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Emergencies Happen: 8 Tips for When You Need Money Now
Saturday, 24 August 2019

You never know when an emergency is about to strike, and it usually happens when you're strapped for cash. Here's 8 tips for when you need money now.

Research shows that approximately 60 percent of Americans do not have enough money saved to cover a $1,000 emergency.

Many Americans also say that missing just one paycheck would put them into serious financial trouble.

Are you part of either of these groups? Are you dealing with financial trouble at this very moment?

If you need money now, there are lots of ways you can go about getting it. Here are some of the most effective strategies you can try.

1. Pawn or Sell Valuables

If you need to get your hands on some cash right away, start by looking around your own home.

No, we don't mean dig through the couch cushions for spare change (although, you never know what you'll find doing this, so it might be worth a shot). You're more likely to find a significant amount of money if you look around your home for valuable items that are worth selling or pawning.

You can often sell things like electronics and jewelry online, and, in most cases, they get sold quickly. You can also use these items as collateral for a pawnshop loan if you want to get them back in the near future and know that you'll be coming into some more money soon.

2. Tap into Your Home Equity

If you own your home, you may want to talk to your bank or credit union about a home equity loan. This type of loan allows you to borrow against the equity in your home.

The good thing about home equity loans is that they often have lower-than-average interest rates. You can also deduct the interest you pay on the loan from your yearly tax bill.

In order to reap the benefits of a home equity loan, though, you have to own your home and have a decent amount of equity.

3. Ask for a Workplace or Family Loan

Sometimes, your employer will be willing to help you out if you're in a tight spot. They might be able to give you an advance on your paycheck so you can pay your bill or take care of whatever financial emergency is affecting you.

Just keep in mind that paycheck advances can be a slippery slope.

If you use all of the money in your paycheck now, you mind find yourself in a jam again later. If that happens and you find yourself needing another advance, your employer might not be as understanding.

4. Apply for a Personal Loan

If you have a decent credit score, you may be able to qualify for a personal loan. Lots of online lenders offer same-day approval for personal loans and can get you the money you need within a business day or two.

Personal loans have relatively low-interest rates, and you can use them for almost anything, including to help carry you through a tough financial time.

Be sure to compare lenders before applying for a personal loan. This will help you make sure you're getting the best rates and terms possible.

5. Look into Peer-to-Peer Lending

Peer-to-peer lending is another good option for individuals who need money fast. Peer-to-peer lending allows you to connect directly with independent investors who may be willing to loan you the money you need.

They set their own terms and interest rates, so it's important to talk to several lenders to try and get the best rates possible. They're more flexible than traditional lenders, though, so they're good to work with if you have a low credit score or can't qualify for a loan for other reasons.

6. Take out a Cash Advance

Depending on the terms of your credit card, you might be able to take out a cash advance and borrow against your credit limit.

This will give you access to cash right away, but it will also cause you to get hit with some pretty steep fees and interest rates.

Credit card cash advances definitely shouldn't become your new normal for these reasons. In a pinch, though, they can help to get you through a difficult time.
7. Apply for a Title Loan

A title loan is a loan that is secured against the title of your car. If you default on the loan, the lender will repossess your car to make up for the loss.

Title loans tend to have high-interest rates and short loan terms. They're also only available (in most cases) to those who own their cars outright.

If this applies to you, though, and you're confident that you can pay the loan back on time, it may be worth it to reach out to a title loan company in your area.
8. Take out a Payday Loan

The last option to consider is a payday loan.

Payday loans definitely shouldn't be your first option when you need money in a hurry. They're fast, yes, but they also come with high-interest rates and fees. They also have very short loan terms (usually 2-4 weeks).

That being said, they are still a viable option. They're especially worth considering if you know that you will have the money to pay the loan back within the time frame laid out by the lender.

According to Bonsai Finance, you can apply for payday loans online and get approved the same day. If you have no other options and need money as soon as possible, a payday loan might be your best bet.

Need Money Now? Try These Tips!

Do you need money now? Are you in the middle of a financial crisis and feel as though there's no way out?

This is a horrible place to be in. The good news, though, is that you do have options to help you navigate this difficult time. Keep these tips in mind and give them a try if you're in a financial jam to get the money you need and move forward with your life.

If you need additional help getting through financial difficulties, we've got lots of other resources for you. Check out some of our other money-related articles today for more advice.


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