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Wednesday, December 11, 2019

Five Methods to Try When You Need Money Quickly

African American man getting cash

Nationwide — There can be many reasons why you may need money quickly. It could be that you’ve had an unexpected bill, or it may be that your cash flow has temporarily slowed down because you have been paid late. Whatever the reason, it happens to everyone at one point or another, and if you don’t have any savings, then it can be difficult to cover these emergencies.

Here are some things to try if you need money quickly, which could help you through an emergency:

1. Sell some items you no longer need
Most people have some junk in the attic or laying around the house that they could make money by selling. A study by eBay showed that Americans have around $3,100 worth of stuff that could be sold on the platform, and sites such as Facebook marketplace allow you to sell locally.

2. Take on some extra hours at work
If you’re in an hourly paid job, then taking on extra hours is sometimes an option when you need to raise cash quickly, especially if you’re paid weekly. Even if your boss has said no to overtime in the past, it’s worth speaking to them, especially around times like the holidays or in winter when everyone is calling in sick. You might even score some extra tips at this time of year when people are feeling generous.

3. Take out a short-term loan
When you have no other options, short-term loans may be worth considering, as you get the money quickly and pay it back fast too, so you aren’t paying back loads of interest. You can get quick loans online, and have the money in your account fast, just make sure you have a plan for how and when you’re going to pay it back, and try to avoid extending the loan.

4. Sell your services
Don’t already have a side hustle? Now’s the time to find one, as this is a good way to raise extra cash when you need it most. It can take time to build up a client base, but sites such as Fiverr and People Per Hour can make it easy to find freelance jobs if you have a particular skill.

Those who can’t think of services they could offer online could instead look at apps such as Uber or DoorDash who allow you to pick up gigs such as driving people around or delivering food.

5. Borrow from friends and family
Always borrowing cash from friends before payday? You’re not alone. According to Debt.org, $89 billion a year is borrowed from friends and family, with reasons ranging from sudden unemployment to needing to buy a new phone or laptop. If you have people who are willing to lend you cash, and you know how and when you plan to pay it back, then this can work, but remember, if you don’t manage to pay it on time, you risk more than your credit rating. It’s easy to annoy people by borrowing from them all the time and it can ruin friendships or make the holidays awkward.

When you need money quickly, there are a few options, depending on how much you need and how quickly you can pay it back. Once your financial emergency is over, it’s worth thinking about starting to put money in savings, so you have cash available when you need it in the future.