You’ve been hit with an emergency that requires you to have a lump sum of cash. What’s worse is that you haven’t made saving a big part of your financial planning. You’ve had other “priorities” that seemed to outweigh it, and now, here you sit in the middle of a crisis with nowhere to turn. This is the story for a lot of Americans as more than half the country has proven to be unprepared for even the smallest emergency.
Failing to Save Leaves Few Options
With nowhere to turn, they end up having to suffer through the problem, go further into debt, or abuse assets that they were investing in for their futures. In any event, they’re left with solutions that resolve the immediate matter but create larger problems down the line. Essentially, having an emergency savings fund would alleviate a lot of this stress. Having access to an account with several thousands of dollars in it would allow you to do everything from handle a home repair to cover the bills for a few months while you’re out of work.
In the Meantime
When in the midst of a financial emergency, trying to build a savings isn’t going to handle the matter at hand. So, in the meantime, there are still effective ways to get your hands on some cash fast to handle the problem.
Take Out a Small Loan
You may not have the credit or collateral to get covered for a large personal loan or home equity line of credit, but if you are at least 18 years old, have a checking account in good standing, and verifiable income, you can apply online for easy personal loans. They are no credit check loans provided to customers looking to get fast cash. If approved, you could have as much as $1250 in your account in 1 business day which can be repaid in easy installments.
Search the Classifieds
The internet has certainly created a lot of platforms for individuals to make money. But, if you’re in a rush, you may not have weeks or months to wait for funds to accumulate from answering surveys, writing blogs, and doing customer service work. If you need access to cash quickly the classifieds are your best option. You can search them online and find tons of advertisements from people looking for assistance and willing to pay cash. You can do grocery shopping for the elderly, cut grass for your neighbors, babysit, walk dogs, tutor, and so much more. Most jobs are cash generated and will give you money the same day you perform the task.
Sell Some Things
A lot of people are sitting on money and they don’t even realize it. How often do you buy things, use them once (or not at all) and then toss them aside? These are all items that someone else may be willing to pay you for. Instead of trying to organize a yard sale which can take time, you can go to vendors who are looking for items you have. For instance, old and damaged jewelry can easily be turned in to a local gold or silver buyer for cash. If you have a clunker in your backyard, contact a junkyard or auto recycling company to come and get it and get paid. There are a lot of items like this that you can sell within a few days for cash upfront.
Ask Your Employer
Depending on where you work, your job can be a source of quick cash. Some companies offer advantages to their staff including check cash advances. Ask your employer if they’d be willing to cut you a check a few weeks early. You might also ask them about options like borrowing from your retirement account. The process can take a few days, but it’s a lot less tedious than trying to get a home equity loan or large personal line of credit.
You never know when something could happen in your life that requires you to have a lump sum of cash in an instant. Your best line of defense, of course, is to have an emergency savings fund set aside with several thousand bucks in it at your disposal. However, if you’re in a jam now and need money in the next few days, each of these solutions should put you closer to your goal.