There are two main ways to get money when you need it. You can earn it, or you can borrow it. But if you're in a position where you need money now, your options may be limited to what you can get in your hands quickly. If that's you, here are eight things to try when you need money urgently.
Borrowing Money is Quick
Often the fastest route when you need money is to borrow it. Some of the most common options available for borrowing money are to:
- Borrow Against Assets: If you have a home, taking out a home equity line of credit enables you to borrow against the value that's already in it. With a vehicle as collateral, you could use the vehicle's title to secure money based on the car's value.
- Sign Up for a Credit Card: If you have a decent credit score, taking out a revolving line of credit via a credit card might be a good option. Some companies offer enticing low or no interest deals to new cardholders for the first several months. If you're able to repay the debt during that time, this could be the perfect solution to get money in a pinch. However, if you can't pay off your debt in time, credit cards tend to have higher interest rates than loans.
- Consider a Personal Loan: Many personal loan companies allow you to apply for loans entirely online. If your credit score and income make you a good candidate, you may be approved for an online loan and receive funds within days. Before you borrow from any lender, you'll want to verify the lender's credibility and make sure you fully understand loan requirements and repayment terms before you sign.
- Ask Family or Friends: When you're in a pinch, there may be people in your life who are willing to help you out with little more than your word that you'll repay when you get the money. When taking this route, treat the borrowed money as seriously as a debt to a bank or lender — simply with the benefit of avoiding interest.
- Borrow Against Retirement: This is likely one of the last options you'll want to consider. The money you've invested towards retirement is best served by growing until you reach a certain age. But in a pinch, taking a loan from a 401(k) or pulling out funds from a Roth IRA is an option to explore.
Earning Money Means No Repayment
If you have a bit more time on your hands, there are ways to earn money and get paid without waiting a two week pay cycle. Here are some ways to put cash in your hand quickly, without needing to repay it.
- Pick Up a Side Hustle: Since side hustles aren't tied to full-time employment, you can often receive payment for your work much more quickly. For example, if you pick up a job walking dogs on Rover or driving for Lyft, you may have the money in your pocket the same week.
- Sell Unused Things: Those clothes pushed to the back of your closet may be able to be turned into cash. Consider taking clothes or other household goods to a local thrift shop or consignment store or looking at sites like eBay, Poshmark, or Facebook Marketplace. One man's trash is another man's treasure, right?
- Slash Lifestyle Costs: Do you pay for multiple subscription services (Netflix, StitchFix, BarkBox) or eat out several nights a week? A penny saved is a penny earned, and every dollar you can stop going out the door can be put towards whatever you need money for.
Notice: Information provided in this article is for informational purposes only. Consult your financial advisor about your financial circumstances.
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Original Source: 8 Things to Try When You Need Money Urgently
