You can plan for unexpected expenses by building your savings and emergency fund, but there may be circumstances when these cash cushions won’t be enough. Perhaps a sick loved one’s hospitalization got extended beyond what you anticipated, or maybe your house got severely damaged by a natural disaster.
If or when you experience such predicaments, then you need to know where you can get money as fast as possible to help tide you over. Here are some of your options:
Look for a Loan
One of the fastest ways you can get some quick cash is to apply for a loan through a loan app. With minimal documentary requirements (usually just your ID and proof of income), you can access your borrowed money in as fast as 1 to 3 working days. Payment terms, on the other hand, can be within 1 to 3 months or even longer.
Of course, be sure to borrow only from trusted digital lenders. Some companies may offer you a bigger credit limit, but shock you with their unreasonably high-interest rates. It also pays to read the terms and conditions before you agree to anything. Being in an emergency situation only means you should be extra careful so that you don’t make things potentially worse.
Sell Something
A reliable way to earn money is to sell something you already have. If you have a toy collection, for example, a few limited edition pieces can fetch a huge sum. There’s also a big market for well-maintained second-hand gadgets and appliances, as well as clothes and sneakers. The key is to find the best place to sell them so you can get the best value. Try to check social media or messaging app groups, especially for niche interests.
You can also sell unused gift cards, unopened makeup and hygiene products, video game consoles, and cartridges. You can also make things that can be sold, such as desserts or handicrafts, although these require you to shell out a bit of capital; it may also take you a little longer to get your money.
Pawn a Valuable
If you’d rather not go through the hassle of dealing with the niceties of selling something, you may want to consider pawning something valuable. This is the best option for jewelry and antiques, although some pawn shops also accept flagship-tier smartphones nowadays.
The one advantage of pawning instead of taking out a cash loan is that you’re not obligated to return the money; instead, the pawn shop will keep the item as collateral. This can be a bad thing, especially if the item you pawned has sentimental value (like heirloom jewelry). On the other hand, it can also be a good thing because you won’t ruin your credit if you aren’t able to pay.
The best thing to remember in pawning is that you may not always get the amount you expect. It all depends on the assessment of the item. If you have any proof of authenticity, it can help bring up the price somewhat.
Ask Your Employer for an Advance
If you’re employed and in need of some emergency financial assistance, consider asking your employee for help. They may be able to work out an arrangement for you, such as giving you your next month’s salary or your 13th month’s pay in advance. Your company may also have an emergency loan program, with lower interest rates.
Use Your Credit Card
Speaking of advances, you also have this option if you have a credit card. The amount you can borrow may vary, but it will always be capped at a certain percentage of your credit limit but not the full amount. Most providers will allow you to advance 30% to 50% of your credit limit; if your available balance is within the specified amount, then you can advance the full remaining amount.
However, keep in mind that the interest charge for a cash advance may be higher. This will also be added to your existing balance, so you’ll be paying more on your next due date. Keep these details in mind so that you can properly manage your finances moving forward.
You can also approach your friends or loved ones and borrow money from them. Depending on their current financial situation, they may be able to help. If you’re amenable and have a little more time to spare, you may also set up a crowdfunding campaign.
No matter how careful you are, accidents and emergencies will happen. While you can do your best to be ready for anything, it’s also a good idea to know your alternatives should your preparations not be enough. The above-mentioned options are just a few ways that you can get cash as soon as possible to address your immediate needs.
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