When money is tight and your expenses are high, where do you turn for a solution? Perhaps you’ve depleted your savings or have an emergency that far outweighs the amount in your account. There are plenty of ways you can get yourself out of a jam, however, if you have less than stellar credit, little to no assets, or an average paying job, your options become limited. Fortunately, despite these challenges, there are ways for you to get your hands on the money you need right away.
When you don’t have the cash you need the first and quickest option would be to borrow the money. Borrowing does come with some debt in the form of interest and fees attached, but it can help you out of a bind until you’re able to take over again. Some options for borrowing include:
Installment Loans – Instead of going to your local bank which would require good credit, assets, and take several weeks to process, you can apply for a loan online. Installment loans are short-term loans for people with any credit rating. Most don’t require collateral and only require that you be of age, have verifiable income, and a checking or savings account with a positive balance. Funds for those approved are deposited within a day. The downside, however, is that you will likely pay higher interest rates and fees until the loan has been paid in full.
Credit Cards – If you have a credit card with a high limit on it, this would be the perfect time to use it. Keep in mind, however, that maxing out your credit cards could lower your credit score immensely. As credit usage ratio is used to factor your FICO score, you’ll want to make sure that you repay the balance due as quickly as possible to improve your score.
Your Job – Some companies allow their employees to request a retirement loan. This is where you take funds from your retirement account with a promise to repay within a few years. The payments are generally deducted from your check prior to you receiving pay. Should you end up losing your job or quitting, however, you will be required to pay the outstanding balance in full or risk being fined by the IRS for early withdrawal.
If you’re unable to borrow the money or can’t afford to repay the loans/credit cards back in a timely fashion, it probably bests that you opt to earn the money instead. Below are a few suggestions on how to get cash in just a day.
Sell Your Old Things – If you have items like old clothes, shoes, appliances, electronics, or jewelry that you have no use for, you could get paid for them. Organize a yard sale and sell your items to the highest bidder. You should be cautioned that yard sales are profitable depending on where you live and how much advertising you do. If you live in a quiet neighborhood or don’t have much advertising you may not see as much cash as you’d like.
Day Jobs – Another option for quick cash is to check the weekly classified section for help wanted ads. You can find odd and end jobs that will pay you to cash the same day. Some examples might be helping someone move, cutting grass, cleaning up a construction site, running errands, etc. If you already have a day job, however, it may be difficult to work this into your schedule. You can instead look for online jobs and earn income in your spare time.
Being in a financial jam could happen to anyone in an instant. It is how you deal with it that will matter in the end. Utilize the above-mentioned techniques to generate as much cash as you can to rectify your emergency. Once the dust clears, begin working on ways to increase your savings and reduce the likelihood of being caught off guard in the future.
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