There have probably been a few times where you needed money now, but did not have it.
Maybe an unexpected household expense, car repair, or some other “life happens” event that requires a decent amount of cash.
At first, a bit of panic and stress can set in wondering how you may come up with the money, especially if you currently do not have an emergency fund.
Many times you might consider turning to credit cards.
However, these can cause you to go into further debt with very high interest on top of it. As a last resort these may be options, but there are other ways you can get money fast.
Quick Money Statistics
According to this Bankrate report, just four in 10 U.S. adults (41%) would cover the cost of a $1,000 car repair or emergency room visit using savings.
While seemingly this statistic has improved over the last few years, a big expense or two can wipe this out.
Additionally from that same Bankrate report:
- Nearly four in 10 Americans (37%) would borrow money in some capacity if hit with an unexpected bill.
- Among respondents who reported that they or a close relative paid for a major unanticipated expense in the past year (28%), the average cost was $3,518.
Even if your emergency fund is better than statistics listed above — you can still wipe it out quickly when you need money now.
If you currently find yourself in a position where you need money now due to lack of savings or an unexpected expense, there are quite a few good strategies to help you get out of a rut.
Thanks to the internet, there are now hundreds of ways of making money online. Many of them can make you money quickly and still allow you to work on your own schedule.
With the internet, you can earn money whenever you have spare time, and won’t need to resort to activities such as selling your plasma or getting incredibly expensive loans.
If you find yourself in this position, know that you are not alone and that many people go through these times as well. Use these strategies below to make some quick money as well as build some savings on the side.
How Can I Get Money Now Without A Loan?
Personally, I think getting money fast without a loan should be your first resort. Certainly, there could be some instances where you need a substantial amount that you won’t be able to make quickly.
However, if you need a few hundred dollars and maybe up to a thousand, follow some of these ideas to make money now.
If you think you will need more than a few thousand dollars, I’d jump down to the next section for potential options you have.
1. Make money doing tasks
A fast and easy way to make money now is to do tasks for other people. This could be through an app such as Uber, where you get paid to drive people around in your car — expect to earn about $10 per hour after all expenses.
You can also try other apps such as TaskRabbit, which connects you with people who need handyman tasks, cleaners and other small jobs.
Another website worth checking is Care.com, a platform where you could find people who need babysitters, elderly care or pet sitting. You’re bound to find someone who needs help and is willing to pay quickly.
Honestly, any gig economy jobs and money making apps will be helpful scoring you some relatively quick cash.
2. Sell your stuff
If you’ve got some valuable items and desperately need money, selling jewellery or high-quality clothes could get you out of a difficult situation.
However, make sure you get the best price possible for it — if it’s something that you hold to heart, you may be regretting it later on.
The second best option is to sell items you don’t need anymore that have some kind of value. Check your attic and look for any books, baby clothes or an old bike that you think could be sold for some kind of money online.
You can sell those items on websites such as Craigslist, Facebook Marketplace or eBay, and only accept offers that are willing to pay quickly. You may be surprised to see how much your junk may be worth to someone else.
Also, you can hold your own garage sale or see if your family, friends, or neighbors might be hosting one that you can set up your stuff too.
3. Sell your skills on Fiverr
Fiverr is a marketplace for people to sell skills starting at $5. If you have some digital skills such as graphic design, SEO writing or video editing, you can try selling it on Fiverr.
Although you may not earn much a big salary, it’s a good way to make money short term.
It’s easy and simple to get started and if you’re able to perform your service for not too much of an effort, it may be worth pursuing in order to get some quick cash in.
4. Take online surveys
While personally I’m not a big fan of doing online surveys, you can make some quick cash with them.
However, you should pay attention to which ones you decide to do as some are not legit and others may only pay in gift cards, which does not help if you need money now.
One of the most popular online survey apps is Survey Junkie, which you can cash out for money. Your earning potential is up to you and how many surveys you take.
You can make a few bucks and even up to $100+. It also can be a good complement to the other options here to maximize how fast you make money.
5. Get a part-time job
Sometimes the easiest and fastest way to get a significant amount of money is to simply get a part-time job. You can take on a side job at a restaurant or store and start working in the evenings or on weekends.
It may take some time for your first paycheck to come in, but it’ll likely be higher than many other gigs you could do on the side.
The main advantage of a part-time job is that the income amount is predictable and you can count on it coming in at the end of the month.
It may be the least sexy way to earn quick money, but it could be one of the easiest and most efficient, depending on your skillset.
I Need Money Now! How Can I Get Money fast?
If you need some emergency money and aren’t able to wait a few weeks for the money to come in, you may have to look at other options.
Hopefully, the above can get you the money you need, but it’s not always that simple. So if you need money now (and urgently), these can also be alternatives to consider.
6. Turn to personal loans if need
This is a last resort, but personal loans could be your answer. Companies such as LendingClub will help you obtain a loan and get the money in your bank account the same day. If you have a good credit score, you’ll probably get some good options and won’t have to pay too much in interest.
For those who don’t have a great score, you’ll need to search for a lender that offers loans to those with poor credit — make sure to look for those with the lowest APRs and stay away for those that make you pay triple-digit rates.
If you’re not sure what kind of loans you could get and at what price, consider checking out a personal loan calculator to do your estimates.
7. Cash advance from credit card
If you weren’t aware, most credit card companies offer cash advances if you need. Typically, you can get cash through ATM, bank withdrawal or cash advance checks.
While a potential option if you need money now, remember this can come at a high price.
The amount you can typically take out is based on your credit card limit and even then, your cash advance option may only be half of your limit.
Make sure to read the fine print from your credit card copy to learn about what is available to you.
Additionally, you may find yourself with a much higher interest rate for a cash advance along with other transactional fees. So keep that in mind when you go to pay back the loan you took out.
8. Home equity line of credit
If you require a much larger sum of money for whatever reason, you can also cover expenses using your home as collateral.
This also only works if you have already built up some equity that you can cash out on.
Like any option on this list, make sure you do your homework before jumping to a home equity line of credit. If you do not pay your loan back, you could potentially lose your home to foreclosure.
But getting a home equity line of credit is fairly easy if you have established equity and interest rates are usually fairly low.
Ensure that if you go this route, you have a plan to pay it and ensure you do not lose your home. You can read more about this on the FTC website.
9. Retirement account loan
Alternatively, you could look into taking out a loan from your 401k or IRA. With your IRA, you are allowed to borrow money once a year and repay within 60 days.
When it comes to your 401(k) loans, you could borrow up to half of your entire balance and will have 5 years to repay it.
However, be aware that you’ll still need to repay the loan and if you don’t make payments for 90 days, it will be considered taxable income.
Again, this money is for your future retirement and should really be a last resort consideration if you have any retirement money.
10. Ask family or friends
Finally, you could opt to ask your friends and family for a loan. This is not something I’d recommend, since the situation can get complicated very quickly.
It will mainly depend on your friend or family member’s answer — some may not have the cash available and some will say no outright.
The main issue is that it may ruin the relationship with your friend or family member if you aren’t careful with the loan or how you pay back the money.
If you go this route, the best advice is to set up a contract so you both feel the situation is under control and in writing.
Personally, I’ve seen some situations where this did not turn out well or ruined friendships. So if this is your only option to get money now, tread very carefully.
Avoid Payday Loans If Possible
Payday loans are short-term loans that are designed for people who need cash quickly and will repay it at their next “pay day”. The main issue with payday loans is the traps and possible scams.
These companies talk about interest as a “fee”, such as $20 for $100 borrowed. Although this may not seem much at face value, there are additional fees that keep accumulating.
Over time, the interest rate on a loan like this can be nearly 300%+ every year. Stay away from payday loans if you can, as it can get very difficult to get out of this debt trap.
A 2019 study found that payday loans in the United States, “increase personal bankruptcy rates by a factor of two… by worsening the cash flow position of the household.” (Wikipedia).
If you know this is a one-time thing, you 100% have no doubt you can pay back the loan immediately, and it is your only option — then you might want to do this. However, choose with extreme caution.
Extra Things to Help Lower Financial Burden
Another way to help yourself through difficult times is to reduce the other side of the equation: expenses.
If you have student loan debt, credit card debt or other kinds of debt, look into refinancing to see if you can lower your monthly expenses and save money.
Check out a free platform such as Credible, which compares refinancing loan options for you..
You will still owe money, but the interest will be lower and your monthly payments could be lower too. Make sure to check carefully all the terms so you know whether you truly are saving money.
You can also look into reducing your monthly bills or get your fees waived. Some utility and television companies won’t charge you interest if your payments are late, so you can use that money to pay for the emergency you have on hand.
Finally, a good budget is always an efficient way to make sure you keep your money management on track. Keep your budget tight for a while until your emergency is over and your savings are back at a healthy amount.
Some budgeting formulas such as the 50/30/20 method or the envelope strategy will help you make sure you stay on track and be able to afford any emergency that comes your way.