No matter how good you are at managing money, unexpected events can affect anyone and their finances. While situations like these can be stressful, substantial savings can provide a net to fall back on and cushion the impact. But if you haven’t been able to set aside some emergency cash yet and are looking for ways to earn some extra bucks without investing a lot of time, this article is for you.
Let’s read in detail about effective ways to find fast cash in times of need.
One of the best ways to find fast cash is to sell items that are of no use to you anymore. It may be anything, including clothes, electronics, furniture, books, sporting equipment, and collectables. You can then sell these items at Facebook Marketplace, social platforms, or niche stores in the market.
Some reliable personal loan apps these days allow getting instant loans from the comfort of our homes. You can quickly get a lumpsum amount and then pay it off later in easy instalments.
What’s great is that you need not go through the long process of loan approval and disbursal usually there in traditional loan applications. If you’re looking for instant funds without a whole lot of hassle, you can consider a personal loan.
Another practical ways to find fast cash is to pawn something. A broker can lend you cash in exchange for the customer’s personal property as collateral which could be anything of value, such as jewellery, electronics, musical instruments, or other valuable items. You will be offered a loan amount based on a percentage of the item’s current value. However, the loan amount is usually less than the full value of the item to ensure that the lender can recoup their money in case of defaults.
If your credit card has a cash advance feature, you can use it to withdraw cash from an ATM or request a cash advance at the bank. But not all credit cards have this feature. So, check with your provider to see if it’s available on your card.
Remember, credit card cash advances usually come with higher interest rates and upfront fees associated with the cash advance. So, do consider the additional charges before deciding.
A payroll advance or salary advance is when an employer provides an employee with a portion of their upcoming paycheque before the regular payday. You can check your company’s policies, refer to the employee handbook or consult with your HR department to understand the guidelines.
Many 401(k) plans allow participants to take out a loan from their own retirement savings, providing a way to access money without going through a credit check or facing potential tax penalties. However, there are important factors to consider like loan limits, repayment terms, interest rates, penalties, and impact on retirement savings. So, do your research before going for this instant funding method.
If you have extensive knowledge in a specific area, you can offer consulting or coaching services to individuals or businesses. For example, if you are skilled at creating handmade crafts or artwork, you can sell your creations both online and offline. You can offer online tutoring services or teach courses on platforms like Udemy, Teachable, or Skillshare. If you are bilingual or multilingual, you can offer translation services to individuals or businesses. Begin with identifying your craft and start making money.
People often have unclaimed money that they sometimes forget about or are unaware of. It can come from various sources, such as forgotten bank accounts, unclaimed insurance policies, pending tax returns, uncashed cheques, and more. Make sure to check all these sources for any unclaimed sum and see if it can help you financially.
This is a quick way to make money without any long-term commitments. If you are great with pets and babies, understand their needs, and can create a friendly space for them, you can consider pet sitting or babysitting.
Unpredicted expenses can take a lot out of us. But if we are prepared, we can face challenging situations with a calm and composed mind.
I hope this article was helpful!
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit line. Shiv is a true finance geek, and his friends love that.
They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at [email protected]