There are bound to be times that you find yourself in a sticky situation and need to make money fast.
Maybe your car broke down and you just paid your rent.
Or maybe your rent is due and you spent most or (gasp) all of it on an impromptu vacation with your friends.
You know the one you couldn’t miss, but you didn’t want to feel left out of?
Yeah, that one.
Either way, there was something that went askew in your budget.
Maybe an emergency arose that put everything out of whack.
But what I’ve come to notice is that when people are broke it’s due to one or two things:
- A non-existent emergency fund
- A lack of planning in case of an emergency
Once you deal with these two parts of your financial picture, you will become less likely to be dead broke and desperate for cash.
If you find yourself in a dire situation, obtaining quick cash may be the answer to your problem.
It’s a temporary fix, but it’s still a solution.
So how do you get cash – like right now – to pay bills or to get out of a rut?
Here are a few ways to help you when you are dead broke and need money now.
7 Things to Consider When You Need to Make Money Fast
I’m not a huge fan of payday loans because they have very high-interest rates.
I mean ridiculously loan-sharky high.
However, there are times that you need a cash advance until payday and this type of loan is a decent option.
It’s probably the only loan you can be approved for if you have bad credit, but have a job.
Payday loans are meant to be temporary, but you could find yourself in deep poo if you use them to finance your lifestyle.
If you know you will be able to pay back this loan by payday then try for a payday loan.
Now if you think you’re going to need a long for a longer duration, I would forgo payday loans altogether and look for an alternative option.
Extending payday loans can be very expensive and the fees associated with them can put you further into debt.
Peer to Peer Lending
Have pretty decent credit, but lack cash? If so, you may consider getting a personal loan through peer to peer lending.
Terms are a little looser than getting a loan from a bank because with peer to peer lending, your loan is financed by individuals.
People make money from loaning money to other people and use companies such as Prosper to help those in need.
There are several different types of loans out there and you will have to disclose how you intend to use these funds.
Your payment terms are also a little more flexible than traditional bank-backed loans making it a good option if you’re looking to consolidate your debt.
Similar to payday loans, title loans will loan you small amounts of cash but will require collateral – like the title of your car.
I like title loans less than payday loans because they are secured loans. Which means that if you fail to pay back the money you borrowed, you could possibly lose your car.
Very difficult to face because 9.999 times out of 10, your car is worth way more than the loan you will receive.
Title loans are good in a pinch but are not a good idea if you are constantly mismanaging money.
In fact, quite a few states (such as mine) make them illegal.
Due to the risks involved only take out a title loan if you can afford to pay back the loan within a very short time frame.
Whenever I was hard up for cash I would sell everything not tied down.
I sold so much of my stuff that even my dog thought he was next.
If you find yourself in a situation where you need money today, go through your home and round up stuff you can sell ASAP.
Electronics sell best and fast, so reach for those first. But, books (especially textbooks) can bring you some decent cash if you sell them on Bookscouter.
Skip online marketplaces such as eBay and deal locally through Craigslist, LetGo or Facebook.
If you have a pretty decently trafficked home (and weather permitting), hold a yard sale and don’t stop until everything is sold and you have the cash that you need.
Pawn Your Stuff
If you have something valuable such as jewelry or electronics to sell (but don’t want to give them up) consider taking them to a pawn shop.
Similar to title loans, if you fail to pay back the money the pawn shop will be able to keep your items.
I know, there are some pawn shops that are shady, but desperate times call for desperate measures. Right?
The truth is that you will receive (extra low) quotes depending if you’re selling or pawning, so don’t go in with high hopes.
The pawn shop has to make money in case you fail to come back for your items and they will have to sell them to recoup their money.
As long as you either pay on your items or pay the amount borrowed (plus fee), you can have your items returned.
If you decide to go this route, just make sure you read the pawn shop’s terms and conditions and don’t lose your ticket (some places won’t let you get your stuff back without it).
Return Items Back to the Store
If you look hard enough, I’m sure you bought items that you never wore or used.
Check for items that still have tags on them and you can locate your receipt.
Depending on a store’s return policy you may have a very hard (if not impossible time getting cash back).
Store credit won’t help – you need the cash.
Provide a Service
If you have a skill in a sought after area, you can make money today.
Maybe you can design websites, if so, offer your service to a small business at a discounted fee, just make sure to request a deposit to begin work.
Or if you’re good with numbers, you can market your services to complete someone’s taxes.
Payment in those areas are usually made in cash and you will always to be able to find someone in your neighborhood who will be happy to pay you for your help.
Another great place to advertise your service is on Fiverr, where you can use additional gigs to make more than $5.
Hopefully, these ways to make money fast gave you some ideas you can implement today.
No matter what happened to get you in the situations you end up in, let’s vow to get a better hold on your finances for next time.