Knowing how to get emergency money fast can be a lifesaver when unexpected or emergency expenses pop up. We all face money emergencies sometimes, no matter how careful we are with our finances.
Even if you’re a responsible and hardworking person, there are times when you may not have as much cash as you need. If you need money fast, take a deep breath and read on. There are many ways to get cash fast, and some of the options below could be a good fit for your personal situation.
- 1. Sell household items
- 2. Sell unneeded gift cards
- 3. Pawn items
- 4. Pick up short-term or “gig” work
- 5. Rent out an extra room
- 6. Apply for a personal loan
- 7. Consider a cash advance on a credit card
- 8. Ask friends or family
- 9. Get a credit card with a 0% intro APR
- 10. Use a home equity line of credit (HELOC)
- 11. Borrow from your retirement account
- Quick cash methods to avoid
- How to get help with unexpected expenses
- How to prepare for financial emergencies
- How to get emergency money fast: FAQs
- Sun Loan is here to help
1. Sell household items
Most of us have non-essential items in our houses that we either no longer use or don’t use enough. Electronics, furniture, collectibles, and other similar items can offer a good opportunity to declutter and also generate cash.
While holding a garage sale can be effective, selling items online may be easier. Craigslist and Facebook Marketplace are popular places to list and sell household items.
2. Sell unneeded gift cards
It happens to all of us – you’re given a gift card, and then it’s forgotten in a drawer somewhere and left unused. Or, maybe you have gift cards for goods or services you aren’t interested in. The good news is that you can sell these gift cards and receive cash in return. Gift card resellers like GiftCash and CardCash may be willing to buy your unused gift cards.
3. Pawn items
If you have items you don’t want to sell, you can still use them to get cash quickly. A pawnshop loan allows you to get money when you drop off the item. Then, when you have more money in the future, you can reclaim the item.
However, it’s important to remember that if you are unable to repay the loan, the pawnshop will keep the item. Things like musical instruments, electronics, and jewelry are most likely to be accepted by a pawnshop.
Additionally, you may be able to fully sell items to a pawn shop if they’re things that you’re willing to part with permanently
4. Pick up short-term or “gig” work
Many short-term jobs offer quick pay for as little as a single day of work. Labor jobs, food service, and housekeeping work are often listed in places like the “Gigs” section on Craigslist. These types of jobs frequently offer payment in cash as soon as the work is finished.
5. Rent out an extra room
If you have surplus space in your house, you can put it to use by renting it out. While many people associate services like Airbnb with vacation locations and full-size houses, renting out a single room on these types of sites is possible.
6. Apply for a personal loan
If you need emergency money, a personal loan can give you access to cash as soon as the day that you apply. While you’ll need good credit for a favorable interest rate, a personal loan can be paid back slowly in installments over time. Once you’ve applied, the lender will work with you to find a payment plan that fits your budget.
7. Consider a cash advance on a credit card
Some credit card companies offer cash advances to their customers. Cash advances require you to pay a borrowing fee up-front – usually around 5% of the total amount of money you’re borrowing. You’ll also need to pay approximately 30% interest over the course of the loan.
8. Ask friends or family
Consider borrowing from the people you know and trust. This option allows you to work out flexible repayment terms and typically doesn’t involve interest or fees.
However, money can strain relationships, so be sure to treat this like a loan from the bank. Write down how much you’re borrowing and when you’ll pay it back to avoid misunderstandings that could hurt your relationship.
9. Get a credit card with a 0% intro APR
Many credit cards have a 0% introductory annual percentage rate (APR). Using these cards strategically and carefully can help you cover emergency expenses without paying interest right away. These cards give you a period (usually 6-18 months) where you don’t pay any interest on purchases.
This option works well if you need to make a large purchase now but will have the money to pay it off before the intro period ends. Just be sure to make at least the minimum payments on time, or you could lose the 0% rate.
10. Use a home equity line of credit (HELOC)
If you own a home, you might be able to get emergency cash by using some of the equity you’ve built up. A home equity line of credit (HELOC) lets you borrow against your home’s value minus what you still owe on your mortgage.
The big advantage is that you can access more money at lower interest rates than most other options. Keep in mind that this option puts your home at risk if you miss loan payments. It’s a good idea to have a solid financial budget in place before taking this step.
11. Borrow from your retirement account
If you have a 401(k), IRA, or another retirement account, you may be able to borrow from it when you need money desperately. The process is usually quick, and you’re essentially borrowing from yourself, so the “interest” you pay goes back into your account.
The downside to this option is that you lose out on potential investment growth while the money is borrowed. Also, if you leave your job before repaying the loan, you might have to pay it all back quickly or face taxes and penalties.
Quick cash methods to avoid
While there are many good ways to get cash fast, there are also some that you should avoid. Getting emergency money from the wrong source can end up creating problems down the road.
Here are some quick cash options that you’re probably better off not using.
Car title loans
Depending on the state you live in, auto title loans may or may not be allowed. A car title loan uses your car title to secure a short-term cash loan. This type of loan usually has a very high interest rate, meaning you pay far more money back than the loan was originally for. And if you fail to repay the loan, the lender may have the right to seize your car.
Payday loan
Payday loans allow you to get a short-term loan in a lump sum and then pay that money back quickly – usually within two weeks. Payday loans don’t have credit score requirements. However, they usually have very high fees. For instance, if you were to borrow $100, your fee may be up to $30.
Payday installment loans
A type of payday loan, payday installment loans can be paid back over a longer period of time. But their very high rates of interest can leave borrowers paying back three or four times more than the original loan amount.
How to get help with unexpected expenses
If you’re struggling to figure out how to get emergency cash, don’t panic. There are resources available to help and actions you can take, such as:
- Bill assistance: Many utility companies offer payment plans or assistance programs. Call them directly and explain your situation before bills become overdue.
- Government programs: Depending on your income level, you might qualify for temporary assistance, food benefits, or housing help. Visit your local social services offices to learn more.
- Negotiate with creditors: If you’re going to be late on a payment, call the company before the due date. Many are willing to work out a payment plan or offer hardship options, especially if this is your first time asking for help.
- Nonprofit credit counseling: Organizations like the National Foundation for Credit Counseling offer free or low-cost help with budgeting and dealing with debt.
How to prepare for financial emergencies
The best way to handle money emergencies is to be ready before they happen. Here are some steps to take:
- Start an emergency fund: Save enough to cover at least one to three months of expenses. Start small if you need to — even a few hundred dollars can make a difference in an emergency.
- Track spending: Knowing how much you’re spending and on what helps you find places to cut back when needed. Use a notebook or free budgeting app to keep track.
- Reduce expenses: Look for ways to break bad money habits and lower your regular bills. Can you find a cheaper phone plan or cut cable TV?
- Have multiple income sources: Even a small side job can provide extra cash to save or help during tough times.
- Get insurance: Insurance can protect you from huge expenses. Health insurance, care insurance, and renters/homeowners insurance are especially important.
- Regular financial checkups: Review your finances monthly to catch problems early. This can help you prepare for a recession or other financial challenges.
How to get emergency money fast: FAQs
How can I pay my bills if I’m struggling financially?
If you’re struggling financially, prioritize essential bills like housing, food, and utilities. Contact companies to ask about hardship programs or payment plans before bills are due.
You can also look into government assistance programs and local charities that offer help paying rent or utilities. Consider temporary side jobs for quick cash, and only use loans as a last resort.
Can I get an emergency loan with bad credit?
Yes. It’s possible to get an emergency loan with bad credit, but the types of personal loans you qualify for may be more limited or expensive. Some lenders specialize in working with people who have less-than-perfect credit. Secured loans using collateral may be easier to qualify for.
How can I get emergency cash without taking out a loan?
If you want emergency cash without borrowing, you can try selling items you don’t need, picking up temporary work, or offering services like pet sitting, yard work, or house cleaning.
Look into assistance programs through government agencies, churches, or community organizations. Consider renting out a room or parking space if you have one available.
Ask about payment advances at work, or see if friends or family can help temporarily.
Sun Loan is here to help
When you need emergency money now, Sun Loan provides fast solutions without the hassle. We offer same-day funding with payment plans designed to fit your budget, even if you’ve had credit challenges in the past. Our personal loans can help with unexpected bills, car repairs, education costs, medical expenses, or any other urgent financial needs.
Don’t let a temporary money emergency cause lasting damage to your finances. Instead of turning to risky options like payday loans or title loans, talk to Sun Loan about our straightforward personal loan options. We’re committed to helping you get through tough times with dignity and putting you back on the path to financial stability.
