What Are Your Options When Facing a Cash Emergency?

Boris Cumboby:

MoneyPeople

If you are facing a cash emergency, you are likely asking yourself what you might be able to do to get the money you need. Financial emergencies are one of the greatest causes of stress for people around the world because money problems can get in the way of your ability to pay your bills, afford your rent or mortgage, buy groceries, and cover other day-to-day expenses.

Luckily for you, there are a ton of options that you can take advantage of to get the money you need. Some are short-term fixes, some are longer-term fixes, but all of these options are a great way to get your hands on some emergency cash.  

Work some odd jobs

If you need some fast cash to help lighten the loan, don’t forget about the old-fashioned ways of making money such as mowing lawns, raking leaves, shoveling snow, babysitting, or even running odd errands. It may seem like a job for a younger soul, but people are always looking for a helping hand and are willing to pay to get it.

More than ever, it is easier to make money on the side thanks to the many types of popular contractor jobs that have been made possible thanks to the technology in your smartphone.  Sign up for TaskRabbit, become an Uber or Lyft driver, start walking dogs for Wag, and more.

There’s a ton of ways to make some extra money each week that can add up in a big way.

Hold a yard or online sale

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If you’ve got things that you own in your home or apartment lying around that you can part ways with, you might want to hold a yard sale or open an eBay account to make some extra cash.

You never know what kind of old stuff you have lying around that someone could find valuable, and you may surprise yourself by just how much money you end up raising. It can also come with the added benefit of reducing the clutter in your home.

CDs, Bonds or Stocks

This might not be the ideal way to get the extra money you need, but it you have money in investments and are struggling to make ends meet, it might be time to sell some in order to help your day-to-day finances.

It is important to keep in mind that cashing out some kinds of bonds, stocks, or CDs can definitely lead to you paying taxes at the end of the fiscal year.

Auto Title Loans

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An auto title loan or car title loan can be a great way for you to get your hand on some money in just a few hours. A title loan is a secured loan where you borrow money against the value of your car. These loans are a great option for you if you do not have great credit but do have a clean car title because they are easy to get quickly.

The value of a car title loan general is between $100 and $5,000, but they can go much higher depending on the value of your car. More than enough to cover rent for the month. Car title loans are super easy to get online because title lenders allow you to share all the necessary documents and information online.

There are a few important things to keep in mind when it comes to title loans, however. One thing to keep in mind is that they do come with high-interest rates and annual percentage rates. The other major thing to keep in mind about title loans is that the most common payment term for is just one month.  If you are unable to pay back your loan within that time period, you could default on your loan and having your car repossessed by the lender you borrowed from.

You Could Donate Plasma

Img source: myplasmadonation.com

This may seem like something of a drastic option, but you can donate plasma, make some extra cash, and help your local medical community all in the same process.

Typically, you can expect to make around $40 by donating plasma. Physicians say that you can donate plasma about two times a week. That’s a couple hundred bucks a month that you can put towards groceries, your car payments, or just save for a rainy day.

Before you are eligible to donate, you will most likely have to go through a health evaluation. Beyond that, it is important to know that most people can become quite fatigued after donating plasma so it is important to bring an energy-filled and maybe a sugary snack for later. If possible, get a ride home from someone.

Get a Credit Card Cash Advance

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If you are in good standing with your credit card provider and have paid your balances off in. the past, taking out a credit card cash advance could be a fantastic option that will help you get out of the tight financial spot you have found yourself in.

One great thing about this option to get fast cash is that just like other credit card purchases, a credit card cash advance can end up in your account instantaneously. After you take out a cash advance, your lender will expect for you to pay back your cash advance just like you pay back your credit card balance. It is possible that a cash advance will come with additional rates and fees, however.

Reach Out to Local Charities

If you’re really in financial trouble and if you’re truly worried that you might be late on rent or your mortgage, you should take advantage of all possible options.

If you’re facing these kinds of concerns, now is not the time to be ashamed about asking for help. Reach out to local organizations that specifically work to help people with similar needs. The United Way offers a free service called 2-1-1 which connects those in financial need to local groups that offer rent, utility, and housing assistance. In most areas, you can dial 2-1-1 to speak to a trained professional who could help ease the burden.

Reach Out to Friends and Family

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This may also seem like another bridge that you simply don’t want to cross, but if you are really worried about whether or not you will be able to get the money you need to keep living your life, you should feel able to ask the people you depend on the most.

Try to find a way to build a repayment plan so you do not risk damaging the trust that you have with your family and friends. Make sure to treat borrowing money from friends or family like a professional transaction that you will have to pay back. This will make those who lend you money know that you are serious about getting back on the right track and getting their money back to them in a timely manner.

Good luck!

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