There are times when you need money immediately. Your first step is to look at your savings and emergency funds. If you are lucky, then you will find that your funds can handle the situation, but according to a study, 28% of American adults have no emergency savings. If you are included in this group or if your funds are not sufficient to meet your cash needs, here are some ways to get money fast.
Credit Card Cash Advance
Numerous financial institutions offer cash advance through credit cards. This allows users to convert their remaining credit balance into cash. To make use of this method, users can call the financial institution’s hotline, or apply online via a mobile app or website. Once the PIN is provided, the user can quickly get money by going to an ATM and using their credit card to withdraw money. However, users of this method should be wary of cash advance fees and the interest rate for repayment.
Applying for a loan is another method to get cash. While some loans take several days to process, other loans don’t, like USWTA same day loans. This type of mortgage provides the borrower with the amount they need with less hassle and are for the short-term. USWTA experts also recommend that these loans be used for emergencies and warn that an accumulation of debt is possible with certain agencies.
Sell and Pawn Items
If you take a look around at your stuff, you might be surprised by how many things that you have that you can sell or pawn. With these items, you can make a garage sale or sell them online on social media or advertisement platforms. There are free sites such as Craigslist or Facebook, where you can post images of the items you intend to sell.
You can also sell old devices and smartphones on resale sites such as Flipsy and Gazelle. However, with this method, you will get paid a few days after the shipping of the device and some processing. If you need instant cash for the resale of devices, you can sell directly to a second-hand or trade-in shop or utilize kiosks such as ecoATM. This is an automated kiosk system that scans your device for its model and other information and then provides you with an amount that it will pay for the device. You will receive the cash payment immediately after the deposit of your device with the kiosk system.
Sell your Services
If you have the time and you have skills, you may want to try to take on part-time jobs. Some everyday tasks that you can do include babysitting, dog-walking, gardening, car washing, or construction. Or you may put your driving skills to work by signing up as an Uber or Lyft driver. To find more odd jobs, you can also try mobile apps that specialize in organizing odd part-time jobs such as TaskRabbit, PeoplePerHour, Crownworker, SEO Clerk, and Guru.
Retirement Accounts and Insurance Cash values
A last resort option that you can use to get instant cash is to withdraw money from your 401(k). Do note that a penalty of 10% is implemented if you are younger than 59 and a half years old upon withdrawal. However, there are exceptions to this rule because of the 2020 pandemic. This exception stipulates that withdrawals are to be made for unpaid medical expenses up to $100,000.
Additionally, your life insurance can accumulate cash values that you can tap into. With this method, you may take out a loan from your policy, pay your premiums with the accumulated cash value, or withdraw a part or all of it. Depending on your life insurance policy and the accumulated cash value, withdrawing from your insurance can decrease your death benefit claim or eliminate it.
The list mentioned above includes just some of the easy ways to get cash fast. If you only need a small amount, try to look for loose change, or sell off things you no longer need. Doing odd jobs around your neighborhood or in nearby areas is another great way to get some cash. For more significant amounts of money, you may take on cash advances or loans from financial institutions or your insurance policies.