Have you ever lost a job? Losing your source of income on short notice can be disastrous for your financial situation.
This is just one type of financial emergency that Americans experience on a regular basis. Health emergencies (and corresponding medical bills), car and home repairs, and unanticipated travel, often due to a funeral, are also common emergencies people face daily.
And dealing with these emergencies typically requires cash. Don’t have much on hand? There are a few ways to get quick cash if you absolutely need it.
If you’re in the midst of an emergency, read on below for six ideas to provide you with quick cash today.
1. Tap Your Emergency Fund
One of the best pieces of financial advice is to build up an emergency fund before you do any other saving or investing. And if you have a fund in place, now is the time to use it, since that’s what it’s there for.
The goal of an emergency fund is to pay for unanticipated expenses out of this fund so that you don’t have to take on high-interest debt that could take years to pay off.
Don’t have one yet? Emergency funds are vital to your financial health, so start building one today.
2. Use a Credit Card
Credit cards should usually be your last resort. But in the middle of an emergency, they can be a lifesaver.
You can use them to take out a cash advance (which requires interest immediately). But it’s better if you can charge it like normal so that you don’t need to pay interest until the next statement is due.
3. Visit a Pawn Shop
Pawning personal items is one of the easiest methods of getting quick cash. Bring anything of value, such as guitars, TVs, gaming consoles, camera equipment, or anything else your local store accepts.
They’ll give you cash, and you can buy your items back once you have the money.
4. Get a Title Loan
Own a car? Even if you financed the purchase of a vehicle, you can likely get a title loan.
Title loans close quickly since they use your car as collateral. This makes it one of the most reliable loans for fast cash. Check out this resource to learn about the pros and cons of title loans.
5. Sell Your Plasma
Wondering how to get fast cash without selling stuff or taking on debt? If you are in good health and don’t mind needles, then “donating” plasma can be a good option.
Numerous plasma collection companies exist across the US, paying anywhere from $20 to $60 for an appointment that takes just under an hour.
6. Liquidate Your Assets
Looking for more quick ways to get cash? If absolutely necessary, you can always liquidate any existing assets and pull out your cash.
Try not to touch retirement savings or investments that would penalize you for withdrawing. Instead, withdraw from a brokerage account if you have one.
Finding Creative Ways to Get Quick Cash
There are countless ways to get quick cash. Many require the use of debt, but this often makes sense in the event of a true emergency.
Of course, if you’re not in a life or death situation, taking time to earn additional money is always a better option.
Looking for more tips like this? Visit our blog now to keep reading.
