Emergencies can sometimes strike when you are really cash strapped. Whether it is a medical emergency, an urgent payment that needs to be made, or sudden loss of a job, these emergencies need money right away. Sometimes an emergency fund solves all this, but what if you don’t have one? Or if your emergency fund is used up? Here are some options for you when you need immediate cash.
1. Borrow From Your Retirement Account
Under normal circumstances, it is never advisable to borrow from your retirement account. You will have to return the cash within a set time or face penalties. If you breach the terms laid out when borrowing the loan, some pension funds might recognize it as an early withdrawal. However, such loans usually attract low-interest rates and can be a source of emergency funds.
2. Start Freelancing
Freelancing can be a quick fix for that much-needed cash. There are numerous freelancing sites where one can connect with clients from different industries. You can also advertise your skills on all social media platforms where you have a presence.
3. Organize A Garage Sale
Garage sales are easy to organize. They are a good way to get rid of unwanted items from your home. You can even hold a garage sale with a neighbor or even hold a community sale. People have different tastes, and this means that there will always be buyers for your merchandise.
4. Secure A Personal Loan
In case of emergencies, most people will troop to banks and other lending institutions looking for loans. A credit score is often used by banks and lending institutions to identify those eligible for loans. If you qualify, there will be terms for repayment.
In recent times, more financial institutions have joined the fray to offer short-term loans. Most of these companies have an app that users download to access loan products. For others, you can just apply online and get instant loans. In case of emergencies, the professionals from luckyloans.co.uk/ advise people to get loan products that can be accessed on the same day. This option can be of help to the unbanked population that cannot access traditional banking services.
5. Rent Out A Room/House
If you can spare a room, why not rent it out through Airbnb and get immediate cash? More rooms may even earn you more. You can even turn your house into a serviced apartment and attract clients throughout the year.
6. Borrow Friends and Family
Borrowing from friends and family is safe, easy, and uncomplicated. You just have to ask them to come through for you during your hour of need. You can always negotiate flexible repayment terms and in most cases, you will not need to return the cash plus interest. Always honor your repayment promise.
7. Use Your Home
You can use your home as collateral to secure an emergency loan. Most financial institutions will readily give you the loan since it is backed by your home’s value. Just ensure that you fully understand all the terms and conditions.
8. Get A Credit Card Advance
You can get a credit card advance from most credit cards. The money can be accessed from most ATMs, checks or through bank withdrawals. Transaction fees and interest rates apply for most credit card advances.
9. Try A Pawn Shop
If you are in a really tight spot financially, just grab a few of your valuable items and sell them at the pawnshop in your neighborhood. Most pawnshops will accept electronics, jewelry, valuable utensils, and power tools among other items.
10. Fundraise Online
Online fundraisers are a common thing these days. People with emergencies such as an urgent medical procedure can start a crowdfunding campaign through platforms such as a GoFundMe. An invite can be sent to as many well-wishers as possible.
11. Sign Up For Food Deliveries
Most food delivery companies hire delivery people on a temporary basis. You can easily get a gig to deliver meals and drinks for a quick buck.
12. Work For Your Neighbour
You can offer to trim your neighbor’s hedge, mow their lawn or clean their car for some quick cash. You can even explain to them that you need the cash for an emergency. Chances are that your neighbor might actually make this happen.
We can plan for emergencies but sometimes, life happens leaving you at a tight spot. Getting cash immediately can be a tall order. Whenever you find yourself in such a position, try the above tips to get immediate cash.