Americans took payday loans in 2016. That figure is likely to be more in 2017 and further, with an estimated 20 million people in the country wanting the loan. The data also shows that not just the poor, a wide section of the population from around the country are approaching the payday lenders for a loan when they need money. In fact, many of these people even take multiple loans in a year.
These figures show clearly how popular payday loans have become in the United States, irrespective of the fact that there are now many restrictions because many critics want to make us believe that these loans are predatory. Clearly, the consumers don’t think this way and find the loans most useful in times of need.
You can apply for a payday loan here.