You’re in desperate need of cash, but your next paycheck is still many days or weeks away. What will you do now?
It’s normal to feel anxious or tense. As soon as the initial shock wears off, you’ll discover that there are legitimate methods for quickly obtaining cash.
Here are ways to make fast $$$ Now!, plus a few pointers on how to save money, cut expenses, and boost earnings in the process.
As a first step, try to find a buyer for your old
EcoATM kiosks are better than Swappa or Gazelle if you’re looking for immediate cash. Sell your old laptops and MP3 players.
Sell any unused gift cards you have.
Gift cards ranging from $15 to $1,000 can be exchanged for cash at Cardpool kiosks. 85% of the card’s value is paid at the kiosks, but 92% of the value is paid on the company’s website. You can also use an online gift card exchange like Gift Card Granny, but you will have to mail the card and wait for a check or a direct transfer.
It’s time to pawn it off.
Pawn shop loans are not a smart idea at all.. To protect themselves, pawnbrokers maintain your collateral, even if you can’t pay them back. That’s preferable to a ruined credit score and harassing phone calls from collection agencies. Pawnshops often buy items outright rather than allowing customers to borrow against them. Jewelry can’t compete with modern technology.
Get paid today’s wages.
On the internet, this term is frequently searched for.
We examined 26 possible side jobs, ranging from transporting people or things to working from home.
On Craigslist’s employment or gigs sections, look for short-term work in food service, housework, and general labor.
Local funding and assistance can be found.
It is possible that local non-profits may be able to assist with rent, utility costs, and more. We compiled a directory of payday loan providers in roughly two dozen states. Low-interest loans might be provided by local churches. If you’re looking for a small loan, check with your local non-profit or community center.
Ask for a bill-delaying extension.
Ask if the creditor accepts late fees, as some don’t, including as utilities and cable TV providers. For emergencies, keep the money you would have paid on those bills. To avoid taking out toxic high-interest loans if you can’t pay your consumer obligations, contact your lender.
Obtain a pay advance.
Obtain a payroll deduction-reimbursed cash advance from your employer. Depending on the company, low-interest loans may also be available to employees in need. Take a look at Earnin, an app that provides workers with cash advances that they repay in full on their next payday. When donating, you must provide access to your bank account, as well as your job timesheets.
Use your RRSP to get a loan.
Some restrictions apply when it comes to taking out a loan from your 401(k). Once a year, you can take out a 60-day loan from your Individual Retirement Account (IRA). You can borrow up to $50,000 and pay it back over five years if your workplace allows 401(k) loans (not all of them do). The loan is taxed if you don’t pay for 90 days. You must repay your 401(k) loan if you resign or lose your job.
Borrow money from your life insurance policy.
Cash-value life insurance policies, often known as everlasting life insurance, allow you to borrow money and repay it over time. Your death benefit will be reduced if you owe any premiums. It is not possible to utilize a term life insurance policy, on the other hand, as collateral.
Get a cash advance on your credit card
Payday loans are more expensive than cash advances if you have a credit card in good standing. You’ll have to pay a fee of around 5% of the loan amount, as well as interest of up to 30%..
Consider an alternative to a payday loan.
Some credit unions offer small, short-term loans. The maximum annual percentage rate a federally chartered credit union can charge a PAL is 28 percent. The price isn’t cheap, but it’s far less expensive than a triple-digit payday loan.
Apply for a loan.
Some lenders offer short-term personal loans for those with good credit. A lender who offers rapid cash and accepts terrible credit is necessary for those with poor credit. Mainstream lenders’ APRs for those with weak credit range from 36% to 38% APR. At triple-digit interest rates, other lenders may offer no-credit-check funding. Don’t fall for it.
Rent a room.
Airbnb isn’t just for people who own holiday homes and want to rent them out to others. If you live in a desired area, you may be able to make money on the site while staying put. Look into short-term rentals in your area to see if they are permitted.
Reservations have a 3% service fee, however listings on the site are free. After 24 hours, the host is paid by the corporation.
Work as a dog sitter as an extra income source
Dog sitters and walkers can be found through sites like Rover and Care.com. Alternatively, you might choose to remain at the owner’s home and rent out your own residence while you’re away. Depending on the area and work required, rates might range from $20 to $60 a night.
What’s the best option for you?
You’ll save money and time if you work from home. Delivery services like OrderUp and Postmates pay you to deliver food, while ride-sharing services like Uber and Lyft connect you with eager passengers.
Getting a better deal on your insurance
The vehicle insurance market has a nasty secret: costs for the same driver and policy can vary by hundreds of dollars. It’s crucial to compare car insurance quotes because each insurance company has its unique algorithm.
There are a lot of deals you may take advantage of with your carrier. A 10% reduction in insurance premiums can be achieved with good grades, defensive driving training, and a clean driving record for three years.
As far as insurance for your home is concerned, it’s all the same.
All of these things can help you save 10% to 15% on your home insurance premiums. When purchasing both a car and a house or renters insurance policy from the same company, you may be eligible for additional discounts.
Consolidation of debt
You may be able to minimize your monthly payments by taking out a personal loan to consolidate multiple obligations (credit cards, medical bills, retail financing, etc.). Loans can be funded in as little as one day in some cases. You might save over $800 in interest if you refinance $5,000 in debt from a 10% to a 5% interest rate.
Transferring a loan from a high-interest card to a 0% introductory card is possible if you have strong credit. Check to see if you have enough money to pay off the debt before the promotional interest rate goes up.
Pay off student loans with a refinance.
Low interest rates and a competitive refinancing market for private student loans help borrowers. Refinancing could save you money, since the average borrower saves over $11,000 by using NerdWallet’s refi platform.
It’s time to switch cell phone plans!
Examine the lowest-cost providers instead of purchasing a new phone to save money.
FreedomPop provides basic voice and data services at no cost. The only restriction is that you must provide your own phone. So hold off on selling your old cell phone until you’ve had a chance to do so. There are also $30 or less prepaid phone plans available.
The 4 Quick Cash Pitfalls
Payday loans, which are short-term loans that must be repaid all at once, can be obtained by people with jobs and bank accounts. However, if you have already taken out a payday loan, your application may be rejected. The typical “fee” for borrowing $100 is $15. If you don’t pay off your loan on time, you’ll end up spending a lot more money in interest. For a two-week loan with a $15 yearly fee, the interest rate is approximately 400%.
Payday installment loans with repayment periods of up to three years are available in-store and online. They don’t require credit, and they’re often sold for n.
Loans based on the value of a vehicle’s title These short-term loans, in states where they are allowed, entail the surrender of your automobile title as collateral. They’re worse than payday loans in other cases: lenders can seize your car if you don’t pay.
On-time payday loan payments are not reported to the main credit bureaus by most payday lenders. Some lenders lower interest rates on successive loans to reflect stronger credit. The interest rates charged by Oportun, Rise, and Fig Loans are all lower than those charged by payday lenders, but they are still higher than those charged by traditional lenders. Unless you can’t acquire a traditional payday loan, we recommend this type of borrowing.